# Meta (Facebook) — Capital Time Machine

Facebook’s prospectus preserves five preferred-stock series and later private common financing before its $38 IPO. Filing series names are retained rather than relabeling them from press accounts.

Canonical citation: https://capitaltimemachine.com/private/meta

Ticker: META
Sector: Social platforms & AI
Public-market route: IPO
Evidence reviewed: 2026-09-24

## How to use this research

Selected historical funding and listing evidence, not a complete private cap table or live quote. Funding totals, company valuations and per-share prices are different measures. A hypothetical value is not actual sale proceeds; investor access is not established.

## Funding and listing history

### terms — Five preferred-stock series

Date: 2011-12-31
Event type: Preferred terms snapshot

Original issue prices: A $0.004605; B $0.0570025; C $0.2871668; D $7.412454; E $4.54158. The filing reflects pre-IPO splits and provides one-for-one common conversion.

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

### E — DST Series E financing

Date: 2009-05
Event type: Private preferred financing

44,037,540 split-adjusted preferred shares; approximately $200 million proceeds. The transaction summary rounds the share price to $4.54; the model retains the precise issue price.

Reported capital or financing: Approximately $200 million

Reported price: $4.54158

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

### common-2010 — Private Class A financing

Date: 2010-12
Event type: Private common financing

The total offering generated $500 million. Within it, DST bought 2,398,081 Class A shares at $20.85 for approximately $50 million.

Reported capital or financing: $500 million total offering

Reported price: $20.85 for the disclosed DST purchase

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

### common-2011 — Additional private common financing

Date: 2011-01
Event type: Private common financing

The offering generated $998 million of net proceeds. Net proceeds are not the same as gross capital raised.

Reported capital or financing: $998 million net

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

### ipo — Facebook public listing

Date: 2012-05-18
Event type: IPO

The final IPO offer price was $38 per Class A share. Preferred conversion and Class B transfer rules connect the private terms to the listed class.

Reported price: $38

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

## Documented share calculations

### A — Series A · $0.004605

Starting price: 0.004605 USD per starting share
Starting date or context: Preferred terms at Dec 31, 2011 · not a round date

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Original issue price as restated for pre-IPO stock splits in the prospectus. Preferred converts one-for-one to Class B; transferred Class B converts one-for-one to Class A. No second pre-IPO split adjustment.

Public trading begins: 2012-05-18
Supported ending dates begin: 2012-05-18
Share basis reviewed through: 2012-05-18

Documented endpoint: IPO offer price · $38; 38 USD per share on 2012-05-18.

Formula: amount ÷ 0.004605 × (1) × applicable dated public splits × ending share price. 

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

### B — Series B · $0.0570025

Starting price: 0.0570025 USD per starting share
Starting date or context: Preferred terms at Dec 31, 2011 · not a round date

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Original issue price as restated for pre-IPO stock splits in the prospectus. Preferred converts one-for-one to Class B; transferred Class B converts one-for-one to Class A. No second pre-IPO split adjustment.

Public trading begins: 2012-05-18
Supported ending dates begin: 2012-05-18
Share basis reviewed through: 2012-05-18

Documented endpoint: IPO offer price · $38; 38 USD per share on 2012-05-18.

Formula: amount ÷ 0.0570025 × (1) × applicable dated public splits × ending share price. 

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

### C — Series C · $0.2871668

Starting price: 0.2871668 USD per starting share
Starting date or context: Preferred terms at Dec 31, 2011 · not a round date

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Original issue price as restated for pre-IPO stock splits in the prospectus. Preferred converts one-for-one to Class B; transferred Class B converts one-for-one to Class A. No second pre-IPO split adjustment.

Public trading begins: 2012-05-18
Supported ending dates begin: 2012-05-18
Share basis reviewed through: 2012-05-18

Documented endpoint: IPO offer price · $38; 38 USD per share on 2012-05-18.

Formula: amount ÷ 0.2871668 × (1) × applicable dated public splits × ending share price. 

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

### D — Series D · $7.412454

Starting price: 7.412454 USD per starting share
Starting date or context: Preferred terms at Dec 31, 2011 · not a round date

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Original issue price as restated for pre-IPO stock splits in the prospectus. Preferred converts one-for-one to Class B; transferred Class B converts one-for-one to Class A. No second pre-IPO split adjustment.

Public trading begins: 2012-05-18
Supported ending dates begin: 2012-05-18
Share basis reviewed through: 2012-05-18

Documented endpoint: IPO offer price · $38; 38 USD per share on 2012-05-18.

Formula: amount ÷ 7.412454 × (1) × applicable dated public splits × ending share price. 

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

### E — Series E · $4.54158

Starting price: 4.54158 USD per starting share
Starting date or context: Preferred terms at Dec 31, 2011 · not a round date

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Original issue price as restated for pre-IPO stock splits in the prospectus. Preferred converts one-for-one to Class B; transferred Class B converts one-for-one to Class A. No second pre-IPO split adjustment.

Public trading begins: 2012-05-18
Supported ending dates begin: 2012-05-18
Share basis reviewed through: 2012-05-18

Documented endpoint: IPO offer price · $38; 38 USD per share on 2012-05-18.

Formula: amount ÷ 4.54158 × (1) × applicable dated public splits × ending share price. 

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

### common-2010 — 2010 private Class A · $20.85

Starting price: 20.85 USD per starting share
Starting date or context: Disclosed DST purchase · Dec 2010

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Direct purchase of Class A common stock; one listed Class A share per purchased share.

Public trading begins: 2012-05-18
Supported ending dates begin: 2012-05-18
Share basis reviewed through: 2012-05-18

Documented endpoint: IPO offer price · $38; 38 USD per share on 2012-05-18.

Formula: amount ÷ 20.85 × (1) × applicable dated public splits × ending share price. 

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

### ipo — IPO offer price · $38

Starting price: 38 USD per starting share
Starting date or context: IPO · 2012-05-18

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Starts at the public offering, not a private funding round. Uses the original offer price and the share adjustments documented below.

Public trading begins: 2012-05-18
Supported ending dates begin: 2012-05-18
Share basis reviewed through: 2012-05-18

The ending share price and its date must be supplied by the user.

Formula: amount ÷ 38 × (1) × applicable dated public splits × ending share price. 

Source: [Facebook final 2012 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm)
Source location: Cover; Note 10 preferred stock, original issue prices and conversion; Certain Relationships, Series E and common-stock financings.

## Later share adjustments

No separate share-class distribution is modeled.

## Coverage gaps and limitations

- Series A–D models use the prospectus’s split-restated issue prices and a dated terms snapshot; that snapshot is not an invented round closing date.

- The May 2009 financing and later common-stock rounds are distinct transactions. No individual access, allocation or sale at the IPO price is assumed.

Entered prices and later-date share-basis assumptions are unverified. Excludes fees, taxes, dividends, warrants and other distributions; fractional shares are illustrative. Historical investor allocations, minimums and selling rights are not established.

Methodology: https://capitaltimemachine.com/methodology

Research terms: https://capitaltimemachine.com/terms