Does infusion of new capital affect wages? If so, how? We examine these questions by using exogenous shocks on the eligibility to issue seasoned equity offerings (SEOs). We find SEOs lead to higher average wages. A close look at employee composition by occupation and education reveals higher labor costs are driven by capital skill complementarity. We find SEOs substantially increase technology-advancing investments and innovations. Low-skilled and routine-task workers are replaced by high-skilled and non-routine-task employees, who are paid more, hence, higher average wages. SEOs also seem to increase pre-existing employee wages by reducing financial leverage. More broadly, our findings illustrate how access to capital affects the relative demand for high- vs. low-skilled employees, which, in turn, may influence wage inequality.