Meta Raises $15 Billion in Bonds as AI Spending Drives Large-Scale Fundraising

Meta Platforms has sold $15 billion of U.S. dollar-denominated bonds in a five-part offering, the latest step in a financing push that could reach $25 billion across currencies and comes alongside a planned equity raise that sources value differently. The debt sale underscores how the company’s accelerating AI infrastructure investments are reshaping its capital structure.

Bond details and credit ratings

The offering, priced on Tuesday, comprises $3.25 billion of notes due in 2031 with a 5.85% coupon and $3.25 billion due in 2033 at 6.25%, according to a regulatory filing cited by Reuters [1]. Reuters reported two tranches from the filing. Moody’s assigned the new debt an Aa3 rating, saying it expects Meta to maintain conservative financial policies and a positive net cash position despite rising AI spending [1].

CNBC reported that the total bond sale could reach $20 billion to $25 billion, with roughly two-thirds in dollars and one-third in euros [2]. Bloomberg, cited by Bloomingbit, said the dollar portion alone could grow beyond $15 billion depending on demand, with maturities ranging from five to 30 years, and that euro bonds could be sold as early as Nov. 4 [4].

Mounting AI capex and negative free cash flow

Meta has guided for 2026 capital expenditure of $135 billion to $145 billion, a $5 billion increase to the low end of its prior range, largely driven by AI infrastructure [1][2]. In its third quarter, the company posted negative free cash flow of $2.12 billion, joining Alphabet and Amazon in reporting a deficit [2].

S&P Global Ratings revised Meta’s outlook to negative from stable last week, citing “uncertainty” about the scale of capex and the resulting free cash flow pressure [2]. Moody’s took a more sanguine view, pointing to its expectation that Meta will maintain conservative financial policies and a positive net cash position [1]. Meta’s total debt stood at $83.67 billion as of September 30, according to data compiled by LSEG [1].

A two-track fundraising strategy

The bond sale follows Meta’s disclosure last week about a large equity raise. Reuters reported a planned equity raise of up to $97.5 billion [1], while CNBC said the target is $95 billion, split between $35 billion in underwritten public offerings and $60 billion via an at-the-market program [2]. Combining the $15 billion bond sale with the CNBC equity figure yields roughly $110 billion of fresh capital; using the Reuters figure would put the total above $112 billion. The funds are earmarked for AI data centers, compute capacity and model development.

Meta previously tapped investment-grade debt markets with a $25 billion sale in April 2026 and a $30 billion offering in 2025 [1], signaling a structural shift from self-funding to external financing for its largest-ever investment cycle.

Industry context

Other U.S. tech giants have also turned to bond markets this year. Oracle and Alphabet have issued debt to fund AI infrastructure, according to Bloomberg [4]. The trend reflects a broader recalibration: companies that historically funded growth from operating cash flow are now raising external capital to secure chips, land and power for data-center build-outs.

What remains unclear

• The final size and pricing of the euro-denominated tranches, which had not priced as of Tuesday afternoon [2].
• Whether the combined $110 billion-plus of new capital will cover the full 2026 capex plan or if further fundraising will be needed.
• How quickly the AI infrastructure investments translate into revenue growth beyond the core advertising business, where Meta reported 26% year-over-year growth in Q3 [5].

Meta’s share price closed at approximately $606.73 on November 2, giving the company a market capitalization of about $1.55 trillion [5].