Meta seeks up to $25 billion in debt to fund AI infrastructure

Meta is launching a bond sale aimed at raising between $20 billion and $25 billion to fund expansion in artificial intelligence infrastructure and services. According to reports, the issuance is structured to include two-thirds U.S. dollar-denominated debt and one-third in euros.

The capital raise follows significant upward revisions to Meta's capital expenditure guidance, which is now expected to reach $135–$145 billion for the year. This surge in spending has led to negative free cash flow, prompting S&P Global Ratings to revise the company’s outlook from stable to negative due to uncertainty regarding its aggressive spending strategy.

Meta is simultaneously pursuing additional funding streams, including plans to raise $95 billion through public equity offerings and at-the-market programs. The company’s increased debt and equity activity highlights the growing cost pressure on technology firms as they scale their AI capabilities.