Meta is seeking to raise between $20 billion and $25 billion in a bond sale as the company accelerates spending on artificial intelligence infrastructure, models, and services2.
The debt offering, which Meta kicked off on Tuesday, November 3, is expected to be split roughly two-thirds in U.S. dollars and one-third in euros, according to people familiar with the matter. Final pricing was expected Tuesday afternoon. The euro tranche marks Meta's debut offering in that currency3.
The bond sale comes days after S&P Global Ratings revised Meta's outlook from AA- stable to AA- negative, citing uncertainty about the company's heavy capital expenditure and negative free cash flow.
Bloomberg first reported Meta's plans for the cross-border investment-grade bond offering1. Meta declined to comment.
ANALYSIS The scale of the raise — potentially the largest single AI-linked corporate bond sale disclosed in the packet — underscores the capital intensity Meta faces as it builds out AI infrastructure while carrying a credit outlook that S&P has moved to negative.