Meta Sought $20 Billion to $25 Billion in Bonds for AI Spending

Meta sought $20 billion to $25 billion in a Tuesday bond sale to fund AI spending as the company projects capital expenditures of as much as $145 billion in 2026.

The sale was expected to be split about two-thirds in U.S. dollars and one-third in euros. Meta had previously weighed a cross-border bond sale of at least $20 billion.

Meta’s third-quarter earnings report put its 2026 capital expenditures at $135 billion to $145 billion, raising the low end of its previous guidance by $5 billion. The company posted negative free cash flow of $2.12 billion for the quarter.

Last week, Meta outlined a separate $95 billion stock-funding effort. The plan includes $35 billion in underwritten public equity offerings and another $60 billion through an at-the-market stock program.

S&P Global Ratings changed Meta’s outlook from stable to negative Friday while keeping its AA- rating. The ratings firm cited uncertainty around capital spending and negative free cash flow.