Meta Completes $15 Billion Bond Sale as 2026 Spending Plan Tops $135 Billion

Meta Platforms completed a $15 billion senior-note sale Thursday and expanded a forward sale arrangement to 46 million Class A shares, adding debt and equity financing as it plans up to $145 billion in capital spending in 2026.

The five note tranches mature from 2031 to 2056. Meta sold $3.25 billion due in 2031 at a 5.85% coupon, $3.25 billion due in 2033 at 6.25%, $4 billion due in 2036 at 6.55%, $1.75 billion due in 2046 at 7.35% and $2.75 billion due in 2056 at 7.50%.

Those coupons are above the 4.20% to 5.75% range on Meta’s $30 billion bond sale in November 2025.

The forward sale expanded after underwriters exercised an option for 6 million additional shares. The initial forward price is about $622.92 per share. Meta expects about $28.7 billion before expenses when the agreements settle, and intends to use those forward-sale proceeds for general corporate purposes.

Meta does not expect to receive cash from the initial sale by forward purchasers. It expects to receive the forward-sale proceeds when the shares are delivered. Settlement dates are available through Nov. 19, 2027.

The financing comes as Meta forecasts $135 billion to $145 billion in 2026 capital spending to expand AI infrastructure and computing capacity. Its long-term debt totaled $80.92 billion as of Sept. 30.

In the third quarter, capital spending, including principal payments on finance leases, totaled $34.91 billion. Operating cash flow was $32.79 billion, while free cash flow was negative $2.12 billion.

The plan follows Meta’s earlier $35 billion stock and mandatory-convertible preferred offering. Meta also proposed a roughly $60 billion program to sell Class C shares at market prices, which it expects to begin in the first quarter of 2027 or later.