Meta eyes up to $25 billion bond sale to fund AI expansion

Meta plans to raise $20–$25 billion via an investment-grade bond sale, split across as many as six tranches, to fund accelerated AI infrastructure spending. One tranche could be a long-dated 2066 note pricing around 1.8 percentage points over U.S. Treasuries. The move underscores strong investor appetite for high-grade tech debt — Meta’s October sale drew about $125 billion in orders — even as equity investors have grown cautious. Meta boosted its 2026 capex outlook to $125–$145 billion, stoking concern that heavy AI spending with unclear monetisation may pressure valuations; the stock fell as much as 9.5% in premarket trading. The deal is being managed by Citigroup and Morgan Stanley and follows similar large debt raises from AMZN and GOOG, signalling a broader trend of hyperscalers tapping bond markets to finance AI builds.