Meta launched a bond sale of $20 billion to $25 billion on 3 November 2026, with dollar and euro portions in parallel: five dollar tranches with maturities of five to 30 years, and euro notes with maturities stretching to nearly 38 years. It is Meta's first euro bond. The deal is arranged by Citigroup and Morgan Stanley, which sounded out investors on 2 and 3 November; Meta declined to comment, and the details above come from Bloomberg and CNBC reporting.
Demand first gave the market confidence. Bloomberg reported that the dollar portion drew orders worth up to $58 billion, roughly four times the planned size, and pricing on the longest-dated notes, due in 2056, tightened to a yield premium of 2.2 percentage points above US Treasuries, from initial price talk of about 2.5 points; Meta shares rose more than 2% on Tuesday. Final size and rates are only settled at formal pricing, however, and the ranges in the reports should not be read as a done deal.
The money is only one piece of a larger funding plan. Last week Meta said it plans to raise $95 billion for AI: $35 billion through underwritten public equity offerings and $60 billion through an at-the-market programme. At 30 September Meta already had $84 billion of bonds outstanding, all of them in dollars. The company expects full-year capital expenditure of $135 billion to $145 billion, funding data centres, chips and AI models; third-quarter free cash flow was about negative $2.12 billion. Days before the sale, S&P kept Meta's AA- rating but cut its outlook to negative, citing uncertainty around heavy capital spending and cash flow.
Rivals borrowed heavily in the same week: Oracle issued about $20 billion of bonds on 2 November, Alphabet completed a 6 billion euro bond, and Microsoft issued $25 billion of bonds the previous week. Blackstone and Pimco have publicly urged more equity financing and warned about lender concentration. Borrowing itself is not hard; the hard part is turning the money spent into revenue fast enough. Strong orders show investors are still willing to fund AI infrastructure for now, and S&P's warning shows they are also pricing in the wait for returns.
