Meta launches USD bond sale to raise at least $20 billion for AI build-out

On November 2, 2026, Bloomberg, citing people familiar with the matter, reported that Meta was considering raising at least $20 billion through a cross-border investment-grade bond deal with dual currencies. The dollar tranches were expected to span 5 to 30 years, and the euro tranches from just over 4 years to more than 38 years. Meta had reportedly asked Citigroup and Morgan Stanley to run investor calls on November 3 and 4 to gauge demand, and the deal had not yet been finalized, with the size possibly expanding depending on subscriptions. This would be Meta's first major debt financing in six months and its first sale of euro-denominated bonds. Meta had traveled to Europe in October as part of a non-deal roadshow, in what the report described as following the multi-currency funding moves of Google and Amazon. Google was meanwhile pushing a €6 billion bond trade that would need to offer yields well above those of similar deals earlier in the year.

On November 3, Bloomberg reported that Meta had launched a five-tranche dollar bond offering with maturities of 5 to 30 years, seeking to raise at least $20 billion and expecting the financing to include euro-denominated bonds as well. The initial spread guidance for the five tranches was around 130, 165, 185, 230 and 250 basis points over Treasuries, and the 30-year guidance was roughly 2.5 percentage points over. The bonds were expected to be rated Aa3 by Moody's and AA- by S&P, issued as senior unsecured notes, with proceeds for general corporate purposes. Citigroup and Morgan Stanley served as joint bookrunners, with settlement expected on November 5. Bloomberg Technology also reported the plan that day, framing it as Meta marketing dollar bonds for the first time in six months to fund the artificial intelligence infrastructure buildout in the US and Europe even as investors remained skeptical. The report noted that Meta's US shares turned lower in premarket trading after the news. Separately, Morgan Stanley CEO Ted Pick said AI capital spending could reach $10 trillion to $15 trillion, while warning that it risked crowding out demand for high-quality non-AI companies.