Meta turns to bonds for $15 billion of AI financing

Meta priced $15 billion of dollar bonds on Tuesday, the first leg of a broader fundraising effort expected to include euro-denominated debt. Bonds are essentially loans from investors, so the move lets Meta fund its buildout without immediately issuing more ordinary shares—but it also adds fixed interest payments. The company expects to spend $135 billion to $145 billion on capital projects this year, largely on servers, data centers, and network equipment for AI; that spending exceeded its operating cash flow in the latest quarter. The important shift is not that Meta lacks cash, but that its AI plans have grown large enough that a traditionally cash-rich tech company is increasingly sharing their cost with lenders.