Meta eyes at least $20 billion dollar and euro bond sale days after S&P flagged its AI spending

SentiSense · Published Nov 2, 2026, 1:50 PM ET · Updated Nov 2, 2026, 5:14 PM ET

Meta Platforms is sounding out investors for a cross-border investment-grade bond sale of at least $20 billion in U.S. dollars and euros, Bloomberg News reported on November 2. Citigroup and Morgan Stanley were asked to hold investor calls on Monday and Tuesday, and no final decision has been made. The debt would follow about $97.5 billion of equity financing lined up last week and S&P Global Ratings' move of Meta's AA- outlook to negative on October 30.

META is eyeing at least $20 billion from a potential cross-border investment-grade bond offering as it gauges investor appetite amid growing skepticism about the pace of AI infrastructure spending, Bloomberg News reported on Monday. According to Reuters' account of the report, the dollar bonds would span maturities of 5 to 30 years and the euro bonds from around 4 years to just over 38 years. Meta asked Citigroup and Morgan Stanley to hold investor calls on Monday and Tuesday; no final decision has been made, and the size may grow depending on demand.

The bond sale would extend an unusually large financing push. Last week Meta priced a $25 billion common-stock offering at $625.00 a share and $12.5 billion of mandatory convertible preferred shares, and it plans to raise up to $60 billion more through an at-the-market program, about $97.5 billion of equity in all, Reuters reported. The company forecast 2026 capital expenditure of $135 billion to $145 billion after posting a third-quarter free cash flow deficit of $2.12 billion. Meta raised $30 billion in bonds last year and sold $25 billion of investment-grade bonds in April.

Credit is now part of the debate. On October 30, S&P Global Ratings revised its outlook on Meta to negative from stable, citing uncertainty around capital spending and free operating cash flow. S&P forecasts free operating cash flow deficits of $39 billion in 2026 and $71 billion in 2027 and said leverage could rise above 1.0x as early as 2027, from 0.1x in 2025. The AA- rating itself is unchanged, and Meta said it respectfully disagrees with S&P's view of its AI monetization.

The order book will be the tell. Seeking Alpha pointed to signs of debt fatigue, noting that Amazon's recent $25 billion bond sale was 1.6 times oversubscribed, down from more than 3 times at its March offering. Watch the final size, the spread Meta has to pay over Treasuries and Bunds, and how the deal prices against other hyperscaler debt.

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