Meta seeks up to $25 billion in bonds as AI spending jumps

Meta is seeking to raise between $20 billion and $25 billion in a bond sale as it ramps up spending on AI infrastructure, models and services, CNBC reports, citing people familiar with the matter. The debt is expected to be two-thirds in US dollars and one-third in euros, with final pricing due on Tuesday afternoon; Meta declined to comment, and Bloomberg first reported the plan. The sale comes days after S&P Global Ratings revised Meta's outlook from AA- stable to AA- negative, citing uncertainty about its hefty capital spending and negative free cash flow. Meta said last month that its full-year capex will be between $135 billion and $145 billion. Even a company of Meta's size now borrows heavily to stay in the AI race.