• Meta reportedly sounds out investors for a multi-tranche dollar-and-euro bond sale, signaling another funding round as AI infrastructure spending exceeds quarterly operating cash flow.
  • The social media giant’s advertising business remains robust, but capital expenditures and a recent credit-outlook revision are pushing it toward external financing.
  • The exact size, maturities, and pricing of the potential offering remain unconfirmed, with no official announcement from the company.

Meta Platforms (META) has reportedly held investor calls for a multi-tranche bond sale denominated in both dollars and euros, according to people familiar with the matter, as the company seeks to fund its aggressive artificial intelligence buildout. The move comes just weeks after Meta reported third-quarter results that showed capital spending outstripping operating cash generation, and days after S&P Global Ratings (SPGI) revised its outlook on the company to negative.

The potential offering, which could include several tranches with varying maturities, would mark Meta’s latest foray into the debt markets after previous bond sales in October 2025 and April 2026. Those deals raised $30 billion and $25 billion respectively, as the company pivoted from relying primarily on internal cash to a broader financing mix that also includes equity. In October, Meta raised $37.5 billion through common and mandatory-convertible preferred stock and outlined plans for an additional stock-sale program of up to $60 billion starting in January 2027.

For the three months ended September 30, Meta reported revenue of $64.60 billion, up 26% year over year, but negative free cash flow of $2.12 billion after capital expenditures—including finance-lease principal payments—of $34.91 billion. Operating income fell 37% to $12.99 billion, weighed down by a $9.89 billion charge tied to a settlement with 52 state attorneys general over teen-mental-health litigation. Excluding that charge, operating income would have been $22.88 billion, the company said.

The negative free cash flow figure is particularly striking given Meta’s historically prodigious cash generation. Operating cash flow was $32.79 billion in the quarter, but that was more than offset by capital spending. The company still holds $82.45 billion in cash, cash equivalents and marketable securities, and long-term debt stood at $80.92 billion at quarter-end, up from $58.74 billion at the end of 2025.

S&P’s outlook revision on October 30 cited prolonged AI spending, cash-flow deficits and rising financial commitments. The agency projects capital expenditures exceeding $225 billion in 2027 and reaching $252 billion in 2028, with free operating cash-flow deficits of $22 billion in 2026, $71 billion in 2027 and $39 billion in 2028. An outlook change is not a downgrade, but it underscores concerns about the company’s rising leverage.

The bond sale, if completed, would follow similar moves by other technology giants racing to fund AI infrastructure. Alphabet (GOOGL) launched a €6 billion, seven-tranche bond sale on November 2, with demand reportedly exceeding €17 billion. Microsoft (MSFT) issued $25 billion in a ten-part offering the prior week. Those deals illustrate how AI is turning historically cash-rich tech companies into capital-intensive borrowers, creating competition for investor demand.

A multi-tranche structure would divide the borrowing into separate securities, typically with different maturities, and issuing in both dollars and euros could broaden the investor base and diversify funding sources. However, euro borrowing is not automatically cheaper; the comparison depends on yields, credit spreads and currency-hedging costs.

Meta’s advertising business remains the engine of its financial strength. Advertising generated $63.06 billion of the quarter’s $64.60 billion in revenue, and the company reported 3.64 billion daily active people across its family of apps. Management expects fourth-quarter revenue of $73–76 billion, though foreign exchange is expected to reduce growth by about one percentage point.

A Meta spokesperson did not respond to a request for comment on the reported investor calls. The exact size, maturities, coupons and use of proceeds for any potential offering remain unverified, and the headline should be treated as indicating investor discussions rather than confirmation that bonds have been priced or sold.

Correction: An earlier version of this article misstated the timing of Meta’s $37.5 billion equity raise. It occurred in October 2026, not 2025.