ByteDance secures $29.6 billion loan from banks to fund AI expansion abroad

qz.com

ByteDance secured a $29.6 billion unsecured loan from nearly 30 banks, with proceeds earmarked for its artificial intelligence expansion outside China, Reuters reported Friday. The deal, involving institutions from China, the US, Europe, and Singapore, exceeded its initial $20 billion target due to strong lender demand. The loan carries a three-year term with options to extend for two additional years. This marks ByteDance's largest offshore borrowing, surpassing a $10.8 billion syndicated loan in 2024. The company is also pursuing AI chip procurement deals with Iluvatar CoreX and Baidu.


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ByteDance secures $29.6 billion loan from banks to fund AI expansion abroad | News Minimalist