Meta plans up to $25 billion bond sale for AI spending

Meta is aiming to raise between $20 billion and $25 billion in a bond sale on Tuesday to fund its spending on artificial intelligence infrastructure, models, and services. The debt sale is expected to be two-thirds in U.S. dollars and one-third in euros, with final pricing due Tuesday afternoon. It follows S&P Global Ratings revising Meta's outlook from AA- stable to AA- negative over uncertainty about its heavy capital expenditures and negative free cash flow. Meta reported negative free cash flow of $2.12 billion in its latest quarter and raised its full-year capex guidance to $135 billion to $145 billion. The company previously sold $25 billion in bonds in April and plans to raise $95 billion overall for AI initiatives.