Meta raises $15 billion as Oracle and Alphabet pursue bond sales

Meta raised $15 billion in a U.S. dollar bond sale, after marketing bonds under a plan to borrow at least $20 billion across the United States and Europe.[1][2] Investors submitted as much as $58 billion in orders, about 3.9 times the sale’s size.[1] The offering used high yields to attract buyers who were growing skeptical of the industry’s AI spending.[1] After pricing, Meta’s bonds were quoted in the gray market at tighter spreads than where they had priced.[1]

Meta’s dollar notes were divided into five tranches, with maturities ranging from five to 30 years.[2] Early pricing guidance for the longest tranche indicated a spread of about 2.5 percentage points over U.S. Treasuries.[2] The company’s previous bond sale, in April, raised $25 billion, and orders for that deal peaked at $96 billion.[2] Meta forecast capital expenditures of $135 billion to $145 billion for 2026 and disclosed roughly $825 billion in lease and contract commitments, many tied to AI infrastructure.[2]

Oracle moved to raise $20 billion through a simultaneous $10 billion stock sale and $10 billion bond offering.[3] The bond offering comprises six types of bonds maturing from 2029 through 2046.[4] Oracle said it would use proceeds for general corporate purposes, including capital expenditures, debt repayment, acquisitions, dividends and share buybacks.[5] It said capital spending would expand AI cloud infrastructure capacity and help meet customer demand.[4] Oracle expects to raise $45 billion to $50 billion in cash during 2026, including a stock issuance program of up to $20 billion.[4]

Alphabet began selling €6 billion in corporate bonds, and demand for the planned sale exceeded €17 billion.[5] The offering consists of one floating-rate note and six fixed-rate notes.[5] Alphabet had issued €9 billion in euro-denominated bonds across six maturities in May, as well as a 100-year pound-denominated bond in February.[5]