Meta is holding investor calls for a bond sale in several tranches, in dollars and euros, which adds a plain debt leg to a funding push that so far has leaned on shares.

That push began on October 26, when Meta said it plans to offer $22.5bn of Class A common stock. It may also sell up to $60bn of nonvoting Class C stock, which would take the total to $82.5bn. On October 29 it closed a sale of 250 million depositary shares of 6.50% mandatory convertible preferred stock, and a forward sale of 40 million Class A shares was set at an initial $622.91875 a share.

Nuveen's Richard Cheng told CNBC on October 27 that investors had expected a large Meta bond deal soon after earnings, and that its absence had helped tighten spreads on AI-related debt. That tightening is now exposed. Meta's five-year credit default swaps, which insure its debt against default, reached a record 114.5 basis points on October 22, according to Markit data, so buyers are already charging for the risk. New supply from Meta tests whether they will absorb it without asking for more.

The euro leg is new for Meta, with Bloomberg reporting in September that it had spent at least a week meeting European bond investors and had never issued bonds outside dollars. Meta's last bond deal, in April, was $25bn in six tranches, and Bloomberg reported that the longest matured in 2066.

On October 21 Meta narrowed its 2026 capital expenditure outlook to $135bn to $145bn from $130bn to $145bn, raising the floor of what it plans to spend. It also raised its total expense outlook to $175bn to $179bn, reflecting a $9.9bn litigation charge. Neither the share sales nor the bonds address the unresolved $25bn Cambridge Analytica liability, which runs alongside the spending story.

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