Meta mulls $20B bond sale in first-ever euro debt deal

Meta is quietly testing the water on a bond sale worth at least $20B — and for the first time, it wants some of that cash in euros. Bloomberg reported Monday that the company is sounding out investors, citing a person familiar with the matter. The deal would split into five chunks of dollar bonds and six of euro notes.

The social media giant has tapped Citigroup and Morgan Stanley to run investor calls Monday and Tuesday, per Bloomberg. Those calls are the last stop before a sale — if the feedback lands well, pricing can happen within days. Nothing is locked in yet, and Meta has said nothing publicly. If demand runs hot, the haul could climb past $20B.

The timing turns this into a stress test. Tech stocks and bonds slid through October as investors squirmed over how much AI companies are pouring into data centres — and whether the payoff ever shows up. Meta is deep in that spending, building out AI infrastructure including its massive Hyperion site in Louisiana. Debt lets it keep funding the build without handing over more shares.

Meta is no stranger to the credit market. A year ago it unloaded $30B of bonds across six parts — its biggest sale ever — and orders smashed records, Bloomberg reported at the time.

It also won't be alone on Monday. Oracle, which capped new fundraising at $20B last week, kicked off a $10B bond sale alongside a $10B share offering. Alphabet launched a €6bn euro sale of its own, its second this year, and Reuters reported it pulled in more than €17bn of orders. That's a loud signal: bond investors are still happy to bankroll the AI boom even as equity investors get jittery.

The euro debut fits a bigger shift, too. Analysts expect US tech titans to lean harder on European debt markets, which run deep, to spread their borrowing beyond the dollar.