Meta plans to raise between $20 billion and $25 billion through a bond sale, with two-thirds denominated in U.S. dollars and one-third in euros. The company aims to fund the expansion of its artificial intelligence infrastructure, models and services. Meta expects annual capital expenditures of between $135 billion and $145 billion and reported negative free cash flow of $2.12 billion in its latest quarter. The offering comes after S&P Global Ratings revised its rating outlook from stable to negative, citing uncertainty surrounding spending and free cash flow.
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