Key points
- Meta prices $37.5 billion in offerings as Anthropic prepares its IPO
- Nebius's $3.5 billion bridge loan led October's AI debt on our tracker
- Nvidia commits $3 billion to Meta's stock sale after selling it chips
Meta Platforms (META) priced $37.5 billion in stock offerings on October 26, while Anthropic made its IPO filing public without specifying how much it plans to raise. On the debt side, activity has slowed: our AI debt tracker counts $5.8 billion of October deals through October 27, compared with $26.7 billion in September.
After Meta’s announcement, I went back to the tracker to see what was getting done. October’s largest financing announcements remain commitments. And most of the $5.8 billion comes from loan facilities, which don’t necessarily represent money borrowers have received.
Four deals account for October’s $5.8 billion
The largest is Nebius’s (NBIS) $3.5 billion, one-year bridge loan from Citi. Nebius signed the agreement on October 17 but hasn’t disclosed whether it has drawn any money. The other three are Lambda’s $1 billion delayed-draw loan, which closed October 1; Cipher Digital’s $850 million convertible-note offering on October 13; and TeraWulf’s (WULF) revolving credit facility, which increased from $250 million to about $400 million on October 23.
The tracker counts closed loan facilities at their full size, including undrawn amounts, and expanded facilities at their new total. It includes Nebius’s loan because Nebius has entered into the facility agreement, though Nebius hasn’t said whether it has drawn on it. These figures don’t measure cash received. September’s $26.7 billion came entirely from bonds and convertible notes that priced. On that narrower measure, October’s total is just $850 million.
| Month (2026) | AI debt priced or closed |
|---|---|
| March | $71.3 billion |
| September | $26.7 billion |
| October (through Oct. 27) | $5.8 billion |
The bigger numbers are commitments, and the announcements don’t show that the full amounts have been funded. Reuters identified Anthropic on October 1 as the customer behind Broadcom’s (AVGO) commitment to buy up to $42 billion of convertible notes, which Broadcom first disclosed on September 10 without naming the customer. On October 24, SpaceX (SPCX) signed a commitment to lease about $40 billion of GPU equipment from an entity managed by Apollo (APO). Two days later, Bank of America (BAC), Blackstone (BX), Citi (C), and Morgan Stanley (MS) announced $63 billion of committed financing to buy Broadcom chips and lease them to Anthropic.
Including a $700 million Crusoe facility, those headline amounts total about $146 billion, by our calculations. The total doesn’t represent cash raised, and some arrangements finance related obligations: Broadcom’s notes, for example, can only be used toward Anthropic’s lease obligations.
Meta, Alphabet, and Anthropic are selling stock
Meta launched about $35 billion of offerings on October 26 and priced them at $37.5 billion after the market closed. Meta raised the Class A stock sold through forward agreements to $25 billion, at $625 a share, from $22.5 billion. Meta would receive the cash from that portion if it settles the forward agreements by delivering shares. Settlement is due by November 19, 2027.
The other $12.5 billion is preferred stock that converts into common stock in 2029. The underwriters can buy about $5.6 billion more. Meta also plans a separate program to sell up to $60 billion of nonvoting Class C shares starting in early 2027, though it hasn't signed an agreement for it.
Meta's third-quarter capital spending of $34.9 billion was more than the $32.8 billion its operations brought in, which put it on our capex vs. cash flow scoreboard. Alphabet (GOOGL) went first. Its second-quarter 10-Q shows $49.6 billion raised from common and preferred stock in June.
Anthropic made its S-1 public on the same day as Meta's launch. The filing doesn't give a price range or share count yet.
Nvidia is buying $3 billion of Meta's stock
Meta's announcement names Nvidia (NVDA), Advanced Micro Devices (AMD), and Broadcom as "cornerstone investors." Together they indicated interest in buying up to $5 billion of the Class A stock at the offering price. The interest was non-binding.
Nvidia has since put a number on its part. In a release dated October 26, it said it will invest $3 billion in Meta's equity offering, subject to closing conditions, as part of a wider partnership on Meta's Muse AI models. Meta plans to expand its use of Nvidia's Vera Rubin systems and Vera CPUs. Nvidia's release doesn't mention AMD or Broadcom, and Meta's pricing terms don't name any of the three.
All three sell Meta chips: Nvidia under a multiyear GPU deal from February, Broadcom under an April agreement to co-develop Meta's custom AI chips, and AMD under a commitment from Meta to buy the first gigawatt of its Instinct GPUs. AMD's deal also runs the other way. In a February 23 filing, AMD said it gave Meta a warrant for up to 160 million AMD shares at a penny each, vesting as Meta's purchases grow and AMD's stock rises.
That warrant is listed in the money-loop ledger on our AI Bubble Index, which tracks chipmakers funding their own customers. Nvidia's $3 billion commitment is now there too, under equity stakes. Neither counts toward the score, which covers loans, guarantees, and lease backstops. Those come to $203.6 billion, or 41.8% of the chipmakers' revenue. Lucent's figure in 2000 was 24%.
Meta set the preferred stock's dividend at 6.50% a year. In its announcement, Meta called the stock sales "a complementary source of capital" alongside cash flow, debt, and partnerships.
