Key points
- Meta is preparing a bond sale that may include euros
- Meta's five bond sales since 2022 have all been in dollars
- Meta had $84 billion of bonds outstanding at September 30
Meta Platforms (META) is preparing another bond sale, and this one may include euros. The company asked Citigroup and Morgan Stanley to hold investor calls on November 2 and 3, Bloomberg reported. It may sell dollar bonds in five parts and euro notes in six.
Meta is aiming to raise at least $20 billion, and the deal could grow if demand is strong, Bloomberg reported in an update to its story. No final decision on the sale has been made.
The euro portion caught my eye. Meta’s latest quarterly report, filed October 21, lists five bond sales since 2022, all in dollars. Euro notes would be new to that list.
Meta shares were down 0.6 percent at $611.17 as of 12:44 p.m. ET on Monday.
How much does Meta already owe on its bonds?
Meta had $84 billion of bonds outstanding at face value on September 30. The debt table in its 10-Q reads like a timeline of the AI buildout:
- August 2022: $10 billion
- May 2023: $8.5 billion
- August 2024: $10.5 billion
- November 2025: $30 billion
- May 2026: $25 billion
The last two sales added $55 billion. Interest on the notes, after subtracting the portion Meta capitalizes into construction, came to $882 million in the third quarter, up from $205 million a year earlier.
There’s a quieter number in the same note. Meta estimated its bonds were worth $73.31 billion at the end of September, based on market prices. That’s about $10.7 billion below their face value, by our calculations. Meta still owes the full $84 billion at maturity.
Most of that debt doesn’t come due soon: $2.75 billion matures in 2027, while $73.75 billion matures after 2030.
Has Meta borrowed outside the dollar market before?
Meta’s September 30 debt table lists only dollar bonds. In August, we reported that the company was considering a won bond in South Korea of at least 1 trillion won, but no such bond appears in the table. Meta hasn’t said why it may add euros this time.
What else is Meta using to pay for data centers?
Bonds are only one piece, and our AI debt tracker follows the rest. Two data center joint ventures, in which Meta holds 20 percent stakes and which it doesn't consolidate, sold bonds of their own: $27.3 billion for the Hyperion campus in Louisiana in October 2025, at 6.581 percent, and about $12.5 billion for a campus in El Paso, Texas, in July 2026, at 7.534 percent. Meta backs both with leases and residual value guarantees. At September 30, its maximum possible loss on the two ventures was $68.4 billion, including $41.49 billion in those guarantees, the 10-Q shows.
Those rates are higher than the ones on Meta's own bonds. Meta's November 2025 notes paid 4.2 percent to 5.75 percent, and its May 2026 notes paid 4.55 percent to 6.45 percent. The widest spread over Treasuries went from 1.10 percentage points on the November 2025 notes to 1.47 on the May 2026 notes.
Meta has also signed data center, energy, and network leases worth about $355.73 billion that haven't started yet, according to the 10-Q. And on October 26, it priced $37.5 billion in stock offerings.
So this week's sale would land on top of a lot of financing. The investor calls should show how much appetite is left, and in which currency. We'll add the deal to the tracker once it prices.
