Meta Prices $15B Bond Across Five Maturities With Coupons From 5.85% to 7.50%, About $990M a Year
The notes carry Aa3/Stable from Moody's and AA-/Negative from S&P, with settlement expected Nov. 5 as Meta keeps borrowing to fund AI infrastructure.
Meta Platforms (META) priced a $15 billion bond offering across five maturities, with coupons from 5.85% to 7.50%, according to an SEC filing dated Nov. 3, 2026. The weighted-average coupon is about 6.60%, which works out to roughly $990 million of annual interest. Moody's rated the notes Aa3 with a stable outlook, and S&P rated them AA- with a negative outlook. Reports say the proceeds will help finance accelerating investment in AI infrastructure.
The five tranches
| Maturity | Principal | Coupon | Annual interest (our calculation) |
|---|---|---|---|
| 2031 | $3.25B | 5.85% | $190.1M |
| 2033 | $3.25B | 6.25% | $203.1M |
| 2036 | $4.00B | 6.55% | $262.0M |
| 2046 | $1.75B | 7.35% | $128.6M |
| 2056 | $2.75B | 7.50% | $206.3M |
| Total | $15.00B | ~6.60% weighted | $990.1M |
Yields to maturity range from 5.85% to 7.53%, and spreads over benchmark Treasuries range from 110 to 220 basis points. The notes settle on or about Nov. 5, with semiannual interest payments beginning May 15, 2027. Citi and Morgan Stanley are joint lead bookrunners. Bids reached about $58 billion, roughly four times the amount offered, according to reports.
Borrowing costs versus April
| Maturity | April coupon | November coupon | Change (our calculation) |
|---|---|---|---|
| 2031 | 4.550% | 5.850% | +130 bp |
| 2033 | 4.875% | 6.250% | +137.5 bp |
| 2036 | 5.250% | 6.550% | +130 bp |
| 2046 | 6.200% | 7.350% | +115 bp |
| 2056 | 6.300% | 7.500% | +120 bp |
The April figures come from Meta's prospectus supplement for its $25 billion, six-part offering, which also included a 2066 maturity at 6.450%. By our calculation, coupons on the matching maturities are 115 to 137.5 basis points higher than in April. April coupons were set at near-par prices, so the comparison is a close read on yields but not exact.
Credit ratings
Moody's assigned the debt Aa3 with a stable outlook, citing conservative financial policies and a positive net cash position, according to reports. S&P rated it AA- with a negative outlook; S&P moved its outlook on Meta to negative on Oct. 30. Meta has guided to 2026 capital expenditure of $135 billion to $145 billion.
What to watch
- Euro offering. Reports say the dollar deal is part of at least $20 billion in cross-border borrowing, with a euro sale possible as soon as Wednesday.
- Spreads. Whether the 110 to 220 basis point range holds in the secondary market after settlement.
- Ratings. Whether S&P's negative outlook leads to a downgrade as AI spending outpaces free cash flow.
- Related coverage. See our reports on the Nasdaq tech selloff, AMD and Palantir.
Sources: Meta Platforms' SEC filing dated Nov. 3, 2026, and its April 2026 prospectus supplement on SEC EDGAR. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.
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