Meta completed a €9 billion bond sale in six tranches on November 12, its first in euros, with the longest notes due in 2065 at 6.4%, PPC Land reported, citing a Form 8-K. Reuters, citing Bloomberg News, reported €53 billion of orders. A week earlier Meta sold $15 billion of dollar notes at coupons up to 7.5%, due as late as 2056. PPC Land calculated the two deals add about $1.5 billion a year to Meta's interest bill.
According to PPC Land, Meta's third-quarter operating cash flow of $32.79 billion fell short of capital spending of $34.91 billion, and long-term debt rose to $80.92 billion from $58.74 billion at the end of 2025. S&P moved Meta's outlook to negative on October 30 and forecasts more than $225 billion of spending in 2027. Meta has also raised $37.5 billion of new equity and plans $60 billion of Class C stock sales from January 2027.
Alphabet raised $84.75 billion of equity, per a Reuters factbox cited by PPC Land, sold a 100-year bond and bought back no shares in the first nine months of 2026. Its third-quarter free cash flow was minus $9.07 billion, the second negative quarter in a row. Amazon's July $25 billion bond drew the weakest order book of the AI debt wave, IFR reported.
PPC Land argues the independent ad tech companies are borrowing to stand still rather than to build: The Trade Desk holds a $750 million credit line and reported its first revenue decline since its 2016 IPO, and Teads had a stockholders' deficit of $318.2 million.
