Meta Weighs Tens of Billions of Dollars in New Share Issuance to Expand AI Infrastructure

Meta Platforms is leaning on special-purpose vehicles to fund the vast computing capacity required for artificial intelligence while limiting direct debt on its balance sheet. The structure turns long-dated data-center leases into infrastructure assets that can be sold to bond investors. Yet the latest financing is testing appetite for Big Tech’s AI buildout as capital spending surges and investors scrutinize whether future demand and cash generation will justify increasingly large commitments.

The Financial Times reported on July 24, 2026, that BlackRock-controlled Sopaipilla Investor is preparing a $12 billion bond sale for a nearly 1-gigawatt data-center project in El Paso, Texas. The vehicle would own 80% and Meta 20%. Early discussions point to a yield above 7%, with some investors seeking about 40 basis points more than on the $27 billion Hyperion financing completed in October 2025. The transaction could launch as soon as July 27, though terms may change.

Meta is accelerating construction of data centers and purchases of servers and computing chips needed to support generative AI, with its vast infrastructure requirements increasing funding pressure. Raising money in the bond market allows the company to finance its expansion while preserving cash flexibility, but has also sharpened investor scrutiny of whether its AI services can generate advertising and product revenue.

Meta recently completed a $25 billion bond offering to fund AI infrastructure in 2026 and raised the upper end of its full-year capital spending plan to $145 billion. Despite strong demand for the bonds, investors continue to question the returns on Meta’s heavy AI investment because the company has yet to provide a clear timeline for monetizing its products.