Meta Platforms completed the sale of €9 billion of senior notes on November 12, 2026, in six tranches that mature between 2031 and 2065 and pay fixed annual coupons from 4.300% to 6.400%, according to a current report on Form 8-K that the company filed with the US Securities and Exchange Commission.

The euro notes closed a week after Meta completed a $15 billion sale of dollar notes on November 5, and three weeks after its chief financial officer told analysts that the company had no specific financing plans to announce. Reuters, citing Bloomberg News, reported on November 4 that the euro deal was Meta's first bond sale in the single currency and that it drew a record €53 billion of orders. According to Reuters, which cited a lead manager memo, the proceeds will help finance Meta's growing investment in AI infrastructure.

In Short

Meta, the company behind Facebook, Instagram and WhatsApp, has borrowed €9 billion from European bond investors and will pay between 4.3% and 6.4% a year for it, with the last notes not due until 2065. The deal follows a $15 billion dollar bond sale and a share sale, all in a few weeks, as spending on AI data centers has started to outrun the cash Meta's business brings in. If you buy ads on Meta, your budget is the main income that services this debt, and every new borrowing adds to the pressure on Meta to turn its AI build into revenue.

Six tranches, 34 years apart

The filing lists the six series in order of maturity. Three of them are €1.75 billion each, the smallest is €1 billion, and the coupons climb steadily with time.

Notes Principal Coupon Price to public Underwriting discount
2031 €1.75bn 4.300% 99.914% 0.100%
2033 €1.25bn 4.650% 99.977% 0.120%
2035 €1.00bn 4.900% 99.803% 0.150%
2038 €1.75bn 5.400% 99.774% 0.200%
2044 €1.75bn 6.050% 99.988% 0.300%
2065 €1.50bn 6.400% 99.446% 0.400%

Principal amounts and coupons come from the 8-K. Prices and discounts are from the prospectus supplement dated November 4, 2026, which the 8-K identifies as the document holding further information on the notes.

More than half of the money, €5 billion, is not due until 2038 or later. The weighted average coupon across the six tranches is about 5.32%, by PPC Land's calculation. The longest bond pays 2.1 percentage points more than the shortest for the extra 34 years, and the step between the 2038 and 2044 notes alone is 0.65 points.

According to the prospectus supplement, investors paid a combined €8,983,762,500 for the notes. The underwriters' discount came to €19.5 million, leaving Meta €8,964,262,500 before expenses. Every tranche was sold slightly below face value, and the 2065 notes carried both the deepest discount to par and the largest underwriting fee, at 0.400% of principal.

Interest is paid once a year. The 2031, 2033, 2035 and 2065 notes pay on February 15, starting on February 15, 2027, while the 2038 and 2044 notes pay on November 15, starting on November 15, 2027. The notes come in minimum denominations of €100,000, which puts them in the hands of institutions rather than retail savers.

What the money costs

A bond's coupon is easy to read and easy to underestimate. Together, the six tranches commit Meta to €478.75 million of interest every year, by PPC Land's calculation. If every note is held to maturity and none is redeemed early, the coupons add up to roughly €7.8 billion over the life of the debt, about 87% of the principal borrowed.

The 2065 notes account for almost half of that. At €96 million a year for more than 38 years, they will pay about €3.7 billion in interest, roughly 2.4 times their €1.5 billion face value, by PPC Land's calculation. The 2031 notes, by contrast, will pay about €321 million before they mature.

The coupons themselves are fixed obligations, not estimates. Unlike capital expenditure guidance, which Meta has revised several times this year, a fixed coupon does not move with the economy or with the success of any product.

A dollar deal the day before

The euro sale did not happen alone. On November 3, Meta signed an underwriting agreement for $15 billion of dollar notes in five tranches, and it completed that offering on November 5, according to an earlier 8-K.

The dollar tranches carry higher coupons than their euro equivalents.

Dollar notes Principal Coupon Euro coupon, same year
2031 $3.25bn 5.850% 4.300%
2033 $3.25bn 6.250% 4.650%
2036 $4.00bn 6.550% none
2046 $1.75bn 7.350% none
2056 $2.75bn 7.500% none

Dollar principal amounts and coupons come from Meta's 8-K on the dollar offering; euro coupons from the November 12 8-K.

On the two maturities the deals share, the euro coupon is lower by 1.55 percentage points in 2031 and 1.60 points in 2033, by PPC Land's calculation, a comparison of headline rates only.

The dollar notes add about $990 million a year of interest, paid in two instalments each May and November. Combined with the euro coupons, worth about $540 million at the exchange rate implied by Reuters' conversion of the order book, the two November deals add roughly $1.5 billion of annual interest, by PPC Land's calculation.

Both deals were led by Citigroup and Morgan Stanley, through different entities. The dollar underwriting agreement named Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC as representatives; the euro agreement names Citigroup Global Markets Limited and Morgan Stanley & Co. International plc.

First time in euros

According to Reuters, the books for the euro deal opened on Wednesday, November 4, with Meta seeking as much as €9 billion, and Bloomberg News data showed €53 billion of orders, which Reuters described as a record. That is about 5.9 times the amount sold, by PPC Land's calculation. The 8-K confirms the final size at €9 billion, the most Meta was reported to be seeking.

Why borrow in euros at all? Other technology companies have spread their borrowing across markets before. When Alphabet announced its equity financing in June, it said it had issued about $20 billion of additional debt across six major currencies. In the third quarter, Alphabet raised senior unsecured notes for net proceeds of $28.7 billion as its own capital spending outran its cash flow. For a hyperscaler borrowing at this pace, a second large investor base widens the pool of buyers, as the size of the euro order book suggests.

How the offering was put together

The 8-K and the prospectus supplement record the sequence of documents behind the notes:

  1. Shelf registration. The offering was made under Meta's registration statement on Form S-3 (File No. 333-295425), which, according to the 8-K, "relates to the offer and sale on a delayed basis from time to time of an indeterminate amount of the Company's debt securities." The base prospectus is dated April 30, 2026.
  2. Underwriting agreement, November 4, 2026. Meta signed with Citigroup Global Markets Limited and Morgan Stanley & Co. International plc, "as representatives of the several underwriters listed in Schedule II." The agreement is filed as Exhibit 1.1. The prospectus supplement lists Citigroup and Morgan Stanley as joint book-running managers, Goldman Sachs & Co. LLC, BofA Securities and J.P. Morgan as passive joint bookrunners, and Société Générale Corporate & Investment Banking as co-manager.
  3. Prospectus supplement, dated November 4 and filed November 6, 2026. According to the 8-K, "Further information concerning the EUR Notes and related matters is set forth" in that document.
  4. Seventh Supplemental Indenture, November 12, 2026. The notes were issued under a base indenture with U.S. Bank Trust Company, National Association, as trustee, dated August 9, 2022, "as supplemented by the seventh supplemental indenture thereto." The base indenture is the same one used since 2022; each new issue adds a supplement. The dollar notes completed on November 5 used the sixth supplemental indenture, dated that day, and the euro notes the seventh.
  5. Global notes and settlement. The forms of the six global notes are Exhibits 4.2 to 4.7, all included in Exhibit 4.1. According to the prospectus supplement, the notes were delivered through a common depositary for Clearstream and Euroclear on or about November 12.
  6. Legal opinion. The opinion of Davis Polk & Wardwell LLP is Exhibit 5.1, with the firm's consent included in it as Exhibit 23.1.
  7. Listing. Meta intends to apply to list the notes on the Nasdaq Bond Exchange, with trading expected within 30 days of issue, subject to approval, according to the prospectus supplement.

The 8-K was signed by Katherine R. Kelly, Meta's vice president and corporate secretary. It states that its account of the underwriting agreement, the indenture and the notes "does not purport to be complete and is qualified in its entirety by reference to" those documents.

Some details are missing from the 8-K: a use of proceeds, the order book, yields or spreads, credit ratings, a dollar equivalent, a reason for borrowing in euros and any statement on whether Meta will convert its euro payments into dollars. The order book and the use of proceeds reported here come from Reuters, and the prices and fees from the prospectus supplement.

Debt on top of equity

The cover page of the 8-K carries a quieter piece of news. Two securities are now listed under Meta's name on the Nasdaq Stock Market: its Class A common stock, under the symbol META, and depositary shares, each representing a 1/20th interest in a share of 6.50% Series A Mandatory Convertible Preferred Stock, under the symbol METAM.

That second line is the visible trace of the equity raise S&P Global Ratings described on October 30. According to S&P, Meta had raised $37.5 billion by issuing $25.0 billion of Class A common stock and $12.5 billion of mandatory convertible preferred stock, and planned to sell a further $60 billion of Class C stock through an at-the-market program starting in January 2027. Reuters reported on November 4 that Meta had expanded plans for an equity raise that could reach $97.5 billion, which matches the sum of those two figures.

Add the two bond deals, and Meta has raised about $62.6 billion of new capital in less than a month, counting the euro notes at roughly $10.1 billion, by PPC Land's calculation.

Instrument Amount Completed Source
Class A common stock $25.0bn Announced by October 30 S&P
Series A mandatory convertible preferred stock $12.5bn Announced by October 30 S&P
Dollar senior notes, five tranches $15.0bn November 5 Meta 8-K
Euro senior notes, six tranches €9.0bn (about $10.1bn, PPC Land calculation) November 12 Meta 8-K
Total About $62.6bn (PPC Land calculation)

Only weeks earlier, on October 21, Susan Li, Meta's chief financial officer, said Meta did not have any specific financing plans to announce.

The scale was foreshadowed in Meta's own planning. Forecasts prepared in May 2026, disclosed in the company's information statement on non-voting Class C shares, showed that Meta would need to raise hundreds of billions of dollars over several years, beginning as early as fall 2026. The same document recorded an adviser's observation that a July bond issue tied to Meta's Texas data center joint venture had met less demand. Fall 2026 has arrived, and the euro market, by Reuters' account, answered with a record book.

Leases, ratings and the arithmetic

Meta's balance sheet had already changed fast this year. Its long-term debt stood at $80.92 billion on September 30, 2026, against $58.74 billion at the end of 2025, as the third-quarter results showed. The quarterly filing showed $84.00 billion of notes outstanding, including $25 billion issued in May 2026. Adding the November dollar and euro notes takes the face value of Meta's bonds to roughly $109 billion before any repayments, by PPC Land's calculation.

Bonds are not the largest obligation, though. The same quarterly filing listed about $355.73 billion of signed leases that had not yet started and total non-cancelable commitments of $454.52 billion, much of it for data centers. S&P counts those leases as debt. When it revised Meta's outlook to negative and affirmed its AA- rating on October 30, it said the rise in leverage came primarily from leasing data center capacity rather than from issuing debt. It forecast capital expenditure of more than $225 billion in 2027 and a cash shortfall of $71 billion after capital spending that year, and it set its downgrade threshold at leverage of 1.0x.

S&P had previously projected that Meta would borrow to cover its 2027 shortfall. It called the equity raise credit positive because the cash could cover that deficit instead of debt. November's bonds show that equity and debt are arriving together rather than one in place of the other.

The cash position explains why. Meta's free cash flow turned negative in the third quarter, at minus $2.12 billion, and the company guided 2026 capital expenditure to between $135 billion and $145 billion, as PPC Land reported on October 21. At the end of September, Meta held $82.4 billion of cash and marketable securities against $83.7 billion of debt, Li said on the earnings call. The company has not yet published capital expenditure guidance for 2027.

The advertiser's share

For marketers, the bond tables are one step removed from the auction, but only one. Advertising produced $63.06 billion of Meta's $64.60 billion of revenue in the third quarter, and average price per ad rose 14% while impressions grew 10%, as PPC Land reported. Whatever Meta borrows, advertising income is what services it.

Is $1.5 billion a year of new interest a burden? On its own, no. Set against Meta's third-quarter advertising revenue, it equals about 0.6% of an annualised figure, by PPC Land's calculation. The more relevant numbers are the ones still to come: the 2027 capital expenditure plan, the $60 billion share program and the lease obligations that begin as data centers such as Hyperion in Louisiana, first announced in July 2025, and the 1-gigawatt El Paso project developed in a venture with BlackRock come into service.

S&P has named Muse, Meta's agentic AI product, as a possible source of growth beyond advertising, while warning that Meta's ability to earn money from its AI investments is more limited than that of its peers. Until products like Muse produce material revenue, the burden of paying for the build, and for the bonds that finance part of it, rests on the advertising business. Average price per ad rose 14% in the third quarter alone. The euro notes now tie a slice of that revenue to coupon payments every February and November until 2065.

Key facts

  • Issuer: Meta Platforms, Inc., incorporated in Delaware, 1 Meta Way, Menlo Park, California 94025
  • Securities: 4.300% Senior Notes due 2031 (€1,750,000,000), 4.650% Senior Notes due 2033 (€1,250,000,000), 4.900% Senior Notes due 2035 (€1,000,000,000), 5.400% Senior Notes due 2038 (€1,750,000,000), 6.050% Senior Notes due 2044 (€1,750,000,000) and 6.400% Senior Notes due 2065 (€1,500,000,000), together the "EUR Notes"
  • Source document: Form 8-K, Current Report, Date of Report (date of earliest event reported) November 12, 2026, Item 8.01 Other Events and Item 9.01 Financial Statements and Exhibits; signed November 12, 2026 by Katherine R. Kelly, Vice President and Corporate Secretary
  • Commission File Number: 001-35551; IRS Employer Identification No. 20-1665019
  • Registration statement: Form S-3, File No. 333-295425; base prospectus dated April 30, 2026; prospectus supplement dated November 4, 2026, filed November 6, 2026
  • Underwriting Agreement: dated November 4, 2026 (Exhibit 1.1); representatives Citigroup Global Markets Limited and Morgan Stanley & Co. International plc
  • Indenture: Base Indenture dated August 9, 2022; Seventh Supplemental Indenture dated November 12, 2026 (Exhibit 4.1); trustee U.S. Bank Trust Company, National Association
  • Legal opinion: Davis Polk & Wardwell LLP (Exhibit 5.1, consent Exhibit 23.1)
  • Securities listed on the cover page: Class A Common Stock (META) and Depositary Shares, each representing a 1/20th interest in a share of 6.50% Series A Mandatory Convertible Preferred Stock (METAM), both on The Nasdaq Stock Market LLC
  • Related filing: Form 8-K for $15 billion of dollar notes, Date of Report November 3, 2026, offering completed November 5, 2026 under the Sixth Supplemental Indenture

Timeline

Summary

Who: Meta Platforms, the owner of Facebook, Instagram and WhatsApp, as issuer; Citigroup Global Markets Limited and Morgan Stanley & Co. International plc as representatives of the underwriters; U.S. Bank Trust Company, National Association, as trustee; Davis Polk & Wardwell LLP as legal counsel. The 8-K was signed by Katherine R. Kelly, vice president and corporate secretary.

What: Meta completed a €9 billion offering of senior notes in six tranches due 2031, 2033, 2035, 2038, 2044 and 2065, with coupons from 4.300% to 6.400%, under the seventh supplemental indenture to its 2022 base indenture. Reuters, citing Bloomberg News, reported it as Meta's first euro bond sale, with a record €53 billion of orders. It followed a $15 billion dollar offering completed on November 5 and an equity raise of $37.5 billion reported by S&P.

When: The notes were priced and the underwriting agreement was signed on November 4, 2026, and the offering closed on November 12, 2026, the date of the 8-K. Interest payments start on February 15, 2027 for four tranches and November 15, 2027 for two.

Where: The notes are denominated in euros, settled through Clearstream and Euroclear, and Meta intends to list them on the Nasdaq Bond Exchange. The offering was registered with the US Securities and Exchange Commission.

Why: Meta's spending on AI data centers has turned its free cash flow negative and drawn a negative outlook from S&P, and the company's own forecasts pointed to raising hundreds of billions of dollars from fall 2026. The 8-K gives no use of proceeds; Reuters reported that the money will help finance AI infrastructure. For advertisers, whose spending supplies nearly all of Meta's revenue, the notes add about €479 million a year of fixed interest to the costs that business must carry until 2065.