Meta Platforms sold $25 billion of bonds in a five-tranche US offering on Nov. 3, Election Day, after initially seeking at least $15 billion as part of a broader fundraising effort expected to reach at least $20 billion. The company chose to proceed despite market convention, reflecting concern that delaying could increase financing risk as investors questioned whether hyperscalers’ AI spending would generate sufficient revenue and free cash flow. Meta’s longest-dated notes, due in 2056, priced at a yield premium of 2.2 percentage points over Treasuries, about 0.9 percentage point wider than comparable debt sold in April. The company later raised €9 billion in its first euro-denominated bond sale after receiving a record €53 billion of orders. Its wider financing plans included $25 billion of common stock, $12.5 billion of preferred shares and a planned at-the-market share sale of as much as $60 billion.