Meta is in advanced talks with a group of leading private credit investors, including Apollo Global Management, KKR, Brookfield, Carlyle, and Pimco, to raise up to $29bn in financing for its expansive US-based AI data centre programme, according to sources cited by the Financial Times.

The deal, which may include $3bn in equity and up to $26bn in debt, would mark one of the largest private credit financings on record. Meta is working with Morgan Stanley to explore structures that could improve debt tradeability, a key consideration given the transaction’s unprecedented scale.

The capital injection would support Meta’s aggressive pivot toward AI leadership, following delays in product rollouts and underwhelming reception to its Llama 4 language model. The company recently increased its full-year capital expenditure guidance to as much as $72bn, citing rising infrastructure costs and substantial data centre investments.

Meta CEO Mark Zuckerberg has intensified efforts to solidify the company’s position in the AI space. Strategic moves include a $15bn investment in ScaleAI and the hiring of high-profile AI talent from OpenAI. The firm also signed its first nuclear energy supply agreement to support power-intensive AI operations.

Private credit has become a go-to source of financing for AI infrastructure. Earlier this year, Blue Owl committed to a $15bn data centre joint venture with OpenAI. That deal joins broader initiatives such as the $500bn AI data centre project involving SoftBank and Oracle.

As competition accelerates across the AI and cloud infrastructure landscape, Meta’s mega-financing signals a deeper reliance on private credit to fund next-generation digital infrastructure.

Source: Financial Times

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