Meta Platforms (META) shares climbed 2.68% to $621.29 on Thursday as the company completed a $15 billion bond sale. The stock gained $16.21 during the session after rebounding from the $600 to $605 range.

Alongside the debt raise, Meta expanded its concurrent forward stock offering to 46 million shares, deepening a financing program that now spans senior notes, forward equity, mandatory convertible preferred stock, and a proposed Class C share sale tied to its expanding artificial intelligence infrastructure.

Five Series of Senior Notes

Meta sold five series of senior notes with maturities ranging from 2031 to 2056, carrying coupons between 5.85% and 7.50%. The longest-dated issues bear the highest rates.

The largest tranche, worth $4 billion and due in 2036, pays an annual coupon of 6.55%. The 2031 and 2033 tranches each totaled $3.25 billion, with coupons of 5.85% and 6.25%, respectively. Meta also sold $1.75 billion of notes due in 2046 at 7.35%, while the $2.75 billion tranche maturing in 2056 carries the highest coupon of the offering at 7.50%.

The new coupons exceed the 4.20% to 5.75% range attached to Meta's $30 billion bond sale in November 2025, reflecting higher borrowing costs on the latest raise. Moody's assigned the new notes an Aa3 rating and maintained a stable outlook, while S&P rated the notes AA- and kept a negative outlook. Under standard rating-agency conventions, a negative outlook signals potential downgrade pressure, while a stable outlook indicates the rating is expected to hold — a split worth keeping in mind as Meta layers new borrowings onto an already growing debt stack.

Forward Stock Sale Expands to 46 Million Shares

Underwriters exercised their full option to buy six million additional Class A shares in the concurrent offering, bringing the forward sale to 46 million shares. Meta priced the shares at $625 each and set the initial forward price at about $622.92. It estimated proceeds of $28.7 billion before expenses.

The company will receive the forward proceeds upon delivery of the shares and can choose settlement dates through November 19, 2027. Meta intends to use the proceeds for general corporate purposes and expects no cash from the initial sale by forward purchasers. The forward format effectively lets Meta line up equity capital on set terms now while retaining discretion over when shares are delivered and when the cash actually arrives.

Meta also priced mandatory convertible preferred stock with a 6.50% rate. In addition, the company proposed a roughly $60 billion program to sell Class C shares at market prices, which it expects to start in the first quarter of 2027 or later.

AI Expansion Drives Capital Spending

Meta expects 2026 capital spending of $135 billion to $145 billion as it expands AI infrastructure and computing capacity. Its funding plan combines debt and equity with operating cash flow and strategic partnerships, and the latest bond sale adds to the company's existing borrowings.

Third-quarter capital spending reached $34.91 billion, including principal payments on finance leases. Over the same period, Meta generated $32.79 billion in operating cash flow and recorded negative free cash flow of $2.12 billion. Long-term debt stood at $80.92 billion on September 30, up from $58.74 billion at the end of 2025. That shortfall — spending outpacing internally generated cash — is the arithmetic behind the multi-channel fundraising, with debt, equity, and partnerships supplying what operations do not. The timetable attached to the program also gives readers clear markers to track: forward shares can settle any time through November 19, 2027, and the Class C program is slated to begin in the first quarter of 2027 or later, both feeding the elevated 2026 spending plans.

A special committee reviewed the financing plan and identified a risk to Meta's credit ratings from relying on debt alone. The company included equity alongside borrowing in its plan to fund its expansion.

This article was originally published on Blockonomi.