Meta Borrows $25 Billion to Bet on AI: Three Tech Giants Simultaneously Run Negative Cash Flow — This Time It's Different
Meta has returned to the bond market for a second large offering this year, raising $20–25 billion at 3.9x oversubscription even as S&P cut its outlook to negative on its first-ever negative free cash flow quarter. With Alphabet, Amazon and Meta all in negative free cash flow territory at once — something without historical precedent — the AI spending race has shifted from an investment narrative into a credit-rating event.