Meta, the parent company of Facebook and Instagram, is seeking $29 billion in funding to expand its AI infrastructure.
The company is in advanced talks with major investment firms, including Apollo Global Management and KKR, for the financing.
The funding will be split into $3 billion in equity and $26 billion in debt to support AI data centers, with Morgan Stanley advising on debt structuring.
This initiative is part of CEO Mark Zuckerberg's push to become a leader in AI, following investments in ScaleAI and the recruitment of OpenAI researchers.
Meta has also increased its capital expenditure forecast and secured energy sources for its AI projects, reflecting the high capital demands of the AI sector.