Meta Platforms Prices $15 Billion Multi-Tranche Senior Notes Offering

Executive Summary

On November 5, 2026, Meta Platforms, Inc. filed a prospectus supplement on Form 424B5 announcing the pricing and terms of a $15.0 billion aggregate principal amount senior notes offering. The offering is split across five tranches spanning maturities from 2031 through 2056.

Offering Structure and Tranche Breakdown

Series	Principal Amount	Coupon Rate	Maturity Date	Public Offering Price	Underwriting Discount	Net Proceeds (Pre-Expenses)
2031 Notes	$3,250,000,000	5.850%	Nov 15, 2031	99.998% ($3,249,935,000)	0.120% ($3,900,000)	$3,246,035,000
2033 Notes	$3,250,000,000	6.250%	Nov 15, 2033	99.778% ($3,242,785,000)	0.150% ($4,875,000)	$3,237,910,000
2036 Notes	$4,000,000,000	6.550%	Nov 15, 2036	99.982% ($3,999,280,000)	0.200% ($8,000,000)	$3,991,280,000
2046 Notes	$1,750,000,000	7.350%	Nov 15, 2046	99.903% ($1,748,302,500)	0.300% ($5,250,000)	$1,743,052,500
2056 Notes	$2,750,000,000	7.500%	Nov 15, 2056	99.629% ($2,739,797,500)	0.400% ($11,000,000)	$2,728,797,500
Total	$15,000,000,000	—	—	$14,980,100,000	$33,025,000	$14,947,075,000

Key Terms & Covenants

• Interest Payments: Semi-annually on May 15 and November 15, commencing May 15, 2027.
• Ranking: Unsecured and unsubordinated debt of Meta Platforms, Inc., ranking equally with existing and future senior unsecured debt, structurally subordinated to liabilities of subsidiaries, and effectively subordinated to any future secured debt.
• Optional Redemption: Callable prior to designated Par Call Dates (ranging from 1 to 6 months prior to maturity depending on the tranche) at a make-whole redemption price, and on or after Par Call Dates at 100% of principal plus accrued interest.
• Financial Covenants: Indenture does not contain restrictive financial ratios, debt incurrence limitations, or change-of-control put provisions.

Use of Proceeds & Capital Allocation Context

• Estimated Net Proceeds: Approximately $14.9 billion after deducting underwriting discounts and offering expenses.
• Stated Purpose: General corporate purposes, which typically include capital expenditures (notably AI infrastructure and data centers), share repurchases, and working capital.
• Recent Capital Activity: On November 2, 2026, Meta closed the full exercise of the over-allotment option on its Series A depositary shares offering, raising an additional ~$1.87 billion in net proceeds. Meta also noted a potential concurrent offering of euro-denominated notes.