Meta Platforms Has $420 Billion in Hidden Debt, and It’s Growing
A new report from Nikkei Asia reveals that Meta Platforms has approximately $420 billion in off-balance-sheet debt, primarily related to long-term contracts for AI infrastructure such as graphics processing units and data centers. This hidden debt is not reflected on Meta's balance sheet, which shows only $58.7 billion in long-term debt. Meta is accelerating spending, with $72 billion in capital expenditures in 2025 and plans for $125-$145 billion in 2026. The company is expanding its Hyperion data center in Louisiana from 2 to 5 gigawatts, funded via a joint venture with Blue Owl Capital, which owns 80% of the project. Meta is among five major tech firms—including Alphabet, Amazon, Microsoft, and Oracle—collectively holding $1.65 trillion in off-balance-sheet debt. The article questions whether investors should be concerned about Meta's growing financial commitments as it transitions from metaverse to hyperscaler AI services.
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