Meta is reportedly negotiating with Apollo Global Management, KKR, Brookfield Asset Management, and Carlyle Group for approximately $29 billion in private infrastructure capital to finance its U.S. data center build-out, according to Data Center Dynamics citing Financial Times reporting. That figure would sit alongside the $25 billion in bonds Meta raised in early May, combining for a reported $54 billion in new financing against what the company has described as a $145 billion capital expenditure plan for 2026.
The structure of the reported deal is itself a signal. Private infrastructure capital from firms like Apollo, KKR, Brookfield, and Carlyle operates differently from public bond markets. These firms bring project finance expertise, longer time horizons, and tolerance for illiquid infrastructure positions that public markets don’t offer at the same scale. Meta appears to be treating its data center build-out as infrastructure, not as a corporate expense, and financing it accordingly.
The scale is notable even by Meta’s standards. A $29 billion private capital raise for data centers would be one of the largest single-purpose infrastructure financings in recent years. Combined with the $25 billion bond issuance, Meta would be deploying more than $50 billion in new capital specifically for AI compute infrastructure, and doing so through financing structures that suggest this is a multi-year, multi-facility commitment rather than a short-term capacity purchase.
Context on Meta’s capital plan: the company disclosed $145 billion in planned 2026 capital expenditure during its most recent earnings call. The combined $54 billion in reported new financing represents roughly 37 percent of that stated figure. Whether the remaining capital comes from operating cash flow, additional debt, or other financing vehicles has not been disclosed.
The competitive context matters. Microsoft, Google, Amazon, and Oracle are all simultaneously expanding AI data center capacity at similar scales. The private capital firms reportedly in talks with Meta are the same firms financing data center projects for Meta’s competitors. The infrastructure capital market for AI compute is becoming a distinct asset class, and the firms intermediating it are accumulating significant concentration risk across the sector.
Verification
Partial Data Center Dynamics citing Financial Times sources Specific dollar figures, named investors, and deal terms are from press reporting. Meta has not directly confirmed the $29B private capital figure or the named investor participation.This is a single-report story citing Financial Times sources. The specific dollar figures, named investors, and deal terms should be treated as reported, not confirmed, until Meta or the named investment firms provide direct statements.