Meta raises tens of billions in off-balance-sheet debt for data centers
Nathan Benaich · State of AI 2025 with Nathan Benaich: Power Deals, Reasoning Breakthroughs, Real Revenue · Oct 30, 2025 · at 15:26
Nathan Benaich, GP at Air Street Capital, discusses off-balance-sheet financing structures used by major tech firms to fund massive compute infrastructure.
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“You have this, sort of, offloading of debt from big companies, for example, Meta, that raises tens of billions of dollars to fuel its data center ambitions, but that doesn't sit on Meta's balance sheet.”
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