Meta seeks $29 billion from private capital firms for AI data centers, FT reports
Meta Platforms is seeking to raise $29 billion from private capital firms to build artificial intelligence data centers, the Financial Times reported on Friday.
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Business Times
an hour ago
- Business Times
Meta seeks US$29 billion from private capital firms for AI data centres, FT reports
[BENGALURU] Meta Platforms is seeking to raise US$29 billion from private capital firms to build artificial intelligence (AI) data centres in the US, the Financial Times reported on Friday (Jun 27). The Facebook-parent advanced discussions with private credit investors including Apollo Global Management, KKR, Brookfield, Carlyle and Pimco, the report said, citing people familiar with the matter. Meta is looking to raise US$3 billion in equity and US$26 billion in debt, the report said, adding that the company is debating how to structure the debt raising and may also seek to raise more capital. Such a fundraising comes at a time when Meta has doubled down its commitment to AI, including a US$14.8 billion investment in startup Scale AI. Meta chief executive Mark Zuckerberg said in January the company would spend as much as US$65 billion this year to expand its AI infrastructure, seeking to strengthen its position against competitors OpenAI and Google in the race to lead the AI technology landscape. Meta and Carlyle declined to comment, while Apollo Global, KKR, Brookfield and Pimco did not immediately respond to Reuters' requests for comment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Meta was working with its advisers at Morgan Stanley to arrange the financing, and it was considering ways that could make the debt more easily tradeable once it was issued, the FT report said. Major tech companies are investing heavily to secure the vast computing power needed to run AI models, fuelling demand for specialised data centres that link thousands of chips into high-performance clusters. Microsoft has planned a capital expenditure of US$80 billion in fiscal 2025, with most of it aimed at expanding data centres to ease capacity bottlenecks for AI services. Bloomberg News reported in February that Apollo Global Management is in talks to lead a roughly US$35 billion financing package for Meta to help develop data centres in the US. REUTERS
CNA
an hour ago
- CNA
Tech firms warn 'Scattered Spider' hacks are targeting aviation sector
WASHINGTON :Tech companies Google and Palo Alto Networks are sounding the alarm over the "Scattered Spider" hacking group's interest in the aviation sector. In a statement posted on LinkedIn on Friday, Sam Rubin, an executive at Palo Alto's cybersecurity-focused Unit 42, said his company had "observed Muddled Libra (also known as Scattered Spider) targeting the aviation industry." In a similar statement, Charles Carmakal, an executive with Alphabet-owned Google's cybersecurity-focused Mandiant unit, said his company was "aware of multiple incidents in the airline and transportation sector which resemble the operations of UNC3944 or Scattered Spider." Neither executive identified which specific companies had been targeted, but Alaska Air Group-owned Hawaiian Airlines and Canada's WestJet have both recently reported being struck by unspecified cyber incidents. Neither company has gone into detail about the intrusions or commented on any potential links between the incidents and Scattered Spider. The loose-knit but aggressive hacking group, alleged to at least in part comprise youngsters operating in Western countries, has been blamed for some of the most disruptive hacks to hit the United States and Europe in recent memory. In 2023, hackers tied to the group broke into gaming companies MGM Resorts and Caesars Entertainment, partially paralyzing casinos and knocking slot machines out of commission.
CNA
2 hours ago
- CNA
Ripple to drop cross appeal against US SEC in crypto lawsuit, CEO says
Ripple Labs will withdraw its cross appeal against the U.S. Securities and Exchange Commission in a prolonged legal battle tied to the sale of its XRP tokens, the crypto firm's CEO said on Friday. "We're closing this chapter once and for all," Ripple Labs CEO Brad Garlinghouse said in a post on X, adding that the SEC was also expected to drop its appeal. The move could bring the dispute closer to resolution after years of back-and-forth between the company and the regulator over the token's status as a security. The SEC had sued Ripple for allegedly violating securities laws through the sale of its XRP tokens. In 2023, a judge ruled that XRP sales on public exchanges were legal, but the $728 million of sales to institutional investors broke the rules. Both sides appealed, but later agreed to settle if the judge set aside her injunction and approved lowering the $125 million fine she had imposed on Ripple. However, the judge rejected their request on Thursday.
