Meta's AI data center bond hits record low despite stock rally

The $27.3 billion bond series financing Meta's Hyperion AI data center, issued by Beignet Investor LLC, has fallen to a record low of 94.4 cents on the dollar. This decline contrasts with a 9% surge in Meta's stock price. The bonds, which carry a 6.581% coupon and a 2049 maturity, were initially anchored by PIMCO and BlackRock. Despite an A+ rating from S&P in October 2025, the debt has seen significant losses for investors, with PIMCO facing an estimated paper loss of $1 billion on its position.