Zerohedge says the $27 billion bond that funds Meta's Hyperion data center has hit new lifetime lows
World's largest corporate bond, RPLDCI of 2049 ($27BN bond funding Meta's Hyperion data center), hit new lifetime lows
Context
A falling price on the biggest AI data center bond means investors want more return to hold debt tied to the buildout.
Hyperion is Meta's large AI data center campus in Louisiana, financed through a separate vehicle that sold about $27 billion of bonds in October 2025, as covered in this deck on October 10. Zerohedge is a markets commentary site, and the chart it posted is unsourced, though it appears to show market price data.
Deep dive
On October 19, zerohedge posted that the world's largest corporate bond, RPLDCI of 2049, the $27 billion bond funding Meta's Hyperion data center, hit new lifetime lows.
The chart it attached is labeled RPLDCI Sr Secured 6.581% due 2049, Project Beignet. It shows the bond's price starting near 110, meaning 110 cents per dollar of face value, in October 2025, drifting to around 102 by June 2026, then falling to about 91.5 in October 2026. Zerohedge did not name a data source.
A bond's price moves opposite to its yield, so a lower price means buyers now demand a higher return to hold it. The post does not say why the price fell. A general rise in long term interest rates would also push down the price of a bond that does not mature until 2049, so the move is not necessarily a judgment on Hyperion itself.
This deck reported on October 10 that the Hyperion financing is held off Meta's balance sheet in a separate vehicle, and that the Financial Times has reported tech groups have shifted more than $120 billion of AI data center debt off their balance sheets. Zerohedge's post comes alongside its reporting the same day on troubled data center listings, part of its broader skeptical coverage of AI infrastructure financing.
What to expect next
Watch whether the Hyperion bond keeps falling, and whether other bonds and loans tied to AI data centers weaken with it, which would make new financing more expensive. Meta's next earnings report may show whether it plans to fund more capacity the same way. Also watch for any commentary from rating agencies on these data center financing vehicles, and for moves in long term Treasury yields that could explain part of the drop.