Meta Platforms is in advanced discussions with a group of private credit investors to raise about $29 billion to accelerate construction of new artificial-intelligence data centers, the Financial Times reported. The package is expected to combine roughly $3 billion in equity with $26 billion of long-term debt, making it one of the largest private financings ever arranged for a technology company. Apollo Global Management is negotiating to lead the deal alongside KKR, Brookfield Asset Management and bond-manager PIMCO, according to people familiar with the talks. If completed, the transaction would underscore the growing importance of non-bank lenders in funding capital-intensive digital-infrastructure projects. Proceeds will help pay for a network of AI-optimized facilities, including a planned nine-building, 4 million-square-foot campus in Louisiana that could draw more than two gigawatts of power. Meta has said it may spend as much as $65 billion on AI infrastructure this year as it races to develop larger language models and compete with offerings from OpenAI and Alphabet.