ByteDance seeks $29.6 billion syndicated loan for AI expansion

ByteDance is reportedly advancing a $29.6 billion syndicated loan, which, if completed, would rank as the second-largest US dollar-denominated syndicated loan in Asia this year. The transaction follows strong interest from banks; the company had initially targeted $20 billion but increased the scale due to high subscription levels. The loan, which has not yet been formally signed, is expected to have a three-year term, extendable to five years.

Citigroup and JPMorgan Chase are acting as coordinators for the financing. The funds are intended for general corporate purposes. This massive capital raise comes as ByteDance accelerates its artificial intelligence strategy, with the company considering increasing its 2026 capital expenditure budget to as much as $70 billion—more than double its 2025 levels—to expand data centers and AI infrastructure.

This deal is notable for its low spread, with an initial rate of SOFR plus 68 basis points, which is among the lowest for similar borrowings by Chinese tech firms. The only Asian US dollar loan to exceed this amount this year was a $40 billion bridge loan completed by SoftBank Group in March.