Meta Platforms is seeking to raise$35 billion to help fund the development of its data centres in the US, with Apollo Global Management reportedly leading the financing. The need for increased computational power to support AI systems has driven Meta to focus heavily on expanding its AI infrastructure. The company has already committed to spending up to$65 billion this year on AI development.

The financing deal comes as Meta continues to build new data centres, including a planned$10 billion AI hub in Louisiana, US. The Louisiana centre will run on renewable energy, in partnership with the local utility provider Entergy. Despite the growing demand for data centre space, industry scepticism remains, especially regarding the financial returns from such large-scale investments.

Meta's push for more AI infrastructure highlights the competitive race among tech companies to meet the rising demand for AI capabilities, with the company planning further expansions in the coming years.