$20 billion group loan + trillion-level CapEx—Zhang Yiming’s stakes are heavier than I imagined

ByteDance is in preliminary talks with banks to raise approximately $20 billion in a syndicated loan. If successful, this will be ByteDance's largest-ever offshore loan, with an expected term of 3 years and an option to extend to 5 years. Currently, the fundraising negotiations are still in the early stages, and specific terms and fund usage may be adjusted. ByteDance is currently evaluating increasing this year's capital expenditure to a maximum of $70 billion, mainly for expanding data centers and artificial intelligence infrastructure. If the business and economic environment remain favorable, next year's capital expenditure could rise to $100 billion.