Meta plans to spend $30 billion on computing centers, but only contributes $500 million (accounting for just 1.7%, roughly 20% of startup capital). What about the rest? They set up an SPV shell company and borrow money from private debt institutions to fill the gap.

This tactic is actually quite familiar—it’s a trick that domestic real estate developers loved to play back in the day. By off-balance-sheet financing, they hide their debt, making their asset-liability statements look shiny on the surface, while the risks are concentrated in unseen areas.

Now, tech giants are starting to play this hand as well. On the surface, their financial reports look healthy, but behind the scenes, it’s a massive capital game driven by high leverage. Honestly, this financing structure carries significant hidden risks.