ByteDance, the parent company of TikTok, has signed a $29.6 billion loan agreement with 28 banks, including HSBC and Industrial and Commercial Bank of China, according to a report cited by ChainCatcher. The loan carries a three-year tenor, with an extension option of up to five years, and is priced 0.68 percentage points above the benchmark rate. It ranks as Asia’s second-largest loan this year, behind SoftBank’s $40 billion financing arranged in March.
Bloomberg reported that ByteDance plans to use the proceeds for general corporate purposes as it advances its artificial intelligence goals. The company previously borrowed $10.8 billion from around 20 lenders in 2024, while the latest deal was initially marketed at $20 billion. ByteDance was valued at about $550 billion in February, and Bloomberg said in May that the company was weighing up to $70 billion in spending in 2026 on data centers and other AI infrastructure.
The financing news came as Elon Musk, Anthropic CEO Dario Amodei and OpenAI CEO Sam Altman called for a slowdown in the AI race and raised safety concerns. Separately, a Bitcoin Suisse report projected that spending by the largest U.S. hyperscale computing companies will top $800 billion this year and exceed $1 trillion in 2027.
ByteDance, the parent company of TikTok, has signed a $29.6 billion loan agreement with 28 banks, including HSBC and Industrial and Commercial Bank of China, according to a ChainCatcher report.
The loan has a three-year tenor and can be extended to as long as five years. Pricing is set at 0.68 percentage points above the benchmark rate. By size, the deal is the second-largest loan in Asia this year, trailing only the $40 billion financing SoftBank arranged in March.
Bloomberg reported that ByteDance plans to use the funding for general corporate purposes as it works toward its artificial intelligence ambitions. The company had previously borrowed $10.8 billion from around 20 lenders in 2024, and the latest financing was initially seeking $20 billion.
ByteDance was valued at about $550 billion in February. Bloomberg also reported in May that the company was considering spending as much as $70 billion in 2026 on data centers and other AI infrastructure.
The loan news surfaced as Elon Musk, Anthropic CEO Dario Amodei, and OpenAI CEO Sam Altman called for slowing the AI race and voiced concerns about safety. Separately, a report from Bitcoin Suisse projected that spending by the largest U.S. hyperscale computing companies will exceed $800 billion this year and pass $1 trillion in 2027.
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