ByteDance, the Chinese parent company of TikTok, has signed a US$29.6 billion loan agreement with 28 banks for general corporate purposes, according to a person close to the matter.

Lenders include Industrial and Commercial Bank of China and HSBC. The loan has a three-year term and can be extended to five years.

ByteDance had originally sought US$20 billion. The company also borrowed US$10.8 billion in 2024.

The financing comes as ByteDance expands its AI push. In May, the company was considering spending as much as US$70 billion in 2026 on data centers and other AI infrastructure.

The loan also comes as ByteDance and TikTok continue to face regulatory scrutiny. That includes TikTok’s January 2026 deal to form a new US joint venture and avoid a US ban.

🔗 Source: CoinDesk

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