A three-dimensional memory device includes an alternating stack of insulating layers and electrically conductive layers located over a carrier substrate. Memory stack structures vertically extend through the alternating stack. Each memory stack structure includes a respective vertical semiconductor channel and a respective memory film. The memory die can be bonded to a logic die containing peripheral circuitry for supporting operations of memory cells within the memory die. A distal end of each of the vertical semiconductor channels is physically exposed by removing the carrier substrate. A source layer is formed directly on the distal end each of the vertical semiconductor channels. A source power supply network can be formed on the backside of the source layer.