Meta Raises 2026 Capital Spending Forecast to $145 Billion, Plans New Share Class
Meta's combination of raised spending guidance and a new share class signals that the company is betting heavily on AI infrastructure while also restructuring how ownership and voting power are...
Meta Platforms raised its 2026 capital expenditure projection to as much as $145 billion and announced plans to create a new class of shares, according to the company's third-quarter earnings report released October 21, 2026, as covered by Bloomberg via Folha de S.Paulo. The company's results exceeded analyst estimates, and shares rose in after-hours trading following the release.
The $145 billion figure represents Meta's full-year 2026 capital expenditure ceiling as stated in the earnings report. The company did not disclose a floor figure in the summary reviewed, so the full range is not yet confirmed in available public material. The complete guidance range would be found in the official earnings press release filed with the U.S. Securities and Exchange Commission.
Meta's third-quarter revenue and earnings beat Wall Street consensus estimates, according to the Bloomberg report. Specific revenue and net income figures, along with the precise magnitude of the beat, were not included in the summary available to this publication. Those figures are contained in Meta's Q3 2026 earnings press release and its forthcoming 10-Q filing with the SEC.
The announcement of a new share class is a significant structural change. Meta currently operates with Class A shares, which carry one vote each, and Class B shares held by founder and CEO Mark Zuckerberg, which carry ten votes each. The purpose, mechanics, and voting rights attached to the proposed new share class were not specified in the source summary. Full details would be disclosed in a proxy statement or Form 8-K filed with the SEC.
The capital spending trajectory at Meta has risen sharply over recent years. In its fiscal year 2023 10-K filed with the SEC, Meta reported capital expenditures of approximately $28.1 billion. The company subsequently raised its outlook multiple times as it expanded data center capacity and AI model development. A projection of up to $145 billion for 2026 would represent more than a fivefold increase from the 2023 level, though year-over-year comparisons for 2024 and 2025 spending totals would be required to fully characterize the rate of increase.
The spending is directed primarily at AI infrastructure, including custom silicon, data centers, and the underlying compute required to train and serve large language models. Meta has disclosed in prior SEC filings that its AI investments span both its consumer-facing products, such as the Meta AI assistant embedded in Facebook, Instagram, and WhatsApp, and its research division, Meta AI Research (FAIR).
For U.S. Investors, the scale of the capital commitment raises questions about free cash flow generation. Capital expenditures of $145 billion, if realized, would consume a substantial portion of operating cash flow. Meta reported operating cash flow of approximately $71.1 billion in fiscal year 2023, according to its 10-K. Whether 2026 operating cash flow is sufficient to fund the projected capital spending without additional debt or equity issuance is a question that cannot be answered until the full earnings filing is available.
The after-hours share price increase following the earnings release reflects market participants pricing in the revenue beat relative to expectations. The exact percentage move was not specified in the source material. Real-time after-hours price data is available through Nasdaq market feeds.
Meta's capital spending plans are being watched alongside similar commitments from other large U.S. Technology companies. Alphabet, Microsoft, and Amazon have each raised their own AI infrastructure spending forecasts in recent quarters, as disclosed in their respective SEC filings. The aggregate scale of spending across these firms has implications for U.S. Semiconductor manufacturers, data center operators, and electricity utilities that supply power to large computing facilities.
The new share class proposal, once formally filed with the SEC, will be subject to shareholder review. Given Zuckerberg's existing voting control through Class B shares, the outcome of any shareholder vote would depend on his position. What the new class is designed to accomplish, whether to raise capital, reward employees, or further entrench voting control, remains unknown pending an official SEC disclosure.