Meta raises 2026 capital-spending forecast to $135 billion–$145 billion

Meta has lifted the minimum of its 2026 capital-spending forecast by $5 billion, saying it now expects to spend $135 billion to $145 billion this year; the $145 billion ceiling is unchanged. Capital spending is money for long-lived assets—such as data centers, servers, and other computing equipment needed to train and run AI systems—not everyday payroll or marketing. At the midpoint, the budget is almost double Meta’s $72.2 billion outlay in 2025, showing how quickly its advertising-funded business is being redirected into an AI infrastructure buildout. The company delivered strong third-quarter revenue, but free cash flow fell to $784 million as spending surged, sharpening the investor question: whether these costly machines will generate enough new revenue or better ad performance to justify them.