Meta Raises 2026 Capital Spending Floor to $135 Billion, Approves New Shares

Meta raised the low end of its 2026 capital spending forecast by $5 billion to $135 billion and approved establishing a nonvoting Class C share class it intends to seek to list on Nasdaq, adding a possible financing tool as its projected investment rises.

The revised forecast is $135 billion to $145 billion, up from $130 billion to $145 billion. Meta lifted the minimum while leaving the top of the range unchanged. The forecast includes principal payments on finance leases and covers spending across the company, not only artificial intelligence projects.

For the quarter ended Sept. 30, Meta reported $34.91 billion in capital expenditures and negative $2.12 billion in free cash flow. Revenue increased 26% from a year earlier to $64.60 billion. Meta founder and CEO Mark Zuckerberg said, “Our investments are paying off, the core business is strong, and we're seeing velocity across the board.”

The board approved establishing the new share class on Oct. 21. An independent board committee unanimously recommended it. Meta intends to file an amended certificate with a planned effective date of Jan. 19, 2027; the share distribution depends on the certificate taking effect.

Meta plans to distribute one Class C share for each Class A or Class B share held on a future record date. The board has not set the record or payment dates. Meta expects the distribution to affect the price of its Class A shares much like a two-for-one stock split, without changing shareholders’ voting power.

Class A shares carry one vote each, Class B shares carry 10 votes each and Class C shares would carry no votes. The distribution itself would not raise cash. Meta may issue Class C shares later to raise capital, compensate employees or fund acquisitions, but has not announced a sale’s size, price or timing.