Meta Raises 2026 AI Spending Outlook to $145 Billion

Meta Platforms raised its 2026 capital-expenditure outlook to as much as $145 billion and announced a new class of nonvoting shares, sharpening its push to build artificial intelligence infrastructure even as quarterly revenue and earnings beat analyst estimates. The company now expects capital spending of $135 billion to $145 billion in 2026, lifting the lower end of its previous range by $5 billion. Meta reported third-quarter revenue of $64.6 billion, up 26% from a year earlier, and earnings of $3.83 per share. Analysts had expected revenue of $63.3 billion and earnings of $3.57 per share. Meta said its new nonvoting shares will be distributed to existing investors through a stock dividend, with each receiving one share. The company described the move as effectively a two-for-one stock split and said it expects trading in the new shares to begin in January. It said the shares could be used for fundraising, employee compensation and potential acquisitions, while preserving Mark Zuckerberg’s voting control. The company forecast fourth-quarter revenue of $73 billion to $76 billion, compared with analysts’ average estimate of $73.6 billion. Meta’s earnings report also said the...