Meta wants to spend more on artificial intelligence. It also wants to keep the steering wheel exactly where it is.
On October 21, 2026, Meta Platforms raised its capital expenditure forecast for the year and unveiled a new class of nonvoting stock.
The numbers behind the announcement
Meta now expects 2026 capital spending between $135 billion and $145 billion. The previous range was $130 billion to $145 billion.
The ceiling didn’t move. The floor came up by $5 billion.
The money is going toward AI infrastructure, meaning the chips and data centers needed to train large models. It is also funding development of Muse, Meta’s consumer AI agent.
The higher outlook comes as Meta faces growing competition from leading AI developers, including OpenAI and Anthropic.
The quarterly results gave Meta some cover for the bigger budget. Third-quarter 2026 revenue came in at $64.60 billion, ahead of the $63.37 billion Wall Street had expected.
Meta also issued fourth-quarter revenue guidance above consensus estimates. The company pointed to encouraging early performance from Muse and the release of new models as support for that outlook.
A new share class with no say
Meta plans to create a new class of publicly listed Class C common stock that carries no voting rights.
The new class takes effect on January 19, 2027. Existing holders of Class A and Class B shares will receive a one-time dividend of one Class C share for every share they own.
Nonvoting shares give Meta a currency it can use for acquisitions and employee compensation without diluting the voting power of existing holders.
CEO Mark Zuckerberg holds around 61% of Meta’s voting rights, despite owning a smaller slice of the company’s economic value.
What this means for investors
On the positive side, Meta beat revenue expectations and guided above consensus for the fourth quarter. Early signals from Muse are giving management confidence.
On the cautious side, a capex range of up to $145 billion is a massive commitment.
The Class C structure also deserves attention from a governance perspective. Shareholders who already lacked meaningful influence over Meta’s direction will now hold additional shares with none at all. Zuckerberg’s control was already firmly established at around 61% of voting rights.
The broader industry picture
Throughout 2026, Meta progressively increased its capital investment in AI technologies, initially forecasting $115 billion to $135 billion in annual capital expenditures earlier in the year. Following revisions prompted by lower free cash flow due to significant investments in data center construction and computational power, the guidance was adjusted to $130 billion to $145 billion in July, with the latest announcement continuing this upward trajectory.
The key dates to watch are clear. January 19, 2027 marks the arrival of Class C shares. The coming quarters will show whether Muse’s early momentum holds.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.