Report
Meta Q3 Earnings: $135–145B AI Capex for 2026 and New Non-Voting Stock Class
Meta reported Q3 revenue of $64.6B (+26% YoY) and announced 2026 AI capex of $135–145B. The company is creating a new non-voting Class C common stock via dividend (effective Jan 2027) to fund AI infrastructure without diluting Zuckerberg's control. Muse reached 10M+ setups in ~40 days.
TLDR
Meta's massive AI spending is a bellwether for industry ROI on infrastructure investment, occurring as competitors like OpenAI race to raise capital ahead of potential Anthropic IPO. The non-voting share structure allows scaling without ceding control, fueling debates on governance and whether ad revenue can sustain "personal superintelligence" goals. Muse's early traction adds credibility to Meta's agent strategy.
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