Meta raises AI capex guidance to $135–145B and plans non-voting Class C stock

Meta's earnings put a large number on its AI ambitions. The capex range of $135–145B, mostly for data centers and accelerators, sets one of the highest spending floors in the industry. Strong results support it: revenue of $64.6B, up 26%, and net income more than tripling to $9.86B as AI-driven ad targeting lifts monetization.

The financing move is the unusual part. A new non-voting Class C share class, arriving in January 2027, lets Meta raise or reward with equity without diluting founder control. That is effectively a currency for AI spending that keeps governance unchanged. Governance-focused investors are likely to object.

On the product side, the Muse personal agent has reached 10M active accounts in the US and Canada. Early users describe giving it real work such as registrations, project promotion and daily briefings, using its own computer, browser and filesystem. Meta has also pushed Muse Wonder to Cursor, Cline, OpenRouter, Vercel and others, and released Muse Spark Open, an 816B mixture-of-experts open-weight model that runs on two M5 Ultra Mac Studios.

The capex ties into the week's supply-chain story. Samsung has reportedly sold out its 2027 HBM capacity, and NVIDIA is expanding substrate supply 2.5x. Watch whether Meta's spending squeezes memory prices for everyone else, a worry r/LocalLLaMA is already voicing, and how the market prices the Class C structure.