Meta Raises Its AI Capex Outlook and Will Issue a New Share Class to Fund the Buildout

Meta's Q3 earnings (Oct 22) came in at $64.6 billion in revenue (+26% YoY), beating estimates. The company narrowed and raised its full-year data-center capex guidance from $130–145 billion to $135–145 billion. To fund AI initiatives, acquisitions and compensation, Meta will issue a new class of non-voting shares, set to trade in 2027; CFO Susan Li said the investment required to compete and expand infrastructure is "significant." On the demand side, Meta's personal-agent app Muse has passed 10 million creators in the U.S. and Canada, roughly a quarter of whom use it daily — inference is becoming baseline traffic.