Meta 预计 2026 年资本开支最高达 1450 亿美元
Meta Expects Up To $145 Billion In Capex As AI Investments Expand
Meta 在 10 月 21 日发布的第三季度财报中预计，2026 年资本开支为 1350 亿至 1450 亿美元，用于继续投入 AI 基础设施和新产品开发。公司称 AI 投入已通过更强的用户互动、更好的推荐和更高效的变现带来广告增量收入，并预计这些投入和新产品发布将支撑 2027 年收入增长。第三季度营收 646 亿美元，同比增长 26%，其中广告收入 630.6 亿美元；当季总成本和支出 516.1 亿美元，同比增长 68%，包含与 52 位美国州检察长就青少年心理健康与社交媒体诉讼达成和解相关的 98.9 亿美元费用。
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Meta 给出 2026 年 1350 亿至 1450 亿美元的资本开支区间，并称 AI 投入已带来广告增量收入，可据此观察其投入与回报的对应关系。
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Meta expects capital expenditure of $135-145 billion in 2026 as it continues investing in AI infrastructure and developing new products, according to its third-quarter financial results released on October 21.
The company says its AI investments are already generating additional advertising revenue through stronger engagement, improved recommendations, and more efficient monetisation. Meta expects these investments and new product launches to support revenue growth throughout 2027, even as it continues to invest heavily in infrastructure.
“Our AI investments are already delivering substantial incremental advertising revenue through stronger engagement, better recommendations, and more efficient monetization,” the company said in its financial outlook commentary.
Meta reported revenue of $64.60 billion for the third quarter ended September 30, 2026, up 26% year-on-year. Advertising revenue rose to $63.06 billion from $50.08 billion in the same quarter last year. Ad impressions across its family of apps increased 10%, while the average price per ad rose 14%.
The company said its existing infrastructure capacity and planned additions would let it allocate resources across model training, core business growth, and developing and supporting new products. It also highlighted the launch of Muse and Muse Wonder, describing them as its first frontier model.
Meta expects total expenses for 2026 to range from $175 billion to $179 billion. The revised outlook incorporates a $9.9 billion charge related to legal proceedings recognised in the third quarter.
Total costs and expenses reached $51.61 billion in the quarter, up 68% year-on-year. The increase included a $9.89 billion charge related to an August agreement with 52 US state attorneys general to resolve litigation concerning teen mental health and social media.
Excluding this charge, Meta's third-quarter operating income would have been $22.88 billion, compared with the reported $12.99 billion. The company's reported operating margin was 20%, down from 40% a year earlier.
Meta says Reality Labs losses will range between $18 billion and $19 billion in 2026. Looking ahead, it anticipates losses to narrow to around $15 billion in 2027 as it redirects investment towards other priorities, primarily AI.