Meta lifts 2026 capex floor, approves non-voting Class C shares

Meta Platforms raised the low end of its 2026 capital-spending outlook and approved a new publicly listed class of non-voting Class C common stock. The company now expects capital expenditures, including principal payments on finance leases, of $135 billion to $145 billion, up from its previous range of $130 billion to $145 billion.

Meta said the shares could provide more flexibility for capital raising, employee compensation, acquisitions and other corporate purposes as it funds AI infrastructure investment. That approval creates a financing mechanism, but the company did not announce a Class C capital-raising sale, offering size, price or expected proceeds.

Meta intends the amended Delaware charter establishing the Class C stock to take effect Jan. 19, 2027, after approval by shareholder written consent. The company said its board acted on the unanimous recommendation of a special committee of disinterested and independent directors.

The board also declared a one-time dividend of one Class C share for every outstanding Class A and Class B share, contingent on the amended charter taking effect. Meta had not set the record or payment dates. The company said the distribution is expected to have the market-price effect of a two-for-one stock split without changing any shareholder’s voting power.

Meta reported $34.91 billion in third-quarter capital expenditures, including finance-lease principal payments. The company said it expects to keep investing aggressively beyond 2026 to support its core business and emerging AI initiatives. Class A shares are set to continue trading on Nasdaq, while Meta intends to qualify the Class C shares for a Nasdaq listing when they are issued through the dividend.