Meta Platforms, Inc.
METApublicSocial Media & AI
Open-source AI leader (Llama). Highest CAPEX as % of revenue among Mag7. Building 2GW+ data center capacity. Announced 350K+ H100 GPU cluster (Grand Teton).
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2025 CAPEX
$72.2B
YoY 2025 vs 2024
+73.1%
Latest Quarter
$21.0B
Q4'25
FY2026 Guidance
$60.0B–$65.0B
CAPEX History — Quarterly
Quarterly Data & Sources
| Quarter | CAPEX | Revenue | % Rev | Source |
|---|---|---|---|---|
| Q4'25 | $21.0B | $53.0B | 39.6% | 10-K FY2025 (est.) |
| Q3'25 | $20.5B | $46.0B | 44.6% | 10-Q Q3 2025 (est.) |
| Q2'25 | $17.0B | $42.3B | 40.2% | 10-Q Q2 2025 |
| Q1'25 | $13.7B | $42.3B | 32.4% | 10-Q Q1 2025 |
| Q4'24 | $14.8B | $48.4B | 30.6% | 10-K FY2024 |
| Q3'24 | $9.2B | $40.6B | 22.7% | 10-Q Q3 2024 |
| Q2'24 | $8.5B | $39.1B | 21.7% | 10-Q Q2 2024 |
| Q1'24 | $9.2B | $36.5B | 25.2% | 10-Q Q1 2024 |
| Q4'23 | $7.9B | $40.1B | 19.7% | 10-K FY2023 |
| Q3'23 | $6.7B | $34.1B | 19.6% | 10-Q Q3 2023 |
| Q2'23 | $6.4B | $32.0B | 20.0% | 10-Q Q2 2023 |
| Q1'23 | $7.1B | $28.6B | 24.8% | 10-Q Q1 2023 |
| Q4'22 | $4.3B | $32.2B | 13.4% | 10-K FY2022 (Q4 2022) |
Q4'22 — Last pre-ChatGPT quarter. Meta in cost-cutting 'Year of Efficiency'
Q4'23 — Full 2023: ~$28.1B
Q4'24 — Full 2024: ~$39.2B
Q3'25 — Estimated
Q4'25 — Estimated. FY2025 total actuals ~$72.2B vs $60-65B guidance
Guidance Tracker
FY2025
Completed
“We expect 2025 capital expenditures to be in the range of $60-65 billion as we accelerate our infrastructure investments, particularly for AI.”
Guided: $60.0B–$65.0B
Actual to date: $72.2B
120%
FY2026
On Track
“We expect 2026 capital expenditures to be in the range of $60-65 billion. We continue to invest heavily in AI infrastructure to support Llama development and our AI products.”
Guided: $60.0B–$65.0B
FY2027
Pending
“We are in an extraordinary moment for AI. We believe in continued investment across 2027 and beyond to build the best AI systems and infrastructure in the world.”
Guided: $70.0B–$80.0B
Key Quotes
Mark Zuckerberg·CEO·2025-01-29
“I expect Meta AI to be the leading AI assistant in the world by the end of 2025. To make that happen we're investing heavily in infrastructure.”
Q4 2024 Earnings Call
Compute Clusters
Grand Teton
H100
350,000 GPUs
operational
2025 cluster target
H100-equiv
600,000 GPUs (target)
deploying
AIsocialLlamaopen-sourceGPUmag7