“Meta will spend about $250 billion on capital expenditures in 2027, with 2027 operating expenses of $210-215 billion; price target cut to $995 from $1,000 (roughly 40% upside) on uncertainty over Meta's 2027 spending plans and the timing and size of a capital raise.”

Meta gave 2026 capex guidance of $135-145 billion and no 2027 guidance; the 2027 capex outcome resolves at the end of 2027.