Meta Platforms (META)
Llama models driving massive DC expansion. 30+ data centers, $60B+ capex.
- Ticker: META
- Sector: hyperscaler (social ai)
Meta Platforms (META) is a tracked supply-chain name in the data-center buildout in the hyperscaler sector. Data Center Index tracks Meta Platforms's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
Meta Platforms data center thesis
Meta capex doubled from $37.3B in 2024 to $69.7B in 2025, with 2026 guidance of $115-135B and a 21-site portfolio totaling 25.4GW, second only to Microsoft in DC scale. The 2.3GW Hyperion campus in Louisiana and the 5GW Hyperion AI build under construction are the largest single-tenant AI sites ever announced. The thesis is whether Llama and the AI ad-product roadmap actually monetize the $85.3B already committed to projects.
Bull case
- Meta has 25.4GW across 21 sites with $85.34B in committed project cost, entirely first-party demand, no Azure-style customer concentration risk, and 2025 operating income of $83.3B comfortably funds the 2026 guide without external capital.
- Capex of this scale is a direct supply-chain pull-through for liquid cooling (Vertiv), nuclear PPAs (Vistra OH/PA uprate), and gas turbines (Hyperion); Meta is the single biggest 2026 buyer of Mortenson construction services.
- Gross margin of 81.94% TTM gives Meta the most depreciation absorption headroom of any hyperscaler; they can run $130B/year capex for three years and still grow OI if Reality Labs losses stabilize.
Bear case
- Stock at $609.63 sits at just 32.6% of its 52-week range, year-change of +3.21%, and -23% off the August $794 high; the market is already voting that AI ad-product ROI is not showing up in the prints.
- Hyperion at 5GW is a $20B+ commitment to a single Louisiana site with on-site gas as the bridge to a nuclear PPA; execution risk on power, water, and grid-tie is concentrated in one campus and one parish.
- Multiple compression risk: META trades around 25x forward earnings, but if 2026 capex of $130B+ does not produce visible Llama/AI revenue lift in 2H26, the stock derates to mid-teens like a mature-platform peer.
Meta Platforms revenue and capex
In fiscal 2025, Meta Platforms reported revenue of $201.0B, capital spending of $69.7B and operating income of $83.3B.
| Fiscal year | Revenue | Capex | Operating income |
|---|---|---|---|
| 2025 | $201.0B | $69.7B | $83.3B |
| 2024 | $164.5B | $37.3B | $69.4B |
| 2023 | $134.9B | $27.0B | $46.8B |
Tracked Meta Platforms data center projects
- Meta Hyperion, 5 GW, Holly Ridge, LA · under construction
- Meta Hyperion, 5 GW, Holly Ridge, LA · under construction
- Meta–Vistra Nuclear Uprate Agreement (OH/PA), 2.1 GW est., Perry, OH · announced
- Meta Prometheus, 1 GW, New Albany, OH · operational
- Meta Prometheus, 1 GW, New Albany, OH · operational
- Meta Lebanon Data Center (Project Domino), 1 GW, Lebanon, IN · under construction
- Meta Lebanon Data Center (Project Domino), 1 GW, Lebanon, IN · under construction
- Meta El Paso, 1 GW, El Paso, TX · under construction
- Meta El Paso, 1 GW, El Paso, TX · under construction
- Meta DeKalb Data Center, 800 MW est., DeKalb, IL · operational
Analysis mentioning Meta Platforms
- Meta Muse Runs a Separate Computer for Every User, and 642,000 of Them Showed Up in 12 Days, 2026-09-23
- The 10 Biggest AI Capex Spenders of 2026, 2026-05-16
- The Hyperscaler Capex Supply Chain: Who stands to gain from this week's earnings reports, 2026-04-27
- What Is the Data Center Index? A Sourced Campus Directory, 2026-04-18
- Q1 2026 Data Center Capex: Amazon $200B, Google $185B (The Hyperscaler Scorecard), 2026-04-07
Recent Meta Platforms news
- Meta signs "multibillion-dollar" agreement with AWS for large-scale Graviton5 deployment, DCD, 2026-04-24
- Meta partners with CBRE to train data center technicians in the US for free, DCD, 2026-04-21
- Meta files to expand campus in El Paso, Texas, with 12 new buildings, DCD, 2026-04-21
- Data center lobby secured EU provision to keep environmental impact data confidential - report, DCD, 2026-04-18
- Meta Expands Broadcom Partnership to Co-Develop Custom AI Silicon, Data Center Knowledge, 2026-04-15