META Compute: Sign of Rising CapEx & Potential Capital Raise

研报英文原文证据摘录

META Compute: Sign of Rising CapEx & Potential Capital Raise

Global Internet

Online Advertising - Market Overweight

META PLATFORMS INC. (META) July 1, 2026

META Compute: Sign of Rising CapEx & Potential Capital Rating:

Raise Outperform

Price:

$612.91

The Wolfe Byte Price Target:

We view today's BBG news on Meta positively, potentially adding 20% uplift to $800

% Upside:EPS for every GW that is monetized at $25B rate (see our GW estimates in the 30.5%

note). That said, we think it's a sign of higher CapEx and a potential capital raise

View META Model

to support it. View Comp Table

Company Information

Key implications: 52-Week Range $526 - $790

Market Cap. (MM) $1,345,978

●CapEx to remain elevated: We estimate next year's CapEx at $200B (vs. Enterprise Value (MM) $1,576,750

Street at $160B, see our deep dive here). Meta's CapEx spend and DC plans Shares Out. (MM) 2,196.0

have allowed the company to benefit from this option value - monetize excess Avg. Value Traded (MM) $10,148.02 Price to Earnings 26x

capacity and use it as a moat in a supply constrained environment. SI% of Float 1.4%

●Potential capital raise: While it remains unclear if Meta will do a debt or FCF Yield 3.4%

EV/ EBITDA 12.5x

equity raise, we believe a capital raise is in the cards to support elevated CapEx FCF/ Share $20.32

given Meta's CFO may not be enough to support $200B in CapEx that we are

forecasting. 850

●EPS contribution and our GW estimates (exhibits 2 and 3): For every 1GW 800

of capacity monetized at $25B (SpaceX monetizes at $50B/GW), Meta could 750700

generate over $7 in incremental EPS or a 20% uplift. We estimate 15 GW in 650

600 total capacity next year.

●Monetization plan and what remains unclear to us: It is likely Meta monetizes 550 500