Meta's CapEx Surges in Pursuit of AI Superintelligence

Meta announced its fourth-quarter and full-year earnings on Wednesday, beating Wall Street estimates on the top and bottom line. The company’s revenue exceeded $200 billion for the first time in 2025 with net income falling just short of the 2024 total at $60 billion – in part due to another steep loss incurred by its Reality Labs division.

What took center stage in yesterday’s earnings announcement, however, was Meta’s capital expenditure, which grew more than 80 percent last year to $72 billion and is expected to see similar growth this year. As the company continues to pursue its long-term AI vision, it expects to invest $115 to $135 billion in the necessary infrastructure, i.e. computing power.

Aside from short-term improvements to Meta’s core platforms, mainly in the form of even better content recommendations and ad targeting, the company is working towards what CEO Mark Zuckerberg describes as “personal superintelligence.” “As profound as the abundance produced by AI may one day be, an even more meaningful impact on our lives will likely come from everyone having a personal superintelligence that helps you achieve your goals, create what you want to see in the world, experience any adventure, be a better friend to those you care about, and grow to become the person you aspire to be,” he described his vision in the usual lofty words.

“We have the resources and the expertise to build the massive infrastructure required, and the capability and will to deliver new technology to billions of people across our products,” Zuckerberg pointed out in his mission statement. If the costly metaverse bet has proven one thing, it’s that he does not shy away from putting his money where his mouth is. Investors can only hope for a better outcome this time around.