Cloud Capex Wrap-Up: Meta Joins SpaceX in Reinforcing AI Infrastructure Demand with Capex Raise in C3Q26

Meta was the first of the four major U.S. hyperscalers to report C3Q26 results, which in our view joined SpaceX in supporting continued momentum for AI infrastructure spend and cuts against recent concerns about whether the investment cycle is sustainable. Meta raised its full-year 2026 capex outlook at the midpoint to $135-145 bn, implying growth of +88-101% y/y (+$63-73 bn). C3Q26 capex rose +12% q/q and +80% y/y to $35 bn, bringing YTD capex to $86 bn (+71% y/y), and the guide implies C4Q26 capex of $49-59 bn (+41-70% q/q;