Meta Raises 2026 Capex Guidance, Drives $1.8T Debt Issuance Forecast
Meta raised its 2026 capital expenditure guidance materially above consensus, contributing to UBS lifting its US investment-grade issuance forecast to $1.8 trillion from $1.725 trillion and boosting its technology supply estimate to $360 billion. The company also signed a multiyear AI infrastructure partnership with Nvidia to deploy millions of Blackwell and Rubin GPUs.
1. Higher 2026 Capital Expenditure Guidance
Meta raised its 2026 capital expenditure guidance materially above consensus as part of a broader hyperscaler capex surge. The company’s increased guidance contributed to a total projected hyperscaler capex of $770 billion, up 23% from prior estimates and implying an additional $40–50 billion of public debt issuance.
2. UBS Raises Investment Grade Issuance Forecast
In response to rising hyperscaler capex, UBS lifted its 2026 US investment-grade issuance forecast to $1.8 trillion from $1.725 trillion and increased its US technology supply estimate to $360 billion from $300 billion. Meta’s higher capex guidance was a key factor in this upgrade.
3. Multiyear AI Infrastructure Partnership
Meta and Nvidia announced a multiyear, multigenerational agreement covering on-premises, cloud and AI infrastructure. Meta will deploy millions of Nvidia Blackwell and Rubin GPUs, integrate NVIDIA Spectrum-X Ethernet switches, and expand its use of Arm-based Grace CPUs to support its long-term AI roadmap.