Meta Platforms’ share price has climbed 443% over the past three years, placing it in the same range where Apple, Nvidia and Tesla previously executed forward stock splits. With no split since its 2012 IPO, Meta now carries a market capitalization of approximately $1.7 trillion, and management’s guidance for $66 billion–$72 billion in fiscal 2025 capital expenditures on AI infrastructure underscores continued growth in earnings power. Research from Bank of America’s Investment Committee shows companies announcing splits deliver an average 25.4% total return in the year following the announcement—more than double the S&P 500’s 11.9% over the same period. Enhanced liquidity and broader retail participation could therefore serve as catalysts for another leg higher in Meta’s valuation.

Artificial intelligence remains the primary driver of Meta’s rapid earnings expansion, with adjusted EPS rising 20% in the third quarter and quarterly revenue increasing 26.2% year-over-year to $51.24 billion. Eight consecutive quarters of growth in both ad impressions and price per ad reflect the impact of AI-enhanced recommendation and advertising algorithms. With nearly 3.5 billion daily users across Facebook, Instagram, WhatsApp and Messenger, Meta is opening new ad surfaces in Reels, Threads and its forthcoming generative AI chatbot. At a forward P/E of 26, well below peers in the AI space, Meta’s combination of revenue scale, algorithmic improvements and share repurchases positions it to reach a $2 trillion valuation ahead of Tesla and Broadcom in 2026.