META → $810.00 by Oct 16, 2026.

Would appreciate pushback on the assumptions below. I'm currently landing at fair value of \~$810/share vs. \~$640/share. For context, META is one of my largest positions in my portfolio (\~$3mm cost, check my post history for context) Link to my model on Google Sheets: [https://docs.google.com/spreadsheets/d/1dlt-9YaB1uV3RF4jz6snuS2GCahCeZPJHuCKcCUIm10/edit?gid=1127915579#gid=1127915579](https://docs.google.com/spreadsheets/d/1dlt-9YaB1uV3RF4jz6snuS2GCahCeZPJHuCKcCUIm10/edit?gid=1127915579#gid=1127915579) * Assuming revenue grows 20% annually (20% FoA growth and Reality Labs stays flat) through 2030 with \~100bps of EBITDA margin expansion. This is probably conservative as I'm essentially assuming 100% of Opex is fixed …