META → $659.00 by Oct 1, 2026.

Earlier this week, I posted a breakdown here revisiting [Microsoft's](https://www.reddit.com/r/ValueInvesting/comments/1uio0by/six_months_ago_we_called_microsoft_overvalued_at/) valuation in light of its AI capex. Here's the same analysis on Meta. I won't repeat the methodology, it's all in the Microsoft post. Just the Meta setup and results. **Capex** Meta's capital spending is the heaviest of any hyperscaler. In FY2025 it spent $70B on capex, about 35% of revenue, up 87% in a single year. As a result, operating cash flow grew 27% last year, but free cash …