FY26 revenue lands somewhere near $240B, expenses at $ 165-169B, so operating income in the low-$70sB. Add back rapidly growing D&A and you get operating cash flow roughly in line with $ 130-145B of capex. Getting to $175B in 2027 would require $ 40B+ of incremental external funding layered on top of the bond issuance and Blue Owl deal already done. That's not impossible, but it moves the decision out of Zuckerberg's hands and into the hands of credit markets and rating agencies. Capex plans that depend on continuous access to tens of billions in new debt are, definitionally, less durable than capex plans funded from cash flow. They now have the risk of litigation which means they need more cash flow to build legal reserves. Bond markets are closing their doors. Investment grade AA-
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