AI Monetization, Spending, Financing and Governance

Meta reported Q3 2026 revenue of $64.6 billion, up 26%, with Q4 guidance of $73–76 billion; filing-based analysis puts Q3 capex near $34.9 billion and free cash flow negative. S&P affirmed its AA- rating but revised its outlook to negative amid heavy AI capex, negative free cash flow, and uncertain returns; projected cash-flow deficits and leverage increases remain forecasts. Reports describe a proposed raise of up to $97.5 billion, but final terms and completion remain unestablished. Hyperion cash distributions coexist with retained interests, leasebacks, funding commitments, and residual-value guarantees.