BofA Maintains Buy on META, Sees No Material 2026 Expense Impact From Energy Deals

Meta Platforms, Inc. (NASDAQ:META) is one of the Must-Watch AI Stocks on Wall Street. On January 12, BofA Securities analyst Justin Post reiterated a Buy rating on the stock with an $810.00 price target. Firm analysts view recent energy deals for Meta as strategic, anticipating no significant impact on 2026 expenses.

BofA noted how Meta announced long-term partnerships with three nuclear energy companies, namely Vistra, TerraPower, and Oklo. All three partnerships are anticipated to support up to 6.6GW of energy capacity by 2035.

With power availability remaining a constraint for AI infrastructure growth, agreements with Oklo and TerraPower are anticipated to speed up nuclear innovation, while the one with Vistra will allow Meta to purchase more than 2.1GW of power and offer financial support to maintain plant operations.

“Our take: Power availability is a key constraint for data center expansion, likely prompting Meta to secure long-term energy partnerships to lock in capacity and pricing certainty. For those that view AI capacity as a key strategic asset, these deals should help support Meta’s AI capacity growth for the next decade.”

The firm further highlighted how Meta hasn’t provided disclosure on financing or capex investment related to the projects. However, these are multi-year agreements with capacity expected to come online after 2030.

There isn’t a material impact anticipated on Meta’s near-term capital or operating expenses throughout 2026 for these deals.

“Meta has not provided any disclosures on the financing or capex investment associated with these projects, but we note that agreements are multiyear with capacity primarily coming online after 2030, suggesting more near-term capitalization investment than opex. While Meta is “providing financial support to maintain and extend the operating life” of certain assets, we don’t expect a material uptick to 2026 expense growth related to these deals. Still, with AI investments (capacity and power) continuing across the sector in 2026, we do not expect any pullback in Meta’s AI investment posture relative to the 3Q earnings call.”

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