What return is needed to justify $60B of $META capex investments in 2025?

8% IRR (cost of capital / breakeven):

- Annual FCF: $4.86B
- Annual Revenue: $6.08B (3.73% of 2024 revenue)
- Total Nominal Return: $272.34B (4.54x investment)

15% IRR:

- Annual FCF: $8.99B
- Annual Revenue: $11.24B (6.90% of 2024 revenue)
- Total Nominal Return: $503.67B (8.39x investment)

25% IRR:

- Annual FCF: $15.00B
- Annual Revenue: $18.75B (11.50% of 2024 revenue)
- Total Nominal Return: $840.00B (14.00x investment)

These numbers assume:

1. $60B investment in 2025
2. Constant annual returns through 2080
3. 80% incremental FCF margin
4. $163B 2024 base revenue

(Trying to keep it simple we can debate assumptions all we want, level of reinvestment/FCF margin, tax rates, how much is growth vs maintenance etc…)