Meta Platforms could generate $11 billion to $22 billion in annual external revenue by leasing 0.5 gigawatts to 1 gigawatt of surplus AI computing capacity, Evercore ISI analyst Mark Mahaney said. The investment bank raised its price target to $860 from $820; based on Meta's Tuesday closing price of $570.05, the target implies roughly 51% upside. Mahaney views a potential Meta Compute business as a call option rather than a formal forecast, since the company may require all of its capacity for internal AI development. Meta has reportedly received premium offers for compute, but CEO Mark Zuckerberg said selling intelligence directly should produce higher margins than selling compute capacity. Meta has also committed approximately $35 billion to CoreWeave and up to $27 billion to Nebius Group, making it both a major compute buyer and a potential seller of surplus capacity. The company plans $130 billion to $145 billion in capital expenditures this year, while Kalshi traders gave a 60% probability that average Nvidia H100 rental prices would remain above $2.50 per hour in July 2027.