A New Mexico state court ordered Meta on October 21 to pay $25 billion after a jury found it misled residents on data privacy. Meta reports the next day, with this year's capex range at $135-145 billion and next year's estimates near $206 billion, a high of $249 billion. It guides to $18-19 billion in 2026 Reality Labs losses and a 15-17% fourth-quarter tax rate, and will issue a non-voting share class in late January; Zuckerberg agreed to stay eight years in exchange. Its 14C filing says he could owe a multi-billion dollar tax if Proposition 40 passes, though he now says he is staying in California regardless of the vote. Off-balance-sheet commitments have risen to roughly $825 billion, and…