ByteDance has deep wallet: in 2023, it generated $40bn+ EBITDA.
To compare, Meta had over $60bn in EBITDA during the same period.
Meta will grow to $80bn ebitda in 2024, while capex guidance is as much as $40bn – half of its EBITDA.
Assuming half of Meta’s capex goes to data centers -> $20bn. And half of that goes to GPUs > $10bn; building out those data centers etc. will be $5-10bn for Meta.
ByteDance is also growing, say at a similar rate as Meta, so $50bn+ EBITDA in 2024. And assume ByteDance invests at a similar ratio as Meta, then it needs to spend ~$25bn in capex, or ~$12bn (or 60% of $20bn) for data centers – $6bn for GPUs, and $3-6bn to build out data centers etc.