Meta’s internal codename “Watermelon” for its next flagship multimodal model after the Spark and Glimmer releases has emerged as the clearest signal shaping trader views, though no public name or launch timeline has been confirmed. Leaked communications position Watermelon as a GPT-6-class competitor with advanced reasoning and agentic capabilities, continuing Meta Superintelligence Labs’ pivot from Llama to the closed Muse family under Alexandr Wang. High uncertainty persists because Meta has not established a consistent naming pattern beyond the Muse umbrella, leaving room for thematic alternatives like Fire, Flame, or Nova. With “Other” and placeholders tied at 50% and Watermelon leading named options at 17%, the market reflects traders balancing sparse leaks against the likelihood of an unexpected rebrand or surprise announcement before any 2027 debut.