I've been running web analytics implementations for years, but when a client's Meta account refuses to spend, it still drives me up the wall. Currently dealing with a fresh account: $20/day budget, targeting just 18+ in the US, and in two days it's spent less than three cents. Yes, three cents. The account was created the same day ads went live, and I adjusted the payment threshold from $2 to $20 yesterday, but no change.
Here's what I'm thinking - and this is based on chasing similar ghosts in GTM and Screaming Frog audits:
Account review / ramp-up period - New ad accounts often get throttled for the first few days while Meta validates payment and behaviour. Even so, it should be showing some activity after 48 hours. Check the ad status, if it says 'In Review' or 'Payment Pending', that's your culprit.
Learning phase bottleneck - With a single creative and a traffic objective (which, by the way, is almost guaranteed to serve bot traffic - I'd switch to conversions or engagement if possible), the algorithm might be stuck in 'Learning Limited' because of zero conversion data. But you'd still expect at least a few impressions.
Audience size - 18+ US is massive, so that's not the problem. Unless you've accidentally layered on additional restrictions like excluding people who clicked a link six months ago - check the audience definition in the ad set.
Creative count - The original post mentioned one creative in three sizes. That's fine for testing, but if the ad was rejected or flagged, Meta won't spend. Look for 'Rejected' or 'Under Review' in the creative column.
Payment method / threshold - Changing the threshold mid-campaign sometimes resets the billing cycle. If the payment method failed a verification charge, the account goes into a 'no-spend' state. Go to Billing & Payment and see if there's a pending charge or an alert.
Honestly, it's probably a combination of new-account throttling and the traffic objective. I'd duplicate the campaign with a conversion objective (even if it's just a page view event), add three different creatives, and give it another 24 hours. If it's still stuck, raise a support ticket with Meta - but expect a boilerplate response first.
Has anyone else seen this with brand-new accounts recently? It used to be that even fresh accounts would burn through $20 in a day with minimal targeting.