Abstract: Methods and systems are provided for dynamic frequency capping for targeted content. In embodiments described herein, target audience exploration engine determines a target audience for content corresponding to a set of target devices for each household of a set of target households. A targeted content platform serves the content to a corresponding household of the set of target households until an exploration budget of a number of impressions is met for the corresponding household or an exploration phase time limit ends for the corresponding household. A budget optimization engine determines an updated target audience by adding a target device to the corresponding set of target devices of the corresponding household or removing the corresponding household to add a new household to the set of target households. The targeted content platform serves the content to the updated target audience.