Could Meta really be giving BlackRock 80% ownership of a $14 billion AI data center?

Well, yes, but there’s an important detail: this isn’t Meta simply “selling” one of its data centers. Meta and BlackRock have formed a joint venture to develop and operate a massive data center campus in El Paso, Texas. BlackRock-managed funds will own 80%, while Meta keeps 20%.

The project is expected to cost around $14 billion and deliver 1 gigawatt of compute capacity when it comes online in 2028. Meta is contributing land and construction assets valued at about $2.3 billion, while BlackRock is putting in approximately $4.9 billion in cash.

And the financing is just as massive: part of BlackRock’s investment is backed by $12.5 billion in debt. Meta will also lease the entire campus and remain its initial sole occupant.

This is part of a much bigger shift in AI infrastructure. AI-related bond issuance reached about $270 billion in the first half of 2026, showing just how aggressively companies and investors are financing the computing power needed for AI.

Meta says the El Paso project represents more than $10 billion of its own investment and could support more than 4,000 construction jobs at peak and around 300 operational jobs once complete.

So, is this a smart way for Meta to scale its AI infrastructure, or is Big Tech becoming too dependent on Wall Street to fund the AI boom?

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Sources: Meta, Reuters, Financial Times
Mark Zuckerberg

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