Meta and BlackRock announced a joint venture to develop a major data center campus in El Paso, Texas, with approximately $14 billion committed for facility buildout, power infrastructure, and cooling systems. Meta will lease the entire campus under a 20-year flexible agreement.

Meta and BlackRock announced the formation of a joint venture to develop and own a data center campus in El Paso, Texas. Funds managed by BlackRock will hold an 80% stake in the joint venture, with Meta retaining 20% ownership. Both parties have committed to contributing capital proportional to their stakes to cover all development costs for the campus buildings and long-term power, cooling, and connectivity infrastructure, totaling approximately $14 billion.

Meta will enter into a lease agreement with the joint venture to occupy the entire data center campus. The initial lease term is four years with four renewal options, providing Meta with up to twenty years of long-term operational flexibility.