Meta and BlackRock announced a $14 billion strategic venture to develop a major AI data center campus in El Paso, Texas, combining hyperscaler compute demand with institutional capital.

Meta Platforms, a technology company operating social-media platforms and developing artificial-intelligence services, announced a roughly $14 billion venture with BlackRock, the world's largest asset manager, to develop and operate an AI data center in El Paso, Texas. Funds managed by BlackRock will hold an 80% interest in the venture, while Meta will retain the remaining 20%. The companies expect the one-gigawatt facility to begin operations in 2028 as Meta expands the computing infrastructure supporting its AI ambitions.

The financing package includes approximately $12.5 billion in debt. Meta will contribute land and construction work valued at about $2.3 billion and receive a $1 billion distribution from the venture, while BlackRock-managed funds will contribute approximately $4.9 billion in cash. Rather than directly owning and financing the entire campus, Meta intends to lease capacity from the facility—a structure that limits its upfront capital commitment while securing access to the computing power it needs.

This agreement follows Meta's previously announced plan to invest $600 billion in U.S. data centers and related infrastructure by 2028. Bank of America data cited by Reuters showed AI-related bond issuance had reached $270 billion by early July, nearly twice the total issued during all of 2025, illustrating how technology companies are increasingly combining corporate spending with external financing. By placing 80% of the venture under BlackRock-managed funds, Meta can pursue a large-scale infrastructure project while retaining only a minority ownership interest. The move comes as investors await Meta's July 29 quarterly report for further detail on AI spending and returns.