Meta and BlackRock form $14 billion JV for AI data center campus in Texas

Published Jul 28, 04:37 PM UTC

Meta Platforms and BlackRock have announced a $14 billion joint venture to develop and operate a large-scale artificial intelligence data center campus in El Paso, Texas. The campus, currently under construction, is expected to provide 1 gigawatt of compute capacity when it begins operations in 2028. Under the agreement, BlackRock-managed funds will hold an 80% stake, while Meta retains 20%. Meta will contribute land and construction assets valued at about $2.3 billion, and BlackRock will make an initial cash contribution of approximately $4.9 billion, partly funded by $12.5 billion in debt financing. Meta will lease and be the sole occupant of the campus, providing management services. The project is expected to create over 4,000 construction jobs and 300 permanent operational jobs. Meta also committed $500,000 to local STEM education. The venture aims to accelerate Meta's AI infrastructure expansion.