Meta Announces New Strategic Venture With BlackRock to Develop Data Center in El Paso
Meta and BlackRock announced a venture to develop and own a 1-gigawatt data center campus in El Paso, Texas, with $14 billion in development costs.
- BlackRock-managed funds will own 80% of the venture; Meta retains 20%.
- Meta's investment exceeds $10 billion, supporting 4,000 construction jobs at peak and 300 operational jobs.
- The transaction is expected to close in the coming days, with capacity coming online in 2028.
- Meta will be the initial sole occupant under leases with a four-year initial term and four extension options.
AI infrastructure builders now have a template for offloading data center ownership to investors while retaining operational control, as Meta shifts to capital-partnership financing for its compute expansion.
Sources
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