The offering will fund a 1-gigawatt campus in El Paso, keeping debt off Meta’s balance sheet under a joint-venture model.
BlackRock is issuing over $12 billion in bonds to finance a Meta Platforms data center in El Paso, Texas. The debt is structured through a holding company tied to BlackRock’s 80% stake in Project Sopaipilla Holdings, with Meta holding the remaining 20%. JPMorgan Chase and Morgan Stanley are managing the sale, targeting fixed-income investors this week ahead of pricing next week.
The project mirrors Meta’s Louisiana arrangement, where a similar 80-20 joint venture kept liabilities off its books. The El Paso campus, set to come online in 2028, will support 300 jobs and reach 1 gigawatt of capacity. BlackRock previously participated in a $27 billion private-debt deal for Meta’s Hyperion project, the largest such offering on record.
Meta recently expanded Hyperion to 5 gigawatts of compute capacity, with costs exceeding $50 billion.