The partnership will deliver 1 gigawatt of compute capacity by 2028, with BlackRock funding 80% and Meta retaining a 20% stake.
Meta Platforms and BlackRock have formed a $14 billion joint venture to develop a data center campus in El Paso, Texas. The project, expected to complete in 2028, will provide 1 gigawatt of compute capacity exclusively for Meta’s use under a 20-year lease agreement.
BlackRock will own 80% of the venture, contributing $4.9 billion in cash, while Meta retains a 20% stake and transfers $2.3 billion in land and construction assets. Meta will also receive a $1 billion distribution to align ownership. The venture will leverage $12.5 billion in debt financing.
The transaction is set to close in the coming days, with Meta as the sole tenant. The facility is currently under construction and will support Meta’s long-term infrastructure needs.