BlackRock Will Own 80% of Meta's New $14B El Paso AI Campus — Meta Keeps Just 20%

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Meta and BlackRock announced a strategic venture on July 28 to build a 1 GW AI data center campus in El Paso, Texas, at roughly $14 billion total development cost, coming online from 2028. BlackRock contributes about $4.9 billion in cash equity and is leading roughly $12.5 billion in debt financing alongside Global Infrastructure Partners and HPS Investment Partners; Meta contributes land and construction-in-progress worth about $2.3 billion, manages construction and property operations, and will be the campus's sole initial occupant. The 80/20 ownership split is the clearest signal yet that hyperscalers are pushing AI capex off their own balance sheets and onto Wall Street infrastructure capital.