BlackRock is planning to sell more than $12 billion in bonds to finance a new data center campus in El Paso, Texas, underscoring the intense demand for capital to build out infrastructure for artificial intelligence. The offering is one of the largest debt deals this year tied to the AI boom.
The project, named Sopaipilla Holdings, is a joint venture in which funds controlled by BlackRock hold an 80% stake, while Meta Platforms owns the remaining 20%. JPMorgan Chase and Morgan Stanley have been mandated to arrange investor calls, with the bonds expected to be priced early next week.