Meta Platforms and BlackRock formed a joint venture to build a one-gigawatt AI data center campus in El Paso, Texas. The project carries a total development cost of approximately $14 billion.
BlackRock-managed funds will hold an 80% stake in the venture. Meta retains the remaining 20% ownership.
Meta will serve as the sole tenant for the facility. Construction is currently underway with operations expected to begin in 2028.
The partnership leverages BlackRock’s capital to accelerate Meta’s AI infrastructure build-out. Meta will contribute land and assets valued at $2.3 billion. BlackRock will provide a cash contribution of approximately $4.9 billion.