BlackRock is selling over $12 billion in bonds to finance 80% of Meta's one-gigawatt El Paso campus, with Meta retaining 20% as a tenant. This financing structure, through Project Sopaipilla Holdings, shifts the campus cost off Meta's capex line. BlackRock also acquired Aligned Data Centers for $40 billion, adding $5 billion for expansion across 51 campuses and 6.4 GW.
AI data center financing is shifting to project-level debt, allowing hyperscalers to expand compute capacity without impacting their balance sheets.