Meta's Louisiana datacenter project has an expected total cost of $250 billion, with $50 billion publicly disclosed and the remainder largely for computing chips for a nearly 4,000-acre campus. Blue Owl Capital owns 80% of the project through an SPV, with Meta leasing it back, and Entergy Louisiana is building 10 new gas-fired power plants to supply the campus. Meta is reportedly considering renting excess compute capacity to outside customers, raising questions about initial demand projections.
A $250 billion datacenter, mostly debt-funded by Blue Owl Capital, shifts Meta's AI compute risk to its financial partners, creating a massive, collateralized infrastructure asset.