Meta finances its 5GW Hyperion Louisiana data center campus through a joint venture where Blue Owl holds 80% and Meta 20%, converting $27.3 billion of SPV debt into a lease obligation beginning June 1, 2029. Meta's payment and residual value guarantees price the non-recourse debt at roughly 225 basis points over Treasuries with an A+ rating, one notch below Meta's own AA-. PIMCO anchored the 2049 maturity bond as lead investor with BlackRock participating, treating Meta's occupancy as a 25-year annuity.
Hyperscalers can now underwrite gigawatt-scale compute infrastructure against institutional credit, moving tens of billions of dollars of debt off-balance-sheet for a single notch of pricing.