Meta, BlackRock build $14 billion AI data center in El Paso

Meta Platforms Inc. and BlackRock Inc. have formed a joint venture to build a $14 billion artificial intelligence data center campus in El Paso, Texas, a major step in the race to secure advanced computing infrastructure. The companies announced the partnership on July 28, 2026, with the transaction expected to be finalized within days.

Under the agreement, funds managed by BlackRock will take an 80% ownership stake in the venture, while Meta will retain 20%. BlackRock will invest approximately $4.9 billion in cash and arrange roughly $12.5 billion in debt financing for the project. Meta will contribute land and construction assets already underway, valued at about $2.3 billion, and will also receive a $1 billion distribution as part of the transaction. Upon completion in 2028, Meta will be the campus's sole tenant, leasing the entire facility under an initial four-year agreement with options to extend occupancy for up to 20 years.

The campus is designed to provide one gigawatt of AI-optimized computing capacity, which Meta states is essential for its growing artificial intelligence ambitions and core business operations. Meta founder and CEO Mark Zuckerberg said building...