Meta, BlackRock launch $14B Texas data center venture

Wall Street increasingly shapes the financing of AI infrastructure buildout. On July 28, Meta Platforms and BlackRock announced a venture to develop and operate a one gigawatt data center campus in El Paso, Texas, marking what the article describes as "the emergence of a new financing playbook for the AI infrastructure boom." The project will cost about $14 billion（約2.2兆円） in development.

The venture structure divides capital and ownership between the two companies. BlackRock-managed funds will take an 80% ownership stake and provide the bulk of the financing: $4.9 billion（約7800億円） in cash and $12.5 billion（約2兆円） in debt. Meta will contribute land and in-progress construction assets valued at about $2.3 billion（約3700億円） and retain a 20% stake; it will also receive a $1 billion（約1600億円） distribution to align ownership. Crucially, Meta will not own the entire campus but will instead enter into lease agreements to secure computing capacity, allowing it to use the facility without directly funding or owning all $14 billion（約2.2兆円） of the asset.

Meta's decision to pursue this partnership reflects the mounting cost of AI infrastructure development. Last year, Meta spent $72.2 billion（約12兆円） on capital expenditure, up roughly $30 billion（約4.8兆円） from the prior year. For 2026, the company has raised its capex guidance to $125 billion（約20兆円） to $145 billion（約23兆円）, up from a prior forecast of $115 billion（約18兆円） to $135 billion（約22兆円）. CFO Susan Li stated that the increase reflects "higher component pricing and additional data center costs tied to AI infrastructure." By leveraging BlackRock's capital and debt financing through the venture, Meta can preserve cash for other critical AI investments such as chips and technical talent while still securing the computing resources the company needs.

The El Paso campus is expected to come online in 2028. CEO Mark Zuckerberg emphasized that the partnership combines Meta's operational expertise with BlackRock's infrastructure investment capabilities to build data centers "quickly and efficiently."

Meta's capital expenditure has become a major financial burden as it scales its AI infrastructure. Last year the company spent $72.2 billion（約12兆円） on capex, up roughly $30 billion（約4.8兆円） from the prior year, and management has raised its 2026 guidance to a range of $125 billion（約20兆円） to $145 billion（約23兆円）—a significant increase from the prior forecast of $115 billion（約18兆円） to $135 billion（約22兆円）. CFO Susan Li attributed the increase to higher component pricing and additional data center costs tied to AI infrastructure. Rather than absorb all of these costs directly, Meta is now turning to alternative financing structures, tapping large asset managers like BlackRock to jointly develop infrastructure while retaining operational control.

The structure of the El Paso partnership reflects this shift. Meta contributes its land and partially completed construction, valued at $2.3 billion（約3700億円）, while BlackRock provides the majority of the capital ($4.9 billion（約7800億円） in cash plus $12.5 billion（約2兆円） in debt financing) in exchange for an 80% ownership stake. Critically, Meta does not have to own or finance the entire $14 billion（約2.2兆円） project; instead, it will lease computing capacity from the venture. This arrangement preserves Meta's cash for other priorities—AI chips, talent, and complementary infrastructure—while still securing the computational power it needs. CEO Mark Zuckerberg framed the deal as combining Meta's operational expertise in data center management with BlackRock's financial capabilities in infrastructure investment.

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