Meta and BlackRock have announced a venture to finance the development and operation of a data center campus in El Paso, Texas. Meta selected BlackRock as its partner following a highly competitive process.
The El Paso data center represents an investment of more than $10 billion from Meta. The state-of-the-art campus, which will have 1 gigawatt of compute capacity, will accelerate progress on AI models and support enhancements to the core business.
Funds managed by BlackRock will own an 80 percent interest in the venture, while Meta will retain the remaining 20 percent ownership stake. The parties have committed to fund their respective pro rata share of the approximately $14 billion in total development costs for the buildings and long-lived power, cooling and connectivity infrastructure at the campus. At financial close, Meta will contribute the venture land and construction-in-progress assets valued at approximately $2.3 billion, and BlackRock will make a cash cont
