Meta and BlackRock Launch $14 B El Paso Data Center Venture

Meta Platforms and investment firm BlackRock have formed a joint venture to develop, own, and finance a 1‑gigawatt data‑center campus in El Paso, Texas. The project, valued at roughly $14 billion, will see BlackRock hold an 80% ownership stake, contributing about $4.9 billion in cash and accessing $12.5 billion of debt financing, while Meta will contribute land and construction‑in‑progress assets worth around $2.3 billion and retain a 20% stake. Meta is slated to receive a one‑time cash distribution of about $1 billion and will lease the entire campus under long‑term agreements.

Construction is already under way, with the campus expected to bring capacity online in 2028. The development is projected to support more than 4,000 peak construction jobs and about 300 permanent operational roles, underscoring its economic impact on the region. Executives highlighted the partnership’s role in advancing AI infrastructure: Meta CEO Mark Zuckerberg emphasized the need for rapid, scalable data‑center capacity, while BlackRock CEO Larry Fink noted the venture’s potential to drive local economic growth.