Meta has taken a new step in its strategy to build the infrastructure that will support its next generation of artificial intelligence models. Mark Zuckerberg’s company announced an agreement with BlackRock to jointly develop and operate a large data center campus in El Paso (Texas), a project valued at approximately $14 billion that reflects how AI infrastructure financing is scaling up.
The agreement makes BlackRock the owner of 80% of the partnership created to develop the complex, while Meta will retain 20%, though it will remain the sole initial occupant of the facilities when they become operational starting in 2028.
Key points of the Meta-BlackRock deal in 20 seconds
- Meta and BlackRock will jointly develop a 1 GW AI campus in Texas.
- The total planned investment amounts to around $14 billion.
- BlackRock will control 80% of the partnership and Meta will hold 20%.
- Meta will continue operating the center and will be its initial sole tenant.
- The model opens a new pathway to finance the growing global AI infrastructure.
This operation confirms an increasingly visible trend: big tech companies are looking for ways to expand their computing capacity without fully bearing the enormous costs of building new data centers.
A 1 GW campus for the next generation of AI
The El Paso complex will feature 1 gigawatt of computing capacity, positioning the project among the largest announced data center campuses to date.
Meta explains that this infrastructure will be aimed at accelerating the development of its AI models and strengthening the services underpinning applications like Facebook, Instagram, WhatsApp, and Messenger.
While BlackRock will provide most of the capital, Meta will continue managing the construction, administration, and operation of the campus.
The company will also sign lease agreements to use the facilities entirely during an initial four-year period, extendable up to a maximum of twenty.
AI is also changing how data centers are financed
One of the most interesting aspects of the announcement isn’t in the technology itself but in the financing model.
Until a few years ago, large hyperscalers directly bore most investments in new data centers.
Now, a model similar to those used for infrastructure like highways, airports, or energy parks is gaining ground: capital comes from large specialized funds, while the tech company maintains operational control and guarantees utilization through long-term contracts.
In this case:
| Concept | Details |
|---|---|
| Total investment | Approximately $14 billion |
| BlackRock’s stake | 80% |
| Meta’s stake | 20% |
| Expected capacity | 1 GW |
| Start of operations | From 2028 |
| Initial occupancy | Meta will be the only tenant initially |
This structure allows Meta to free up capital to continue investing in chips, AI models, and new projects, while BlackRock adds an infrastructure asset with predictable income for decades to its portfolio.
A trend that’s already sweeping the industry
The announcement comes just days after other major companies revealed multi-billion-dollar investments in AI infrastructure.
Microsoft, Google, Amazon, Oracle, and OpenAI are pursuing data center expansion projects worth tens of billions of dollars, driven by the demand for training and inference of increasingly larger models.
The difference is that Meta now explicitly aims to incorporate a large asset manager like BlackRock as a financial partner.
BlackRock, which has recently added Global Infrastructure Partners (GIP) and HPS Investment Partners to its roster, is positioning itself as one of the leading financiers of the new digital infrastructure worldwide.
Over 4,000 jobs during construction
According to Meta’s published data, the project will create:
- More than 4,000 jobs at the peak of construction;
- About 300 permanent positions once the campus is operational;
- Over 2,300 workers are already involved in the works.
The company has also announced investments in vocational training related to electricity, construction, and critical infrastructure, as well as STEM educational programs for public schools in El Paso.
Infrastructure will be just as important as models
Over the past three years, the focus has primarily been on AI models.
However, the real bottleneck is beginning to shift toward the infrastructure needed to run them: data centers, power supply, cooling, networks, and financing.
The Meta-BlackRock deal precisely reflects this shift. Competitive advantage will no longer depend solely on developing better AI models but also on building and financing the computing capacity needed to deploy them at scale more quickly.
Frequently Asked Questions
What did Meta and BlackRock announce?
The creation of a joint partnership to develop and operate an AI data center campus in El Paso, Texas.
How much will the project cost?
The entire development is estimated to cost around $14 billion.
Who will own the campus?
Funds managed by BlackRock will own 80% of the partnership, while Meta will keep 20%.
When will it start operating?
Meta plans to begin putting capacity into service starting in 2028.
