Meta and BlackRock Launch $14 Billion El Paso Data Center

Meta Platforms, Inc. and BlackRock, Inc. have launched a joint venture to develop and operate a 1-gigawatt data center campus in El Paso, Texas. The project, which is already under construction, involves approximately $14 billion in total development costs and is scheduled to come online in 2028.

Under the terms of the venture, BlackRock-managed funds will own an 80% interest, supported by a $4.9 billion cash contribution partially funded by $12.5 billion in debt financing. Meta will retain a 20% interest, contributing land and assets valued at $2.3 billion. Meta will serve as the initial sole occupant of the campus under long-term lease agreements.

The facility serves as a core component of Meta's strategy to accelerate AI models and superintelligence. The project is expected to support over 4,000 construction jobs at its peak and 300 permanent operational roles once completed.