BlackRock and Meta Platforms partner to develop a $14 billion AI data center campus in El Paso, Texas.
BlackRock and Meta Platforms announced a partnership to develop and operate a 1,000-acre data center campus in El Paso, Texas. The project, valued at approximately $14 billion, will feature BlackRock-managed funds taking an 80% ownership stake while Meta Platforms retains 20%. To facilitate the deal, Meta Platforms will contribute land and in-progress construction assets worth $2.3 billion, while BlackRock will provide a cash contribution of $4.9 billion. The agreement allows Meta Platforms to secure computing capacity without directly funding and owning the entire campus. This strategy reflects a broader trend of tech giants seeking external capital from financial firms to manage the costs of expanding AI infrastructure. Operations for the El Paso campus are expected to begin in 2028. The project is part of Meta Platforms' broader plan to invest $600 billion in AI infrastructure by 2028. The company recently appointed Dina Powell McCormick as president and vice chairman to lead its global fleet of data centers and drive partnerships with investors and governments.