BlackRock just pulled off one of the largest data center debt financings ever, raising $12.5 billion in bonds to fund a massive AI campus in El Paso, Texas.
Inside the El Paso megadeal
The financing backs a $14 billion joint-venture data center project between BlackRock and Meta Platforms. BlackRock-managed entities, operating through a vehicle called Project Sopaipilla Holdings, control an 80% stake. Meta holds the remaining 20%.
The campus is designed to deliver up to 1 gigawatt of AI compute capacity, with Meta as the sole tenant. Operations are expected to begin in 2028, with lease structures that can extend up to 20 years.
JPMorgan and Morgan Stanley arranged the bond issuance, which closed its marketing process in July 2026.
