Meta and BlackRock Form $14 Billion Joint Venture for AI Data Center Campus in Texas
Meta Platforms Inc (NASDAQ:META) has partnered with asset manager BlackRock Inc (NYSE:BLK) to develop a large-scale artificial intelligence data center campus in El Paso, Texas. The joint venture will cost approximately $14 billion and is expected to provide 1 gigawatt of compute capacity when it begins operations in 2028. Under the agreement, BlackRock-managed funds will own an 80% stake with Meta retaining a 20%. BlackRock's initial cash contribution amounts to around $4.9 billion while Meta contributes land and construction assets valued at about $2.3 billion. The project is expected to create over 4,000 construction jobs and approximately 300 operational roles. Meta will lease the entire campus from the venture upon completion and provide management services for the facility. CEO Mark Zuckerberg emphasized that this partnership accelerates Meta's AI infrastructure development while BlackRock’s Larry Fink highlighted its economic benefits to El Paso.
Topics: AI infrastructure BlackRock investment data centers Meta expansion