Meta, BlackRock Form $14 Billion AI Data Center JV in El Paso

1. 1Meta Platforms (META) and BlackRock (BLK) will jointly build a 1-gigawatt AI data center in El Paso, Texas.
2. 2The roughly $14 billion project will see BlackRock funds own 80%, while Meta contributes about $2.3 billion in assets and, after receiving $1 billion, will lease the 2028-completion portion.
3. 3The structure shifts Meta's infrastructure costs to private investors off its balance sheet and was unveiled two days before its second-quarter earnings release amid AI spending pressure.

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