Meta Platforms and BlackRock said July 28, 2026, that they are forming a venture to develop and own a data center campus in El Paso, Texas, a project the companies said will support Meta’s AI buildout and bring 1 gigawatt of compute capacity online starting in 2028.

The campus is already under construction, with more than 2,300 workers onsite, and the companies said the transaction is expected to close in the coming days. Under the deal, funds managed by BlackRock will hold an 80% interest in the venture, while Meta will keep the remaining 20%.

Meta said the El Paso project represents an investment of over $10 billion from the company and is expected to support more than 4,000 construction jobs at peak and 300 operational jobs once complete. The companies said total development costs for the buildings and long-lived power, cooling, and connectivity infrastructure at the campus are about $14 billion.

"Building the infrastructure for superintelligence is key to making sure the benefits of this technology are distributed to everyone", said Mark Zuckerberg, Meta founder and CEO. "Our partnership with Larry and the team at BlackRock allows us to move faster and at greater scale -- pairing our deep expertise in designing and operating world-class data centers with one of the world's leading infrastructure investors."

Meta said it has spent more than 15 years developing, constructing, and operating data center facilities. The company said its Meta Compute strategy pairs that infrastructure experience with capital partnerships intended to provide the speed and flexibility needed for its long-term AI ambitions. Meta said it selected BlackRock after what it described as a highly competitive process.

BlackRock said it is bringing capital at scale as well as infrastructure investment and private financing expertise to the venture, together with Global Infrastructure Partners and HPS Investment Partners, both part of BlackRock.

"We're excited to partner with Mark and the Meta leadership team on the El Paso data center campus, which will create thousands of skilled jobs and help drive economic growth in the local community", said Larry Fink, Chairman and Chief Executive Officer of BlackRock. "Companies around the world are looking for long-term strategic partners to help develop their most important projects, and BlackRock is built to meet that need. This transaction highlights the strength and scale of our combined capabilities with GIP and HPS, and how we can offer clients compelling investment opportunities at the center of AI infrastructure and energy."

Financing and ownership structure

At financial close, Meta will contribute the venture land and construction-in-progress assets valued at approximately $2.3 billion, while BlackRock will make a cash contribution of approximately $4.9 billion. Meta will receive a one-time distribution of approximately $1 billion to align ownership stakes with the 80/20 split.

A portion of BlackRock’s investment will be funded with proceeds from a $12.5 billion debt financing.

Meta will lease the entire campus from the venture. The leases carry a four-year initial term with four options to extend, allowing for a potential 20-year term. Meta also will provide residual value guarantees with an aggregate threshold of approximately $13 billion that declines over time. The source said that if certain conditions are met within the first 16 years of the lease term, Meta’s maximum residual value guarantee payment would equal any shortfall between the fair value at that time and the residual value guarantee threshold for the covered property.

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El Paso workforce and local programs

The site is part of America’s Workforce Academy, which the source described as free skilled trades training where participants are guaranteed a job upon graduation with a Meta partner at one of the company’s data center sites.

Meta also said it provided a $500,000 grant to El Paso public schools to support workforce development by connecting students with practical, real-world learning experiences and career pathways in STEM and the skilled trades.

The company said it will continue working with local nonprofits on water restoration projects aimed at boosting water supply, improving water quality, providing safe drinking water, and helping restore local habitats.

BlackRock said it is also supporting workforce development in Texas through Future Builders, a national initiative funded by The BlackRock Foundation. Through a nearly $30 million investment, the program is expected to train more than 12,000 electricians over three years, according to the source.

Meta said it will provide construction management, administrative, and property management services for the campus and will be the initial sole occupant once the project is completed.

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