Meta Platforms and BlackRock formed a strategic joint venture to develop a data center campus in El Paso, Texas.
The total development cost for the project is approximately $14 billion.
BlackRock-managed funds will hold an 80% stake in the venture, while Meta retains 20%.
Meta will lease the entire campus for an initial four-year term with multiple options to extend.
This structure allows Meta to finance massive capital expenditures for AI infrastructure while maintaining operational control.