BlackRock takes 80% of Meta's $14B AI campus

Meta and BlackRock formed a venture to finance a $14 billion, 1-gigawatt El Paso data-center campus, with BlackRock-managed funds owning 80% and Meta retaining 20%. The structure includes $12.5 billion of debt, leases that can extend to 20 years, and a roughly $13 billion residual-value guarantee threshold, adding the financing terms missing from the earlier thesis that Meta could turn its compute burden into a marketable asset. Operators should file away the template: hyperscalers can keep long access to AI capacity without keeping most of the physical asset on their balance sheets.