BlackRock launches $12 billion asset-backed debt facility for Meta AI data center infrastructure financing.

BlackRock is leading a debt sale targeting at least $12 billion to finance a massive data center project in El Paso, Texas, backed by Meta Platforms, according to The Wall Street Journal.

Through its infrastructure and private credit units, BlackRock owns an 80 percent stake in the project, while Meta owns the remaining 20 percent and will use the facility. The data center is expected to have approximately 1 gigawatt of capacity.

JPMorgan Chase and Morgan Stanley are leading the financing efforts and have begun reaching out to potential investors. The project represents BlackRock's latest investment in AI infrastructure as the world's largest asset manager expands its presence in the fast-growing data center sector.

BlackRock has established itself as a key partner in Meta's infrastructure expansion, having previously backed the company's Louisiana data center project. The firm recently agreed to acquire Aligned Data Centers in a $40 billion deal, further solidifying its position in the sector.

The financing structure mirrors Meta's Louisiana data center project, in which a joint venture issued debt backed by private credit investors.