Meta and BlackRock have announced a joint venture to develop and own a large-scale data center campus in El Paso, Texas, with total development costs projected at approximately USD 14 billion and a planned compute capacity of 1 gigawatt.

The deal, disclosed on July 28, 2026, pairs Meta's infrastructure construction and operations experience with BlackRock's capital markets strength and infrastructure investment expertise, and is expected to close within days of the announcement.

Structure of the Deal

Under the terms of the agreement, funds managed by BlackRock will hold an 80% ownership interest in the venture, while Meta will retain the remaining 20%.

The parties have each committed to funding their proportional share of the roughly USD 14 billion in total development costs, which cover buildings as well as long-lived power, cooling, and connectivity infrastructure across the campus.

At financial close, Meta will contribute the venture's land and construction-in-progress assets, valued at approximately USD 2.3 billion.

BlackRock will make a cash contribution of approximately USD 4.9 billion. Meta will also receive a one-time distribution of approximately $1 billion to align the ownership stakes with the 80/20 split.

A portion of BlackRock's investment will be financed through a USD 12.5 billion debt financing arrangement. Meta will enter into lease agreements with the venture for use of the entire campus upon completion.

BlackRock is participating in the transaction alongside Global Infrastructure Partners and HPS Investment Partners, both of which are part of BlackRock.

Meta said it selected BlackRock as its partner following what it described as a highly competitive process, reflecting its approach to diversifying infrastructure financing as it scales its Meta Compute division.

Scale and Timeline

The El Paso campus is currently under construction and represents an investment of over $10 billion from Meta.

The facility will have 1 gigawatt of compute capacity.

The venture expects to begin bringing this capacity online in 2028. Meta said the campus will play an essential role in advancing its AI technologies, accelerating progress on AI models, and supporting enhancements to its core business.

Meta will be the initial sole occupant of the campus upon completion. The company will also provide construction management, administrative, and property management services for the site throughout the development period.

Executive Statements

Mark Zuckerberg, Meta's founder and chief executive officer, framed the partnership in the context of the company's broader ambitions in artificial intelligence.

"Building the infrastructure for superintelligence is key to making sure the benefits of this technology are distributed to everyone," Zuckerberg said.

"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."

Larry Fink, Chairman and Chief Executive Officer of BlackRock, emphasized the economic significance of the project alongside its investment dimension.

"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," Fink said.

"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."

Jobs and Economic Impact in El Paso

Meta said the El Paso data center will support more than 4,000 construction jobs at peak employment, with over 2,300 workers already on site at the time of the announcement.

Once the campus is operational, it is expected to sustain 300 permanent jobs.

The site is connected to America's Workforce Academy, which Meta describes as a free skilled trades training program that guarantees participants a job upon graduation with a Meta partner at one of the company's data center sites.

Meta also provided a USD 500,000 grant to El Paso public schools aimed at supporting workforce development by connecting students with real-world learning experiences and career pathways in STEM and the skilled trades.

Meta said it will continue to partner with local nonprofits to support water restoration projects in the region. Those initiatives are described as boosting water supply, enhancing water quality, providing safe drinking water, and helping restore local habitats.

BlackRock's Broader Texas Workforce Initiative

Separately from the specific El Paso project, BlackRock announced it is supporting workforce development across Texas through a program called Future Builders, described as a national initiative funded by The BlackRock Foundation.

Through a nearly USD 30 million investment, the program is expected to train more than 12,000 electricians over three years.

BlackRock said the initiative is intended to strengthen the workforce needed to support Texas' continued growth and rising demand for energy, infrastructure, and data center development.

Meta Compute Strategy

Meta described the venture as an extension of its Meta Compute strategy, which builds on more than 15 years of developing, constructing, and operating data center facilities.

The company said the approach pairs its infrastructure expertise with capital partnerships designed to deliver the speed and flexibility its long-term AI ambitions require.

The partnership with BlackRock is characterized as enabling rapid execution of what Meta calls mission-critical data center projects.