Overview
- BlackRock began marketing a bond offering Tuesday to raise more than $12 billion through a holding company tied to its 80% stake in Project Sopaipilla Holdings, with Meta owning the other 20%.
- JPMorgan Chase and Morgan Stanley are running investor calls for the deal and pricing is expected imminently, which will test investor appetite for large-scale data center debt.
- The El Paso campus is planned for roughly 1 gigawatt of capacity, is targeted to be online by 2028, and is expected to support about 300 on-site jobs during operation and construction.
- The financing follows a familiar 80/20 joint-venture template that lets Meta secure long-term capacity while keeping project liabilities off its corporate balance sheet and shifting cash‑flow risk to the project entity.
- The bond sale comes as BlackRock completes its roughly $40 billion acquisition of Aligned Data Centers and commits an extra $5 billion to expansion, reflecting a broader move to treat hyperscale data centers as infrastructure funded largely through debt markets.