The useful question is what changes for users, developers or buyers, and whether the announcement stays industry context or becomes something people can actually use.

Meta and BlackRock announced a joint venture to finance and operate a new data center campus in El Paso, Texas, with Meta contributing the land and construction assets valued at $2.3 billion and BlackRock providing $4.9 billion in cash. The venture will own an 80% stake, while Meta retains 20%, aligning with the company’s strategy to scale its AI infrastructure through partnerships. The campus is designed to deliver 1 gigawatt of compute capacity, supporting Meta’s long-term AI ambitions and accelerating development of its AI models.

The El Paso project represents a total investment of approximately $14 billion, with Meta committing over $10 billion to fund construction and operations. Upon completion in 2028, the campus will employ 300 full-time workers and support more than 4,000 construction jobs at its peak. Meta will lease the entire facility under a 20-year agreement with four-year renewal options, providing long-term operational flexibility for its AI workloads.

Meta is also investing $500,000 in El Paso public schools to support STEM and skilled trades education, while partnering with local nonprofits on water restoration projects to improve supply and quality. BlackRock is contributing to workforce development through its Future Builders initiative, which aims to train over 12,000 electricians in Texas over three years to meet growing demand for infrastructure and data center labor.

The transaction is expected to close in the coming days, with BlackRock’s investment partially funded by a $12.5 billion debt financing. Meta will provide residual value guarantees totaling $13 billion, which decrease over time, ensuring the venture’s financial stability. Financial advisors Morgan Stanley and J.P. Morgan, along with legal and technical firms, supported the deal’s structuring and execution.