BlackRock is seeking to raise more than $12bn through bond sales to support the funding of a data centre campus for Meta Platforms in El Paso, Texas, US, according to individuals familiar with the transaction, reported Bloomberg.
The move reflects a broader trend of major debt deals supporting large technology infrastructure projects linked to AI.
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The bonds will be sold by a holding company representing BlackRock’s 80% stake in Project Sopaipilla Holdings, the entity behind the data centre. The remaining 20% is owned by Meta.
Funds managed by Global Infrastructure Management (GIP) and HPS Investment Partners, both under the BlackRock group, control the 80% share.
JPMorgan Chase and Morgan Stanley have been appointed to organise fixed-income investor calls, scheduled for Wednesday, ahead of an expected bond pricing early next week.
While sources estimate the financing could ultimately reach around $13bn, the current plan involves selling over $12bn in bonds.
Representatives of BlackRock, Meta, JPMorgan, and Morgan Stanley declined to comment on the transaction.
The proposed bond sale is part of a wider wave of debt issuance linked to the rapid expansion of data centre capacity for AI workloads this year.
Meta has indicated that the El Paso facility will have a gigawatt-scale design and is projected to commence operations in 2028. Upon completion, the data centre is expected to provide over 300 on-site jobs.
For previous large-scale data centre projects, Meta has used joint-venture models to finance development.
In 2025, the company collaborated with Blue Owl Capital, with the venture receiving $27bn in debt financing from asset managers including Pacific Investment Management.
Blue Owl holds 80% of the operation, with Meta retaining 20% and overseeing daily management.
Meta has subsequently expanded its largest data centre, Hyperion in Louisiana, with the facility slated to reach 5GW of computing power and development costs estimated at $50bn.
