Meta and Blue Owl Finalize Record $30 Billion Data Center Deal in Louisiana

Meta Platforms Inc. and Blue Owl Capital have finalized an almost $30 billion financing deal for Meta’s Hyperion data center project in Richland Parish, Louisiana. The agreement, structured through a special purpose vehicle (SPV), represents the largest private capital transaction to date and underscores Big Tech’s growing appetite for alternative funding to fuel artificial intelligence infrastructure.

Under the terms, Meta and Blue Owl will share ownership of the 4 million–square–foot site, with Meta holding 20%. Morgan Stanley arranged about $27 billion in debt and $2.5 billion in equity for the project, attracting major institutional investors such as Pimco, which serves as the anchor lender.

The financing allows Meta to fund its AI-driven data expansion without taking the debt directly onto its books. Instead, the SPV will handle the borrowing, while Meta acts as developer, operator, and long-term tenant. The bonds, maturing in 2049, are expected to price at around 225 basis points above Treasuries and carry an A+ rating from S&P Global.

At full capacity, the Hyperion complex will draw up to 5 gigawatts of power — enough to supply roughly 4 million U.S. homes. Completion is slated for 2029. The project’s scale and financing model are expected to serve as a blueprint for other hyperscalers building large AI infrastructure sites.

The record-breaking Louisiana deal highlights Wall Street’s increasing role in AI infrastructure financing. With Meta, xAI, and other tech giants pursuing similar asset-backed funding strategies, the SPV model is emerging as a key tool for scaling AI investments while protecting corporate balance sheets.