Meta Raising $13 Billion for Texas Data Center
Meta Platforms is working with Morgan Stanley and JPMorgan Chase on a financing package of roughly $13 billion for a single data center in El Paso, Texas, according to Bloomberg. If completed at this size, it would be one of the largest single-site digital-infrastructure financings ever assembled.
The package is expected to be mostly debt, with a smaller equity portion, as reported by Cryptopolitan. Meta has significantly scaled up its El Paso project, lifting its planned investment past $10 billion and targeting approximately 1 gigawatt of capacity for a 2028 opening. The new $13 billion financing package continues this expansion.
Project-level financing for AI data centers at scale is now the norm. As reported by TNW, Blackstone launched a publicly listed data-center REIT with a $1.75 billion IPO, and Oracle secured a $16.3 billion financing for its Stargate project, with Pimco anchoring the debt. The Meta El Paso deal follows this trend, pushing single-site financing to new heights.
The corporate logic is clear: Meta’s 2026 capex guidance ranges from $125 billion to $145 billion, a significant step change. Structuring project-level debt against contracted capacity, leased to a creditworthy operator (Meta itself), and amortized over decades offers a cleaner solution than relying solely on operating cash flow.
The size of the Meta El Paso package serves as a credit market signal. Morgan Stanley and JPMorgan are not arranging $13 billion without strong demand from institutional investors for AI infrastructure paper. The successful clearing of this deal suggests continued broad appetite, even if underlying lease rates or AI capex moderation become concerns in the future.
For now, the key takeaway is that AI infrastructure has emerged as a category of project finance comparable to national infrastructure projects, with $13 billion financing for one facility being assembled.