Meta Platforms and BlackRock will jointly invest in and own a data-center campus under construction in El Paso, Texas, with 1 GW of compute capacity and estimated development costs of about $14 billion.

BlackRock-managed funds will hold an 80% stake and Meta 20%; both parties will fund their proportional shares of campus construction and long-term power, cooling and communications infrastructure. Meta will provide construction, administrative and facilities management and will be the campus' initial sole user.

The deal is expected to close within days and the campus is slated to begin operations in 2028; Meta says the El Paso project is part of more than $10 billion of its investments. Peak construction employment will exceed 4,000 with roughly 300 operations jobs; more than 2,300 workers are on site now.