---
title: "Meta Hides Debt: How BlackRock Will Help Build a Data Center in Texas Without Damaging the Balance Sheet"
description: "Meta Platforms is building a new data center in Texas but is hiding $12 billion in debt off its balance sheet. The project is financed through a BlackRock fund at 7% interest, with risks transferred to a special company, Sopaipilla. 🏗️📉"
date: 2026-07-24T14:13:05.000Z
lang: en
url: https://xab.info/en/posts/meta-hides-debt-data-center-in-texas-via-blackrock
tags: [meta, blackrock, data-center, artificial-intelligence, anthropic]
publisher: "XAB.info"
---

# Meta Hides Debt: How BlackRock Will Help Build a Data Center in Texas Without Damaging the Balance Sheet

![Visualization of Meta's future data center in Texas, funded by BlackRock to optimize the balance sheet](https://xab.info/media/2026/07/24/meta-pryachet-dolgi-cod-v-tekase-cherez-blackrock/meta-pryachet-dolgi-cod-v-tekase-cherez-blackrock-1.webp)

US tech giants are facing growing complexity in financing large-scale infrastructure projects. As demand for AI computing power increases, companies are seeking ways to minimize the burden on their balance sheets. A prime example of this strategy is Meta Platforms' new project to build a data center in Texas.

### Financing Scheme via BlackRock

To implement this ambitious project in El Paso, Meta decided not to take out loans directly. Instead, the company turned to a specialized fund owned by investment giant BlackRock. This fund will issue bonds in its own name to raise the necessary funds. According to the Financial Times, the deal is expected to be finalized next Monday.

The new data center will require investments of $12 billion. Its computing power is estimated at nearly 1 GW. However, borrowing conditions have tightened: the interest rate on the bonds will exceed 7%. This is 0.4 percentage points higher than in October of last year, when Meta raised $27 billion to build another facility.

### Economics and Risks

A difference of 0.4% may seem insignificant, but with sums in the billions of dollars, it amounts to tens of millions of dollars in additional expenses annually. The rising cost of borrowed funds signals that lenders are beginning to fear risks associated with AI infrastructure. The main concerns relate to unpredictable payback periods and the potential threat of default.

A significant aspect of the deal is the ownership structure. Nominally, 80% of the shares of the new facility will belong to a specially created company, Sopaipilla, while only 20% will remain with Meta itself. This allows the company to avoid reflecting the main debts on its balance sheet.

### Deal Terms and Guarantees

The bonds issued by Sopaipilla have a maturity date of 2028. Their collateral consists of rental payments from Meta, which will be made over a period of 20 years, starting in 2028. The deal provides flexibility: every four years, the company can either extend the lease or opt out by paying a penalty.

Furthermore, the contract stipulates conditions in case of force majeure:

- If the builders exceed the budget, Meta is prepared to increase the project budget by 5%.

- In the event of a construction delay of more than 18 months, Meta reserves the right to exit the project without any compensation.

The credit rating agency S&P has assigned Sopaipilla's bonds an A+ rating, which is only one notch lower than Meta's own AA- rating. This indicates that, despite the higher cost of capital, the issuance remains reliable.

### Industry Trends

Meta's strategy is not unique. Blurring financial responsibility is becoming the norm in the AI industry. For example, startup Anthropic recently raised $35 billion secured by received GPUs and Broadcom guarantees. It seems the tech sector is moving towards complex financial structures to support the exponential growth of AI computing power.