Meta Secures $13 B Project-Finance Deal for El Paso AI Data Center

Meta Platforms is arranging a financing package valued at roughly $13 billion for its planned AI data center in El Paso, Texas. Sources say the bulk of the capital will be raised as debt, with the remainder provided as equity. The transaction is being led by Morgan Stanley and JPMorgan Chase, and is expected to fund the construction of a gigawatt-scale facility slated to open in 2028.

BloombergMeta Is Raising $13 Billion in Debt to Build a Gigawatt Data Center in El Paso and Wall Street Is Developing a Financing Template for AI Infrastructure That Will Reshape How the Compute Stack Gets BuiMeta Plans $13B AI Data Center Financing in Texas Amid Surging Big Tech Investment

Historically, hyperscalers have relied on internal cash flows for data-center expansion. In 2025 Meta completed a near-$30 billion financing for a Louisiana site, a deal dubbed “Beignet” after a regional pastry. The current El Paso transaction, internally named “Sopaipilla,” marks Meta’s first large-scale use of external project finance for AI compute, reflecting a broader industry trend toward leveraging debt to accelerate AI capacity.

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Meta increased its commitment to the El Paso campus from an initial $1.5 billion (October 2025) to over $10 billion in March 2026, targeting 1 GW of AI compute at launch. The center is projected to create more than 300 permanent jobs and require up to 4,000 temporary workers during peak construction. Meta reported about $62 billion in free cash flow for 2025, underscoring its ability to fund such projects, though external financing may preserve cash for share buybacks and other initiatives. Industry-wide AI infrastructure spending is projected to exceed $630 billion in 2026.

Meta Is Raising $13 Billion in Debt to Build a Gigawatt Data Center in El Paso and Wall Street Is Developing a Financing Template for AI Infrastructure That Will Reshape How the Compute Stack Gets BuiMeta Plans $13B AI Data Center Financing in Texas Amid Surging Big Tech Investment

• Meta Platforms – project sponsor and equity holder.

Meta Is Raising $13 Billion in Debt to Build a Gigawatt Data Center in El Paso and Wall Street Is Developing a Financing Template for AI Infrastructure That Will Reshape How the Compute Stack Gets Bui

• Morgan Stanley – co-lead arranger, expected to place debt in capital markets.

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• JPMorgan Chase – co-lead arranger, also syndicating exposure to investors.

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• Pacific Investment Management Co. – served as anchor lender on the prior Louisiana financing.

Meta Is Raising $13 Billion in Debt to Build a Gigawatt Data Center in El Paso and Wall Street Is Developing a Financing Template for AI Infrastructure That Will Reshape How the Compute Stack Gets Bui

• Beignet Investor LLC – special-purpose vehicle used for the 2025 Louisiana deal.

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Meta, Morgan Stanley, and JPMorgan Chase declined to comment when approached outside regular business hours. Bloomberg reported that “a large majority of the financing is expected to be in the form of debt, with the rest equity.” The terms of the El Paso package remain fluid, and the precise debt-to-equity ratio has not been disclosed.

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Investors have expressed doubt that Meta’s AI investments will generate sufficient returns. Bloomberg noted that “there are some concerns over Meta’s outlook, however, as investors worry that the company’s investments in artificial intelligence won’t pay off,” and Meta’s shares have fallen about 7.5 % year-to-date.

BloombergMeta Plans $13B AI Data Center Financing in Texas Amid Surging Big Tech Investment

Sources differ on the exact composition of the financing; while most agree the bulk will be debt, no figure quantifies the equity portion. Additionally, the $13 billion figure describes the financing vehicle, but the total projected cost of the El Paso project appears to exceed that amount, creating uncertainty about the full capital requirement.

Meta Is Raising $13 Billion in Debt to Build a Gigawatt Data Center in El Paso and Wall Street Is Developing a Financing Template for AI Infrastructure That Will Reshape How the Compute Stack Gets Bui

The El Paso facility is scheduled to become operational in 2028. If the financing structure proves successful, it could serve as a template for other hyperscalers—such as Microsoft, Google, and Amazon—seeking to fund AI compute assets through market-based debt rather than balance-sheet spending.

Meta Is Raising $13 Billion in Debt to Build a Gigawatt Data Center in El Paso and Wall Street Is Developing a Financing Template for AI Infrastructure That Will Reshape How the Compute Stack Gets Bui

• “Meta Platforms is reportedly partnering with Morgan Stanley and JPMorgan Chase to secure a massive $13 billion financing package for its planned data center in El Paso, Texas.” — Startup Fortune, reporting

Meta Plans $13B AI Data Center Financing in Texas Amid Surging Big Tech Investment

• “5 billion commitment to over $10 billion in March 2026, targeting 1 gigawatt of capacity by 2028.” — Startup Fortune, analysis

Meta Is Raising $13 Billion in Debt to Build a Gigawatt Data Center in El Paso and Wall Street Is Developing a Financing Template for AI Infrastructure That Will Reshape How the Compute Stack Gets Bui

• “Meta generated approximately $62 billion in free cash flow in 2025.” — Startup Fortune, financial overview

Meta Is Raising $13 Billion in Debt to Build a Gigawatt Data Center in El Paso and Wall Street Is Developing a Financing Template for AI Infrastructure That Will Reshape How the Compute Stack Gets Bui

• “There are some concerns over Meta’s outlook, however, as investors worry that the company’s investments in artificial intelligence won’t pay off.” — Bloomberg, market commentary

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