BlackRock Launches $12.3 Billion Bond For Meta's El Paso Campus
BlackRock's GIP and HPS units hold 80 percent of the El Paso joint venture. Inside the $12.3 billion senior secured notes, the JPMorgan and Morgan Stanley mandate, and the 1 GW target for 2028.
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TL;DR
Sopaipilla Investor, LLC launched $12.3 billion of senior secured notes on July 23-24, 2026, to finance Meta’s El Paso data center campus. The issuer is a holding vehicle tied to Project Sopaipilla Holdings, LLC, the joint venture that owns the campus. Meta itself is not the issuer.
BlackRock’s Global Infrastructure Partners and HPS Investment Partners hold an 80% equity stake in Project Sopaipilla Holdings, while Meta retains the remaining 20%. Meta serves as developer, operator, and sole tenant of the campus.
S&P Global Ratings assigned the notes a preliminary A+ rating with a stable outlook, and Fitch Ratings assigned an expected AA-(EXP). JPMorgan Chase and Morgan Stanley ran fixed-income investor calls beginning July 22.
Sopaipilla Investor, LLC launched $12.3 billion of senior secured notes on July 23-24, 2026, to finance Meta Platforms’ data center campus in El Paso, Texas.
JPMorgan Chase and Morgan Stanley were mandated to run fixed-income investor calls beginning July 22, with pricing following in the days after.
Proceeds fund a roughly 1,000-acre campus in northeast El Paso targeting approximately 1 gigawatt of capacity by 2028. Meta broke ground on the site in October 2025.
Ownership Structure And Sponsor Composition
Funds managed by BlackRock’s Global Infrastructure Partners and HPS Investment Partners divisions hold an 80 percent equity stake in Project Sopaipilla Holdings, LLC.
Meta retains the remaining 20 percent. Meta serves as developer, operator, and sole tenant of the campus.
The structure keeps the debt off Meta’s own balance sheet while GIP and HPS carry the equity risk.
BlackRock acquired GIP for $12.5 billion and HPS for $12 billion, a combined roughly $24.5 billion.
The El Paso transaction brings both platforms into a single financing.
Ratings And Syndicate Composition
S&P Global Ratings assigned Sopaipilla Investor, LLC’s $12.3 billion senior secured notes a preliminary A+ rating with a stable outlook.
Fitch Ratings assigned the proposed notes an expected AA-(EXP) rating, one notch above S&P.
As of the marketing stage, full details on maturity, coupon, and final pricing had not been publicly disclosed.
Campus Scope And Power Supply
Meta broke ground on the El Paso campus, its 29th data center globally and third in Texas, in October 2025 with an initial $1.5 billion commitment.
That figure rose to more than $10 billion in March 2026 as the target capacity grew to roughly 1 gigawatt by 2028.
The site is planned across five phases.
In July 2026, Meta filed to expand the campus with 12 additional buildings totaling nearly 26 million square feet, with completion pushed to February 2029.
El Paso Electric supplies power alongside 813 onsite modular gas generators totaling 366 MW, a $473 million line item slated online by 2027.
The build is expected to draw over 4,000 construction workers at peak and support around 300 permanent jobs.
Meta has committed to matching 100 percent of the facility’s power consumption with renewable energy and to a closed-loop liquid cooling system.
The Louisiana Precedent
The financing follows the template BlackRock and Meta used in Louisiana.
Meta’s Hyperion campus was financed through an 80/20 joint venture with Blue Owl Capital, structured as roughly $27 billion in bonds anchored by PIMCO, rated A+ by S&P, maturing in 2049, plus about $2.5 billion in equity through an SPV named Beignet Investor.
BlackRock purchased over $3 billion of those Hyperion bonds when they priced in October 2025.
Pricing on the El Paso notes follows the investor calls that began July 22.