Meta Takes Hyperion To 5GW (And Off Its Balance Sheet)
A single Louisiana parish is absorbing over $50 billion of AI infrastructure. Inside the Blue Owl joint venture, the Morgan Stanley debt syndicate, and the Entergy gas buildout taking Hyperion to 2036
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TL;DR
Meta Platforms confirmed on July 13, 2026 that its Hyperion campus in Richland Parish, Louisiana will scale to 5 gigawatts across 3,200 acres, with total investment exceeding $50 billion. The project began as a $10 billion, roughly 4-million-square-foot facility at groundbreaking in December 2024 and is now Meta’s largest data center, with the first 2 GW expected online by 2030, the full 5 GW around 2032, and completion by 2036.
Hyperion is financed through a joint venture with Blue Owl Capital — the largest private capital transaction on record for a single data center — structured to hold the development off Meta’s balance sheet. Blue Owl’s special purpose vehicle owns 80 percent and Meta 20 percent, on a roughly $28.8 billion committed capital base including $27.3 billion of SPV-issued debt arranged by Morgan Stanley as sole bookrunner, priced at roughly 225 basis points over Treasuries, rated A+ by S&P, and anchored by Pimco with BlackRock participating; Meta’s rent begins June 1, 2029, backstopped by a payment guaranty and a Residual Value Guarantee.
Entergy Louisiana is building 10 natural gas-fired power plants delivering more than 7 gigawatts for Hyperion — an increase of more than 30 percent to Louisiana’s entire grid capacity. Meta is separately funding up to 2.5 GW of renewable generation, roughly 240 miles of transmission, grid-scale battery storage, and nuclear plant uprates, while approval from the Louisiana Public Service Commission for the gas plants remains pending and will determine delivery speed.
Meta Platforms confirmed on July 13, 2026 that its Hyperion data center campus in Richland Parish, Louisiana will scale to 5 gigawatts across 3,200 acres, with total investment exceeding $50 billion.
The expansion is financed through a joint venture with Blue Owl Capital structured to hold the development off Meta’s balance sheet.
The capital funds a supercluster in the Holly Ridge community that began as a $10 billion project at groundbreaking in December 2024.
Meta expects the first 2 GW online by 2030, the full 5 GW around 2032, and total project completion by 2036.
The Escalation From $10 Billion
Meta broke ground on Hyperion in December 2024 with an initial $10 billion budget for a roughly 4-million-square-foot facility.
In October 2025, Meta formed the Blue Owl joint venture targeting up to $27 to $28.8 billion in total development costs for a 2.06 GW facility.
By February 2026, Meta had acquired roughly 1,400 additional adjacent acres, signaling a phase-two expansion.
The July 2026 confirmation brought the campus to 5 GW and more than $50 billion, making it Meta’s largest data center.
President Trump previewed the $50 billion figure as early as August 2025.
The Blue Owl Joint Venture Structure
The transaction is the largest private capital transaction on record for a single data center.
Blue Owl’s special purpose vehicle owns an 80 percent interest in the joint venture, and Meta retains 20 percent.
The joint venture owns the landlord entity, and Meta operates as tenant.
Meta contributed $5.7 billion in equity against Blue Owl’s $23.0 billion, funded through $27.3 billion in SPV-issued debt, $2.5 billion in equity, and $1.2 billion in accrued interest income, a total committed capital base of roughly $28.8 billion.
Morgan Stanley arranged the debt as sole bookrunner, pricing 144A bonds maturing in 2049 at roughly 225 basis points over Treasuries.
S&P assigned an A+ rating, one notch below Meta’s AA- corporate rating.
Pimco anchored the debt as lead investor, with BlackRock and other institutional credit investors participating.
The Lease And Guarantee Terms
Meta’s rent obligations begin June 1, 2029 and must be paid in full even amid construction delays, with narrow abatements for force majeure or landlord default.
Creditors have no direct recourse to the underlying data center assets.
Meta backstops the arrangement with a payment guaranty and a Residual Value Guarantee designed to cover outstanding SPV debt at the end of each four-year renewal term.
The Power Buildout
Entergy Louisiana is building 10 natural gas-fired power plants delivering more than 7 gigawatts of capacity, a buildout representing more than a 30 percent increase to Louisiana’s entire grid capacity.
Meta is funding up to 2.5 GW of renewable generation, roughly 240 miles of new transmission lines, grid-scale battery storage, and nuclear plant uprates.
Meta states it is paying the full costs of the energy, water, and related infrastructure, and Entergy projects more than $2 billion in customer savings over 20 years.
Regulatory approval from the Louisiana Public Service Commission for the additional gas plants remains pending and will determine how quickly Entergy delivers the capacity Hyperion requires.