In a landmark deal, Meta Platforms Inc is set to secure nearly $30 billion to finance its Hyperion data centre in rural Louisiana. This makes it the largest private capital deal on record. The agreement is a joint effort with Blue Owl Capital Inc. Meta retains a 20% ownership stake in the site, while Blue Owl and other investors take the majority stake.

The financing combines over $27 billion in debt and about $2.5 billion in equity. It is arranged by Morgan Stanley through a special purpose vehicle (SPV). This structure allows Meta to fund the massive project without placing the debt directly on its balance sheet. It is a strategy increasingly used by tech giants to protect their credit ratings while developing large-scale infrastructure.

Meta will act as the developer, operator, and tenant of Hyperion, which spans 4 million square feet. At full capacity, it could draw up to 5 gigawatts of power, enough to supply roughly 4 million US homes. The project is expected to be completed by 2029.

The deal also reflects a growing trend of structured investments. Wall Street investors can tie capital to physical assets while companies avoid inflating their liabilities. Other high-profile tech firms, including Elon Musk’s AI start-up xAI, are pursuing similar strategies for large fundraises.

With bonds priced at about 225 basis points over Treasuries and receiving an A+ investment-grade rating from S&P, the deal sets a roadmap for hyperscalers. They seek to expand their data centre infrastructure efficiently. Meta continues to expand its US footprint with other large centres in El Paso, Texas, and Ohio. This reinforces its push into AI and cloud infrastructure.

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