Meta Breaks Ground on New AI Infrastructure Financing Model — $30 Billion Deal Sets Scale Record

TradingKey - The AI compute race is now pushing innovation in financing structures. Meta Platforms (META.US), led by Mark Zuckerberg, has finalized nearly $30 billion in financing for the construction of its “Hyperion Data Center” in Louisiana — one of the largest private capital deals in history.

According to sources, Blue Owl Capital will co-own the project with Meta, while Meta retains only about 20% equity stake. Morgan Stanley led the creation of a Special Purpose Vehicle (SPV) that raised $27 billion in debt and $2.5 billion in equity, enabling an off-balance-sheet financing structure. This allows Meta to expand its AI infrastructure without negatively impacting its credit rating.

Latest reports indicate that on October 16, the transaction priced its bonds under Rule 144A as private placements. The securities have a maturity extending to 2049, were led by PIMCO, carry a yield premium of approximately 225 basis points over U.S. Treasuries, and have received an A+ investment-grade rating from Standard & Poor’s.

This “SPV + leaseback” model is emerging as a new funding playbook for tech giants. With AI infrastructure costs soaring, major players are increasingly using SPVs to keep massive capital expenditures off their balance sheets. This approach allows them to secure long-term, low-cost financing while offering investors access to high-grade, asset-backed bonds secured by physical data center assets.

Industry analysts suggest this deal could become the blueprint for data center financing in the AI era.

The Hyperion campus spans over 4 million square feet and is expected to reach a full-load power capacity of 5 gigawatts — equivalent to the electricity consumption of 4 million U.S. households. Scheduled for completion in 2029, Meta will continue to act as both developer and tenant, operating the facility upon delivery.