BlackRock prices $12.5 billion debt deal for Meta Texas data center

BlackRock completed a $12.5 billion bond sale tied to a Meta Platforms data center project in El Paso, Texas, in a closely watched test of investor appetite for AI infrastructure financing. The debt was issued through special-purpose vehicle Sopaipilla Investor and will help fund a campus expected to deliver up to one gigawatt of computing capacity for AI workloads. A 2048 note priced at a spread of 2.875 percentage points over 10-year Treasurys. The deal grew by about $273 million from launch size and drew roughly $20 billion of orders. BlackRock units Global Infrastructure Management and HPS Investment Partners own 80% of the project, while Meta holds 20%. JPMorgan Chase and Morgan Stanley managed the offering.