Meta and funds managed by BlackRock announced a venture for an El Paso data center campus with estimated development costs of about $14 billion, advancing Meta’s plan to expand computing capacity.
Meta has forecast $130 billion to $145 billion in capital spending across the company for 2026. The figure includes principal payments on finance leases, so it does not isolate spending on artificial intelligence infrastructure. On the same basis, Meta reported $31.08 billion in capital expenditures for the quarter ended June 30, 2026.
The campus estimate and annual forecast cover different scopes: one applies to development of a single site, while the other covers Meta’s spending across its business. The $31.08 billion figure covers one quarter; the $130 billion to $145 billion range is a full-year forecast.
Meta said in its Jan. 12 announcement that President and Vice Chairman Dina Powell McCormick would work with its computing and infrastructure teams and develop strategic capital partnerships. EconoTimes previously covered Powell McCormick’s appointment and changing remit.
Under the announced terms, funds managed by BlackRock are to own 80% of the venture, with Meta holding 20%. The partners said development funding would be proportional to those ownership shares. The campus was already under construction when Meta announced the venture in July.
Designed for one gigawatt of computing capacity, the campus is expected to begin providing capacity in 2028. Meta plans to lease the entire site and provide residual-value guarantees. The company says the arrangement offers speed and financing flexibility, while its lease and guarantees leave it with obligations tied to the campus.
Meta is due to release third-quarter results after the market closes Oct. 21. The company scheduled its earnings call for 4:30 p.m. ET that day.
