Hyperion is Meta's flagship AI data center campus in Richland Parish, Louisiana, a 2,250-acre site announced in December 2024 at an initially reported cost above $10 billion. In October 2025 Meta moved the campus into a joint venture owned 80 percent by funds managed by Blue Owl Capital and 20 percent by Meta, with about $27 billion of committed development costs; Blue Owl funds contributed about $7 billion in cash and Meta received a one-time distribution of about $3 billion.
The venture's issuer, Beignet Investor LLC, sold $27.294 billion of 6.581 percent senior secured notes due May 30, 2049 in October 2025, the largest single-tranche private debt offering on record. Meta leases the campus under operating leases with a four-year initial term and extension options, backed by a residual value guarantee covering roughly the first 16 years. In July 2026 Meta announced an expansion to 5 GW, taking total planned investment above $50 billion.
- Location
- Richland Parish, Louisiana
- Ownership
- Blue Owl Capital funds 80 percent; Meta 20 percent
- Tenant
- Meta Platforms, sole tenant, construction and property manager
- Financing
- $27.294B of 6.581% notes due 2049, issued by Beignet Investor LLC
- Site
- 2,250 acres; expanding to 5 GW; total planned investment above $50B
Parties
| Party | Role |
|---|---|
| Beignet Investor LLC | Issuer of the $27.294B notes; bankruptcy-remote SPV |
| Project Beignet Holdings LLC | The joint venture company (structure per deal reporting) |
| Blue Owl Capital funds | 80 percent owner; about $7B cash contribution at close |
| Meta Platforms | 20 percent owner; sole tenant; residual value guarantor |
| Entergy Louisiana | Power supply; first three gas plants approved August 2025 |
| Morgan Stanley | Sole bookrunner on the notes |
Bonds
| Bond | CUSIP | Terms on record |
|---|---|---|
| Beignet Investor LLC 6.581% senior secured notes due 2049 | 076912AA2 | 144A tranche of the $27.294B single-tranche issue, priced October 16, 2025 at Treasuries plus 225bp. S&P A+. Last print 92.93 on October 29, 2026; latest fund mark 102.06, period ended June 30, 2026. |
| Beignet Investor LLC 6.581% senior secured notes due 2049 (Reg S) | U06930AA6 | Reg S tranche of the same issue. Last print 92.68 on October 28, 2026. |
Developments
The running record, newest first. Each entry is dated by the event, not by when it was collected.
| Date | Development | Source |
|---|---|---|
| 13 Jul 2026 | Meta expands Hyperion to 5 GWMeta announces the expansion of Hyperion to 5 GW, with total planned investment above $50 billion, about 2 GW expected online by 2030 and full buildout around 2032. | Meta announcement, per ReutersGrade B |
| 21 Oct 2025 | Meta announces the Blue Owl joint ventureBlue Owl funds take 80 percent and Meta 20 percent of the venture, with about $27 billion of committed development costs, a Blue Owl cash contribution of about $7 billion, a one-time distribution to Meta of about $3 billion, and a residual value guarantee covering roughly the first 16 years. | Meta press releaseGrade B |
| 16 Oct 2025 | Beignet Investor prices $27.294 billion of notesBeignet Investor LLC prices $27.294 billion of 6.581 percent senior secured notes due May 30, 2049 at Treasuries plus 225 basis points, rated A+ by S&P, the largest single-tranche private debt offering on record. | IFRGrade B |
| 20 Aug 2025 | Louisiana PSC approves Entergy gas plants for the siteThe Louisiana Public Service Commission approves Entergy's first three gas plants and transmission for the site, docket U-37425. | American Buildout trackerGrade C |
| 04 Dec 2024 | Meta announces the Hyperion campusMeta and Louisiana Economic Development announce the Richland Parish campus; site work begins the same month. Initial reported cost above $10 billion. | American Buildout trackerGrade C |
Record maintained by the AI infrastructure leverage monitor: SEC filings, county and municipal records, and the news operation’s own coverage, each entry graded at collection.