Sopaipilla is the financing structure for Meta's AI data center campus in northeast El Paso, Texas, announced in October 2025 as a $1.5 billion first phase on about 1,000 acres, designed to scale to 1 GW and come online in 2028. Meta raised the planned investment to about $10 billion in March 2026.
In July 2026 Meta placed the campus into a joint venture owned 80 percent by funds managed by BlackRock, through Global Infrastructure Management and HPS Investment Partners, and 20 percent by Meta, with about $14 billion of total development costs. The venture's issuer, Sopaipilla Investor LLC, sold $12.547 billion of 7.534 percent senior secured notes due November 30, 2048, secured by Meta's lease payments. The campus is planned at 960 MW.
- Location
- El Paso, Texas
- Ownership
- BlackRock funds (GIP, HPS) 80 percent; Meta 20 percent
- Tenant
- Meta Platforms, sole tenant under triple-net leases from 2028
- Financing
- $12.547B of 7.534% notes due 2048, issued by Sopaipilla Investor LLC
- Capacity
- 960 MW planned; campus designed to scale to 1 GW; online 2028
Parties
| Party | Role |
|---|---|
| Sopaipilla Investor LLC | Issuer of the $12.547B notes |
| Project Sopaipilla Holdings LLC | The joint venture holding company |
| BlackRock (GIP, HPS Investment Partners) | 80 percent owner; about $4.9B cash contribution |
| Meta Platforms | 20 percent owner; sole tenant; residual value guarantor |
| Wurldwide LLC | Meta subsidiary named on Texas site development filings |
| El Paso Electric | Local utility; proposed 366 MW McCloud gas facility contested locally |
Bonds
| Bond | CUSIP | Terms on record |
|---|---|---|
| Sopaipilla Investor LLC 7.534% senior secured notes due 2048 | 83577VAA8 | 144A tranche of the $12.547B single-tranche issue, priced July 27, 2026 at Treasuries plus 287.5bp. S&P A+ and Fitch AA-, stable outlooks. Last print 100.29 on October 29, 2026; latest fund mark 103.65, period ended July 31, 2026. |
| Sopaipilla Inv LLC 7.534% senior secured notes due 2048 (Reg S) | U8358CAA9 | Reg S tranche of the same issue. |
Developments
The running record, newest first. Each entry is dated by the event, not by when it was collected.
| Date | Development | Source |
|---|---|---|
| 28 Jul 2026 | Meta announces the BlackRock joint ventureBlackRock funds take 80 percent and Meta 20 percent, with about $14 billion of total development costs, a BlackRock cash contribution of about $4.9 billion, Meta land and construction in progress of about $2.3 billion, a $1 billion one-time distribution to Meta, and a residual value guarantee threshold of about $13 billion declining over the first 16 years. | Meta press release, per multiple reportsGrade B |
| 27 Jul 2026 | Sopaipilla Investor prices $12.547 billion of notesSopaipilla Investor LLC prices $12.547 billion of 7.534 percent amortizing notes due November 30, 2048 at Treasuries plus 287.5 basis points, rated A+ by S&P and AA- by Fitch, run by JPMorgan and Morgan Stanley. | PitchBookGrade B |
| 26 Mar 2026 | Meta raises planned campus investment to about $10 billionMeta lifts the planned El Paso investment to about $10 billion in total, with about 300 operational jobs and up to 4,000 peak construction workers. | Meta expansion update, per Data Center DynamicsGrade B |
| 15 Oct 2025 | Meta announces the El Paso campus and breaks groundMeta announces a $1.5 billion first phase on about 1,000 acres in northeast El Paso, scalable to 1 GW, online 2028, with about 1,800 peak construction workers and about 100 permanent jobs. | Meta announcement, per ReutersGrade B |
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.