Meta Platforms is moving ahead with a massive financing package for its El Paso, Texas, artificial‑intelligence data center, according to Bloomberg. Morgan Stanley and JPMorgan Chase are structuring a roughly $13 billion loan, with a modest equity component, to fund a facility that aims to deliver about one gigawatt of compute capacity when it opens in 2028.

The size of the deal puts it in rare company. If completed as reported, the financing would join a short list of single‑site digital‑infrastructure transactions that approach the scale of national‑level projects. The loan is being arranged against a long‑term lease to Meta itself, allowing lenders to rely on the company’s creditworthiness rather than speculative cash flow.

Meta’s investment in the El Paso site has ballooned dramatically over the past few months. In March the company more than sextupled its planned outlay, pushing the total past $10 billion. The new financing extends that commitment, underscoring Meta’s aggressive push to build AI‑ready capacity ahead of its 2026 capital‑expenditure guidance, which now sits between $125 billion and $145 billion.

Project‑level financing has become the standard model for large AI data centers. Earlier this year, Oracle secured a $16.3 billion package for its Stargate project, while Blackstone launched a $1.75 billion publicly listed data‑center REIT to give investors exposure to the same asset class. Meta’s El Paso deal follows that trend but pushes the ceiling higher, illustrating how lenders are willing to underwrite massive, single‑counterparty leases when the tenant is a tech giant with deep cash reserves.

The financing structure leans heavily on debt, reflecting Meta’s preference for leveraging its balance sheet rather than draining operating cash flow. Relying on project‑level debt helps preserve free‑cash‑flow generation, a metric that investors watch closely. By tying the loan to contracted capacity and a credit‑worthy operator, the arrangement spreads risk and offers a clearer repayment path over decades.

Bank participation signals that institutional credit demand for AI‑infrastructure remains robust. Morgan Stanley and JPMorgan are not typically arranging such a large sum for a single site, yet they are moving forward, suggesting the market can still absorb deals of this magnitude. Whether that appetite endures if AI spending cools or lease rates compress will become clearer over time.

In the broader context, Meta’s financing move highlights how AI infrastructure has matured into a distinct category of project finance, comparable to pipelines, ports, or large‑scale energy projects. The company’s ambition to power a gigawatt‑scale facility underscores its belief that AI workloads will dominate its future computing needs.

For now, the $13 billion package stands as a benchmark: a testament to the scale of capital required to build the next generation of AI data centers and a reminder that the credit markets are willing to back such bets when the lessee is a firm with deep pockets and a clear growth trajectory.

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