BlackRock is raising over $12 billion in bonds to finance a new data center campus in El Paso, Texas. The offering is one of the largest single debt deals for AI infrastructure this year.
Texas is a prime location for data centers due to its abundant power, cheap land, and the independent ERCOT power grid. This flexibility is key for facilities with massive electricity needs.
The bond sale is part of a larger pattern. BlackRock, through its Global Infrastructure Partners division, is part of a consortium that agreed to acquire Aligned Data Centers for roughly $40 billion. That deal is slated to close in the first half of 2026.
BlackRock's push extends its influence in digital assets. The firm already offers dominant spot Bitcoin and Ether ETFs. Now, it is building the physical infrastructure that supports both AI and the underlying networks for crypto.
The trend shows how infrastructure debt is becoming the preferred funding method for AI compute centers, setting a high bar for financial rigor. It also intensifies competition for power in Texas, which could impact existing Bitcoin miners on the ERCOT grid.