Meta Platforms is working with Morgan Stanley and JPMorgan Chase on a roughly $13 billion financing package for a data center in El Paso, Texas. A majority of the financing is expected to be in the form of debt, with the rest in equity.
Big Tech firms are pouring hundreds of billions of dollars into data centers amid strong demand for AI technology, departing from their long-standing reluctance to raise debt to gain an edge in the artificial intelligence race.
Meta in March boosted its investment in the planned El Paso AI data center by more than sixfold to $10 billion, aiming to reach 1 gigawatt of capacity ahead of the facility's projected 2028 opening.