Compute · the Ledger · Site lease
Meta and Blue Owl form an 80/20 JV for the Hyperion campus in Louisiana; Meta leases it from 2029 with a residual value guarantee
Signed · announced 21 Oct 2025 · the week to 24 Oct 2025
- Size
- $12.3B
$12.3B is Meta's initial four-year lease commitment (renewable to 20 years). Meta's release puts total development cost at ~$27B.
The parties
- Metacompany pageTenant
- Blue Owl CapitalInvestor
- Metacompany pageGuarantor
The source
Meta 10-Q (Q3 2025), Note 13Regulatory filing
Blue Owl affiliate holds 80% and contributed $7.0B cash; Meta holds 20%, contributed $4.3B of assets and received a $2.6B distribution (Meta's release says ~$3B). Meta's 16-year residual value guarantee threshold begins at $28B. JV debt: $27.3B 6.581% Beignet Investor bonds due 2049 (reported, 144A, not filed).
The same parties, other deals
- Meta signs a new CoreWeave order form; Meta's initial commitment is ~$21B through December 20, 2032$21B · 9 Apr 2026
- Meta signs a five-year Nebius agreement: $12B of dedicated Vera Rubin capacity plus up to $15B of unsold-capacity purchases$12B · 16 Mar 2026
- Meta commits to buy the first 1 GW of AMD Instinct GPUs (up to 6 GW); AMD issues Meta a warrant for up to 160M sharesundisclosed · 24 Feb 2026
- Meta commits up to ~$14.2B through December 14, 2031 for CoreWeave cloud capacity$14.2B · 30 Sept 2025
- Crusoe, Blue Owl and Primary Digital enter the second phase of a $15B joint venture to fund the 1.2 GW Abilene, Texas AI campus$15B · 21 May 2025