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The Markets Desk — Week 46 · Wed 11 Nov 2026
Compute / the Ledger · 2 deals

Who is paying whom for compute.

Every deal dated, typed in plain words, and linked to the document it comes from.

The compute board
A steel receipt spike with a copper collar, holding a roll of paper slips.
The LedgerRead against its source

Deals with Blue Owl Capital as a party. Blue Owl Capital’s page · Show every party

Compute deals, newest first
AnnouncedDealPartiesTypeValueTermsSource
21 Oct 2025Meta and Blue Owl form an 80/20 JV for the Hyperion campus in Louisiana; Meta leases it from 2029 with a residual value guaranteeSignedBlue 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).Site lease$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.Meta 10-Q (Q3 2025), Note 13Regulatory filing
21 May 2025Crusoe, Blue Owl and Primary Digital enter the second phase of a $15B joint venture to fund the 1.2 GW Abilene, Texas AI campusSignedPhase 1 over 200 MW (two buildings); Phase 2 adds six buildings to 1.2 GW, energized mid-2026; each building runs up to 50,000 GB200 NVL72 GPUs. The three jointly sponsor construction of six new buildings (release wording). Accelerator as stated: NVIDIA GB200 NVL72.Equity stake$15B$15B is the joint venture's project funding headline; the release gives no debt/equity split.1,200 MWGB200-NVL72Crusoe press release, 2025-05-21Company press release

chip named on 1 of 2 · term on 0 · price on 0

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How the Ledger is kept

  • Every row is a deal read in its source, and links to that source.
  • Every row says what kind of document it comes from: a regulatory filing, the company’s own release, an earnings call, or a news report. A news report stays a news report until a filing confirms it.
  • Values are the headline figures as the parties disclosed them, in US dollars, unadjusted. “Undisclosed” means they did not say.
  • The end date is the start plus the term, worked out here — it is not a reported figure.
  • Facts only. The Ledger holds no view on any deal.