Bulletin: Meta Platforms Inc.'s Data Center Joint Venture Does Not Immediately Affect Ratings

This report does not constitute a rating action. NEW YORK (S&P Global Ratings) July 28, 2026--S&P Global Ratings said today that its 'AA-' rating and stable ratings outlook on Meta Platforms Inc. are unaffected by the company?s announcement of a new joint venture (JV) with funds managed by BlackRock to develop the new Sopaipilla data center campus in El Paso, Texas. Our treatment of this transaction is identical to the approach that we took with the Louisiana JV with Blue Owl. We estimate the 1-gigawatt facility will cost $13.7 billion to construct, in addition to Meta purchasing server equipment, and will be operational by December 2028. Meta will own 20% of the JV; the funds managed by BlackRock will own

...July 28, 2026 This report does not constitute a rating action. NEW YORK (S&P Global Ratings) July 28, 2026--S&P Global Ratings said today that its '##-' rating and stable ratings outlook on Meta Platforms Inc. are unaffected by the company's announcement of a new joint venture (JV) with funds managed by BlackRock to develop the new Sopaipilla data center campus in El Paso, Texas. Our treatment of this transaction is identical to the approach that we took with the Louisiana JV with Blue Owl. We estimate the 1-gigawatt facility will cost $13.7 billion to construct, in addition to Meta purchasing server equipment, and will be operational by December 2028. Meta will own 20% of the JV; the funds managed by BlackRock will own the remaining 80%. There is no immediate impact to our credit rating on Meta. We expect its S&P Global Ratings- adjusted leverage will rise to 0.7x when the leases commence in 2028, which is still below the 1.0x downgrade threshold for the `##-' rating in 2029. This stems...

Bulletin