Follow the risk
One dollar of AI capex, traced.
Annotated structural breakdown of the Meta / Blue Owl Hyperion data center deal. Seven steps, self-paced. Sources cited inline.
Hyperion data center, Louisiana.
Meta is developing a 2 gigawatt capacity data center campus in Louisiana, funded by $27.3 billion of bonds and roughly $9.5 billion of equity (Blue Owl's ~$7B cash plus Meta's ~$2.5B in-kind contribution of land and predevelopment).
Richland Parish
Louisiana, USA
- Capacity
- 2GW
- Development cost
- ~$27B
- Per megawatt
- ~$13.5M / MW
Announced October 21, 2025. Operator: Meta · Co-investor: Blue Owl Capital.
Details & sources
- Announced: October 21, 2025
- Total development cost (buildings + long-lived power/cooling/connectivity): ~$27 billion (per Meta press release)
- Real-estate-plus-power capex: ~$13.5 million per megawatt
Source: Meta press release; SPV documents, annotated.