Meta Platforms is working with Morgan Stanley and JPMorgan Chase on a roughly $13 billion financing package for its El Paso, Texas data center, sources told Bloomberg and Reuters. The majority of the package is expected to be structured as debt, with the remainder in equity; Morgan Stanley and JPMorgan are expected to offer the debt to investors in capital markets. Meta scaled the El Paso facility — internally codenamed 'Sopaipilla' — to about one gigawatt of capacity in early 2026, up from a $1.5 billion / much-smaller initial October 2025 commitment. Total prior commitment had grown to ~$10 billion before the new $13 billion package. Operations are targeted for 2028. Meta raised its 2026 capex guidance to $115-145 billion at its Q1 2026 earnings call, up from prior guidance.
Primary source · Bloomberg / Reuters via Investing.com ↗
Why it matters
Two items for the financing layer of competitive-landscape-by-layer.md and the green-loan-data-center-financing.md page suggested yesterday in the EdgeCore $1.5B / 114 MW writeup. (1) Per-MW debt anchor: $13B / 1 GW = $13M/MW for a single-tenant Meta-occupied AI campus. That's almost identical to the $13.16M/MW EdgeCore Sterling NoVa anchor from yesterday — meaning the two largest hyperscaler-site debt deals in the same week converge on roughly the same per-MW number for fully-leased / fully-occupied AI campuses. Cliff's de-rate calculator should now treat $13M/MW as the empirical anchor for senior-secured debt on AI-targeted sites with a creditworthy tenant. The implication for marginal sites (lower-quality grid interconnection, regulatory-overhang counties, no firm offtake) is that they should price at substantial discounts to that anchor; the firm-equivalent-mw-underwrite.md framing now has a concrete reference point. (2) Single-site $13B is a structural shift in how AI data-center financing scales. Pre-2026, debt for individual sites topped out around $4-5B; the EdgeCore (two sites, $1.5B aggregate) and the JLL data-center loan-syndication market both sized below $10B for any single asset. A $13B single-site package means hyperscalers are now using individual data centers as financeable infrastructure assets in the same way utility-scale generation projects were structured in the 2010s power-build-out. The Sopaipilla deal also matters for ERCOT specifically — adding 1 GW of confirmed-financed AI load to West Texas tightens the LMP / load-realization landscape in the ERCOT West load zone and feeds directly into ercot-load-realization-scoring.md and the ercot-loi-math-onepager.md base case. Watch for whether the debt offering closes at the rumored ~$13B level or tightens — if the syndicate cuts the deal, that signals AI-debt market saturation; if the deal is oversubscribed, that signals the spigot is still wide open.
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