BlackRock Inc. successfully raised $12.5 billion in debt specifically for a Meta Platforms Inc. data center project located in Texas. The fundraising effort concluded after an extensive, nearly week-long marketing period.

This significant debt issuance comes at a time when the market for big tech debt has experienced a notable selloff. Despite these challenging market conditions, BlackRock managed to secure the substantial funding for Meta's infrastructure needs.

The Meta data center, situated in Texas, represents a critical investment for the social media giant as it continues to expand its digital infrastructure. The $12.5 billion raised will likely be used for construction, expansion, or operational costs associated with this facility.