Bond investors are demanding significantly higher yields участие in Meta's $12bn data‑centre deal than the terms secured nine months ago. The nearly one‑gigawatt project in El Paso, Texas, is preparing to sell bonds through a special‑purpose vehicle owned by Black Rock, offering yields of more than 7% in early discussions, according to people familiar with the matter. Some investors are demanding a risk premium of roughly 0.4 percentage points compared to Meta’s previous "Hyperion" data‑centre deal, which raised $27 bn in a record‑breaking corporate bond sale last October.

Price discussions were still in the early stages and could change when the deal officially launches as soon as next Monday. "When you’re selling tens of billions of bonds, even a 0.1‑percentage‑point increase in costs would lead to tens of millions of additional interest expenses every year," said a credit investor focused on investment‑grade debt. The higher debt costs reflect lenders’ growing wariness of their increasing AI exposure following a borrowing spree led by Big Tech companies.

Borrowing from a project entity rather than by the company itself has become increasingly popular as tech groups search for ways to keep their balance sheets pristine while raising capital for the AI arms race. The new debt will be sold by a vehicle named Sopaipilla Investor, which holds an 80% stake in the Texas project, with Meta owning the remaining 20%.

The Sopaipilla bond, maturing in 2048, is secured by Meta’s 20‑year rent payment beginning in 2028. Meta would cover any cost overruns beyond 105% of the initial budget, but there is no direct pledge of physical assets. S&P assigned the notes an A+ rating, while Fitch and KBRA gave an AA‑ rating.