BlackRock is spearheading a debt sale aimed at raising at least $12 billion for a substantial new data-center project in El Paso, Texas, backed by Meta Platforms. The world's largest investment firm, through its infrastructure and private-credit divisions, holds an 80% stake in the venture, with Meta Platforms, the intended user of the facilities, retaining the remaining 20%.

JPMorgan Chase and Morgan Stanley are managing this significant debt offering, actively seeking additional investors. This initiative reflects BlackRock's aggressive expansion into data-center investments, which have seen tens of billions deployed over the last year, including a notable $40 billion acquisition of Aligned Data Centers.

The firm's strategic acquisitions of private-market investment entities like Global Infrastructure Partners and HPS Investment Partners signal a shift towards a more hands-on approach to owning and operating assets for BlackRock, which manages approximately $15 trillion.