Map / Money and funders
Hyperion JV (Meta, Blue Owl)
Hyperion joint venture (Meta / Blue Owl, 'Beignet Investor'). Special-purpose company, 80% Blue Owl and 20% Meta, that owns Meta's Louisiana AI campus and leases it back to Meta. The debt sits off Meta's balance sheet, but Meta guarantees its value.
Depends on
- Blue Owl: Blue Owl funds put in about $3B for an 80% stake; Meta keeps 20%. Equity investment, $3B. Wall Street Journal via Tiger Brokers, 2025-11-11
- Blue Owl: Blue Owl funds' cash contribution for 80% of Meta's Hyperion data-center JV (partly funded by the Pimco-led bonds). Equity investment, $7B. Meta, 2025-10-21
- Bond buyers: The rest of the $27B Hyperion bonds bought by other investors. This is our subtraction: $27B total minus Pimco's roughly $18B. Bonds, $9B. Bisnow, 2025-10-22
- Meta: Meta leases Hyperion from the JV and guarantees investors are repaid if it leaves. Lease or guarantee, amount not disclosed. IFR, 2026
- Meta: Meta rents the campus and guarantees its residual value (a capped cash payment if it walks away). Lease or guarantee, amount not disclosed. Meta, 2025-10-21
Supplies
- Meta: One-time distribution of about $3B to Meta for contributing the land and construction in progress (Blue Owl effectively bought 80% of the project). Acquisition, $3B. Meta, 2025-10-21
AI money
Set up October 2025. Campus built through about 2030.
Where the money comes from
| What | Amount | Period | Detail and source |
|---|---|---|---|
| New shares sold from Blue Owl | $7B | October 2025 | Meta's description of Blue Owl's cash contribution, which overlaps with the bond money. See the Blue Owl entry. Meta, 2025-10-21 |
| Bonds from Bond buyers | $27B | October 2025 | Investment-grade bonds backed by the project, sold privately with Morgan Stanley as sole bookrunner. S&P rates them A+. Pimco took about $18B. IFR and other trade sources put the size at $27.3B, maturing in 2049. Bisnow, 2025-10-22 |
Where it goes
| What | Amount | Period | Detail and source |
|---|---|---|---|
| Other to Meta | $3B | October 2025 | A one-time cash distribution of about $3B to Meta, which contributed the land and construction in progress. Meta, 2025-10-21 |
| Data centers and equipment to Hyperion campus, Richland Parish, Louisiana | amount not disclosed | 2025 to about 2030 | Initially 2 GW, potentially more than 5 GW. The exact capex funded by the JV was not separately disclosed. Bisnow, 2025-10-22 |
Spending it has promised
| What | Amount | Period | Detail and source |
|---|---|---|---|
| Meta residual value guarantee: if Meta does not renew or ends the lease, it makes a capped cash payment to the JV with Meta | amount not disclosed | First 16 years of operations | Meta's leases have a four-year initial term with options to extend. Meta, 2025-10-21 |
Who it depends on for revenue
- There is a single tenant (Meta). Bondholders depend on Meta's rent and Meta's value guarantee. Meta, 2025-10-21
Money flows with other companies
| Money from | Money to | Type | Amount | What, and source |
|---|---|---|---|---|
| Bond buyers | Hyperion JV (Meta, Blue Owl) | Bonds | $9B | The rest of the $27B Hyperion bonds bought by other investors. This is our subtraction: $27B total minus Pimco's roughly $18B. To about 2049 Bisnow, 2025-10-22 |
| Blue Owl | Hyperion JV (Meta, Blue Owl) | Equity investment | $7B | Blue Owl funds' cash contribution for 80% of Meta's Hyperion data-center JV (partly funded by the Pimco-led bonds). 2025-10-21 Meta, 2025-10-21 |
| Blue Owl | Hyperion JV (Meta, Blue Owl) | Equity investment | $3B | Blue Owl funds put in about $3B for an 80% stake; Meta keeps 20%. 2025-10 Wall Street Journal via Tiger Brokers, 2025-11-11 |
| Hyperion JV (Meta, Blue Owl) | Meta | Acquisition | $3B | One-time distribution of about $3B to Meta for contributing the land and construction in progress (Blue Owl effectively bought 80% of the project). 2025-10-21 Meta, 2025-10-21 |
| Meta | Hyperion JV (Meta, Blue Owl) | Lease or guarantee | amount not disclosed | Meta leases Hyperion from the JV and guarantees investors are repaid if it leaves. 4-year renewable lease blocks, ~16-year residual value guarantee IFR, 2026 |
| Meta | Hyperion JV (Meta, Blue Owl) | Lease or guarantee | amount not disclosed | Meta rents the campus and guarantees its residual value (a capped cash payment if it walks away). Leases with a four-year initial term. Value guarantee covers the first 16 years Meta, 2025-10-21 |
Amounts in US dollars. "Up to" amounts are maximums or depend on conditions. See Does it add up? for the full picture.
Data as of 2026-10-30. Cite as: Ye, Mike. "Hyperion JV (Meta, Blue Owl)" (hyperion-jv). AI Lattice, dataset v0.3.0. https://ailattice.ai/e/hyperion-jv/. How to cite.