Blue Owl Capital

Blue Owl Capital is involved in significant financing arrangements for large-scale real estate developments, notably a substantial campus project for Meta. This involvement includes providing capital through special purpose vehicles and securing debt financing. The structure of these deals highlights a strategy of underwriting major corporate obligations and infrastructure projects, leveraging specialized financing vehicles to manage risk and facilitate large transactions.

The financing for Meta's campus development is notable for its scale and the specific terms involved. Bondholders are effectively underwriting a significant portion of Meta's stake and associated obligations. Credit rating agencies have offered differing assessments of the associated credit risks, indicating a degree of complexity and varied perspectives on the financial security of the venture.

This engagement demonstrates Blue Owl's capacity to structure and finance complex, capital-intensive projects. The firm's role extends beyond traditional lending, positioning it as a key financial partner in major corporate infrastructure initiatives. The nuances in credit ratings suggest a careful evaluation of the underlying assets and corporate guarantees supporting these substantial debt instruments.

Last updated August 2, 2026

Coverage

Fifteen lenders are financing the significant expansion of data center construction, accounting for $1.3 trillion in debt for 4,296 facilities nationwide.
Bondholders are underwriting Meta's involvement in an El Paso data center campus, with Meta holding a 20% stake and all material obligations, including a residual value guarantee and a 2028 rent commencement.
Blue Owl owns a majority stake in the entity behind Meta's largest campus, financed through significant SPV debt and a residual value guarantee.