BlackRock is leading at least $12 billion for Meta’s El Paso data center while a separate $40 billion Aligned Data Centers buyout underscores intensifying competition for AI infrastructure, power and grid access.
Morgan Stanley has moved ahead of Goldman Sachs in AI-linked debt underwriting as data center financing accelerates, with Morgan Stanley research projecting global AI-related debt issuance will reach $570 billion in 2026 and CEO Ted Pick saying 2026 data center capital expenditure is now tracking near $850 billion. A key example is BlackRock’s lead role in at least $12 billion of debt financing for Meta’s El Paso, Texas data center campus, where BlackRock-backed entities hold 80% and Meta 20%, with JPMorgan and Morgan Stanley arranging the debt sale. The financing wave is unfolding alongside larger AI infrastructure transactions, including a consortium led by the Artificial Intelligence Infrastructure Partnership, Abu Dhabi’s MGX and BlackRock’s Global Infrastructure Partners agreeing to buy Aligned Data Centers from Macquarie Asset Management in a deal valued at about $40 billion, plus a planned $5 billion investment. Together, the transactions highlight rising demand for capital, electricity and grid access as AI data centers and crypto-related operators compete for power, especially in Texas.