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Record Funding Creates Joint Venture Owner of the Complex in Louisiana, Meta Signs 20-Year Lease and Offers Residual Value Guarantee, Rare Clause in Technology Designed for Rapid Obsolescence Risk.
Meta, owner of Facebook, Instagram, and WhatsApp, closed a US$ 26 billion debt package to build Hyperion, a megadata center of 4 million square feet (≈370,000 m²) in Richland Parish, Louisiana. The asset will be owned by a joint venture, while Meta will utilize the campus under 20-year lease.
The arrangement includes a residual value guarantee. If the company exits the contract and the property is worth less than a defined floor, the company compensates investors. Bloomberg revealed the central terms of the agreement on September 5, 2025; the structure has been assembled with Pimco leading the debt and Blue Owl Capital in equity, with support from Morgan Stanley.
The Hyperion was announced as Meta’s largest data center, with a 4 million square feet campus in Louisiana dedicated to AI workloads. The project appears on the official channels of the venture and Meta itself, emphasizing scale and regional impact.
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The residual value guarantee (RVG), common in other sectors but uncommon in technology projects of this scale, was the key element to attract private capital given the risk of accelerated obsolescence typical of AI infrastructure. The clause protects creditors if the asset loses value over time, something experts point out as a relevant innovation to enable fundraising of this magnitude.
“Off-Balance-Sheet” Financial Structure and Credit Race
According to reports from August and September, Meta structured the package via joint venture and off-balance-sheet debt, freeing up space on its own balance sheet while accelerating investments in AI supercomputing. In the debt, Pimco leads about US$ 26 billion, and Blue Owl invests around US$ 3 billion in equity; Morgan Stanley coordinates the operation. The arrangement was contested by major private credit firms and could serve as a model for new AI campuses.
The combination of a 20-year lease with RVG seeks to balance technological risk (chips, cooling, and architectures change quickly) and real estate/energy risk (network infrastructure and power supply). For investors, RVG acts as a value cushion in an expensive asset to adapt; for Meta, it is the price to unlock capital in a heavy capex cycle.
What is Hyperion and Why Louisiana
The Hyperion campus is described by official channels as the largest the company has had so far and a key piece for training AI models. The location in Richland Parish takes advantage of large tracts, access to energy, and local incentives. State authorities estimate hundreds of direct jobs and over 1,000 indirect, along with thousands of positions in construction.
The demand for energy is the sensitive point: Entergy Louisiana obtained regulatory approval to invest in generation and transmission to meet the needs of the complex, including combined cycle plants and accelerated deployment of solar. There is also an announcement of a PPA with RWE to reinforce renewable supply tied to the goal of 100% renewable energy.
Reports from local and national press indicate that the project could reconfigure the regional electricity market, with tariff and environmental impacts under debate, reflecting the unprecedented scale of AI data centers.
The Clause That Became a Reference: Residual Value Guarantee
In practice, the RVG promises to compensate creditors if the asset falls below a floor value at the end (or termination) of the contract. The measure is seen as a response to the obsolescence risk: with each cycle, new generations of GPUs, liquid cooling, network topologies, and energy requirements may require costly retrofitting or even make parts of the asset less useful. The use of this mechanism in a data center of this scale is considered unprecedented and could inaugurate a new standard of financing for AI infrastructure.
For the investor, the RVG mitigates downside in a scenario of abrupt technological change; for the tenant, it raises the financial cost but enables huge funding in short terms, while the core business focuses on generative AI and platform services.
How Much Does It Cost After All? The Numbers Are Still in Dispute
There is public divergence over the total cost of the complex over the cycle: while initial communications mentioned an investment of around US$ 10 billion for the campus, statements from the U.S. president on August 26, 2025 referred to US$ 50 billion for the structure in Louisiana. The difference may reflect phases (civil works, power, network, hardware purchases) and expansions throughout the decade; Meta has not officially detailed a consolidated number for the entire cycle.
What is confirmed is the financial package of US$ 29 billion (US$ 26 billion in debt + US$ 3 billion in equity) surrounding the project, with Pimco and Blue Owl as protagonists, and a 20-year occupancy contract with a residual value guarantee. These points define the strategic signal of Hyperion for the market.
In the short term, Hyperion accelerates Meta’s bet on AI; in the long term, it tests a new financing standard for technology assets with risks of rapid obsolescence. Do you agree that the residual value guarantee is a responsible way to unlock credit, or does it transfer too many risks to the ecosystem (energy, tariffs, territory) in exchange for speed? Leave your opinion in the comments.
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