Meta's capital expenditures including principal payments on finance leases were $72.22 billion for full-year 2025, with 2026 guidance moving from $115-135 billion to as much as $145 billion and then narrowed to $130-145 billion. Its flagship is the Hyperion campus in Richland Parish, Louisiana, which grew from a $10 billion announcement to a $27 billion Blue Owl joint venture and by mid-2026 to a 5 GW facility costing more than $50 billion. Meta repeated the private-credit JV playbook with BlackRock at El Paso, a roughly $14 billion venture with a $12.5 billion debt financing and residual value guarantees. No 2025-2026 Meta cancellation of a North American AI campus was confirmed; documented pauses trace to the late-2022 design-rescope cycle.
Named sites
11
Site commitments on record for Meta Platforms
Disclosed site capital
$82.7B
Named sites with a stated dollar figure. A floor, not a capex total
Disclosed capacity
7,000 MW
Named sites with a stated megawatt figure
Financing transactions
18
Transactions naming Meta Platforms or one of its sites
Sources
59
Every cited page, listed below
MarketMarket data from TradingView, delayed
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent, and guidance is what management expects. They sit side by side and are never combined.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| FY2024 | reported | $37.3B | Purchases of property and equipment $(37,256)M in 2024; principal payments on finance leases $(1,969)M |
|
| FY2025 | reported | $72.2B | Capital expenditures, including principal payments on finance leases, were $22.14 billion and $72.22 billion for the fourth quarter and full year 2025, respectively; underlying purchases of property and equipment were $(69,691)M with principal payments on finance leases of $(2,524)M |
|
| CY2026 (initial guide) | guidance | $125B | Midpoint of initial range: 'We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $115-135 billion'; CNBC noted the high end would be almost double 2025's $72.2 billion |
|
| CY2026 (Apr 2026 raise) | guidance | $145B | Guidance was raised to as much as $145 billion in April 2026; recorded at the stated ceiling |
|
| CY2026 (Q2 narrowed guide) | guidance | $138B | Midpoint of narrowed range: 'We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $130-145 billion, narrowed from our prior outlook of $125-145 billion' |
|
| Q2 2026 | reported | $31.1B | Q2 2026 capex of $31.08 billion; H1 2026 purchases of PP&E of $(49,113)M |
Named sites
Where Meta Platforms builds
| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
Hyperion, Holly Ridge, Richland Parish with Blue Owl Capital, Entergy |
Louisiana | Holly Ridge, Richland Parish | ≥$50.0B | 5,000 | construction | |
El Paso AI data center with BlackRock |
Texas | El Paso | ≥$14.0B | 1,000 | construction | |
Lebanon hyperscale development |
Indiana | Lebanon | $10.0B | n.a. | announced | |
Eagle Mountain campus with Rocky Mountain Power, Lydian Energy |
Utah | Eagle Mountain | ≥$3.0B | n.a. | expansion | |
Montgomery data center Announced May 2024; expansion September 2025 |
Alabama | Montgomery | ≥$1.5B | n.a. | expansion | |
Kuna data center Announced 2022 and paused during the late-2022 rescope; near peak construction January 2026; online 4 September 2026 |
Idaho | Kuna | $1.2B | n.a. | operating | |
Meta Temple Data Center, Industrial Boulevard Opened 22 July 2026 |
Texas | Temple, Bell County | ≥$1.2B | n.a. | operational | |
Mesa data center with Salt River Project |
Arizona | Mesa | ≥$1.0B | n.a. | operating | |
Cheyenne data center Announced July 2024 |
Wyoming | Cheyenne | ≥$800M | n.a. | announced | |
Meta Sturgeon County data center |
Alberta | Sturgeon County, Sturgeon County | n.a. | 1,000 | construction | |
Social Circle / Newton County campus |
Georgia | Social Circle, Newton County | n.a. | n.a. | announced |
Financing
Financing transactions
Transactions that name Meta Platforms as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
Apollo + Meta Apollo was reported to be leading talks to raise data center financing for Meta. |
debt facility | ~$35.0B | reported February 27, 2025 |
n.a. |
|
Meta + Blue Owl Capital Meta and funds managed by Blue Owl Capital entered a joint venture to develop and own the Hyperion data center campus, with the parties committing pro rata shares of approximately $27 billion in total development costs. Blue Owl made a cash contribution of approximately $7 billion, Meta received a one-time distribution of approximately $3 billion, leases have a four-year initial term with extension options, and Meta provided a residual value guarantee for the first 16 years of operations. |
jv equity | ~$27.0B | Joint venture agreement entered 21 October 2025 |
Hyperion, Holly Ridge, Richland Parish (LA) |
|
Nebius Group + Meta Second, far larger Meta agreement following the initial $3 billion deal. |
other | $27.0B | compute purchase beginning early 2027 |
n.a. |
|
Blue Owl + Meta JV for the Hyperion campus with a four-year initial lease term and a residual value guarantee covering the first 16 years of operations. |
jv equity | ~$27.0B | entered October 21, 2025 |
Meta Hyperion campus (Blue Owl JV) (LA) |
|
CoreWeave + Meta Expanded AI infrastructure agreement based on Nvidia's Vera Rubin platform, running through December 2032. |
other | ~$21.0B | runs through December 2032 |
n.a. |
|
Meta + BlackRock Meta and BlackRock committed to fund pro rata shares of approximately $14 billion in total El Paso development costs. At financial close Meta contributes land and construction-in-progress assets valued at approximately $2.3 billion, BlackRock makes a cash contribution of approximately $4.9 billion, Meta receives a one-time distribution of approximately $1 billion to align the 80/20 ownership split, and Meta provides residual value guarantees with an aggregate threshold of approximately $13 billion that decreases over time. |
jv equity | ≥$14.0B | Announced July 2026 |
El Paso AI data center (TX) |
|
BlackRock A portion of BlackRock's investment in the El Paso venture will be funded with proceeds from a $12.5 billion debt financing. Reported by the Financial Times (via GuruFocus on Yahoo Finance) on 24 July 2026: the BlackRock-owned vehicle's roughly $12 billion bond priced at yields above 7%, about 0.4 percentage points more than the Hyperion bonds, with maturity in 2048, rated A+ by S&P and AA- by Fitch and KBRA, and secured by 20 years of Meta rent payments beginning in 2028 Second source on pricing: IBTimes UK reported that the single tranche of amortizing notes, issued through the BlackRock-linked holding company Sopaipilla Investor, priced on 27 July 2026 at about $12.5 billion and a yield of about 7.5%, about 2.875 percentage points over 10-year Treasuries, with orders near $20 billion. JPMorgan and Morgan Stanley led the sale; the notes mature in 2048, are secured by 20 years of Meta rent beginning in 2028, and were rated A+ by S&P and AA- by Fitch. Meta contributed land and partly built assets worth about $2.3 billion and took a $1 billion distribution |
debt facility | $12.5B | Announced July 2026 with the BlackRock venture; bond pricing reported 24 July 2026 by the Financial Times |
El Paso AI data center (TX) |
|
Meta + Anthropic Anthropic held talks to lease AI computing capacity from Meta in a potential deal worth about $10 billion, according to The New York Times. A person familiar with the matter told CNBC the talks were very preliminary. The talks followed Meta CEO Mark Zuckerberg's statement in May 2026 that Meta was considering entering the cloud computing business |
compute lease | ~$10.0B | Reported by The New York Times on 17 July 2026; CNBC confirmed very preliminary talks the same day |
n.a. |
|
Riot Platforms + Undisclosed frontier AI lab Riot signed a 20-year data center lease (through June 2048) with a leading frontier AI lab for 191 MW of critical IT capacity at its Rockdale campus. Delivery of 96 MW is expected by December 2027 and the full 191 MW by June 2028. Riot also disclosed a non-binding letter of intent for a proposed lease at its Corsicana facility |
lease | ~$9.1B | Executed after 30 June 2026; announced 10 August 2026 |
Rockdale campus AI data center (TX) |
|
CoreWeave + Meta Loan facility secured by CoreWeave's long-term Meta agreement. |
debt facility | $8.5B | 2026 |
n.a. |
|
CleanSpark + Anviran, LLC (Meta subsidiary) + Meta Platforms (guarantor) CleanSpark signed a 20-year triple-net lease for 175 MW of critical IT load at Sandersville, Georgia, with deliveries expected to begin in Q4 2027. The tenant also executed a letter of intent and exclusivity arrangement covering CleanSpark's Texas portfolio of 718 acres and up to 885 MW. CleanSpark estimated landlord project costs of $10 million to $12 million per MW On 17 September 2026 CleanSpark disclosed the tenant as Anviran, LLC, a wholly owned subsidiary of Meta, with Meta guaranteeing rent and operating expenses. The investor presentation shows development cost of about $11.9 million per IT MW, rent commencing 30 November 2027 and about $330 million of average annual NOI, and CleanSpark proposed a $2.227 billion senior secured notes offering to fund the remaining Sandersville build. The 17 September 2026 investor presentation states a 3.0% annual rent escalator, rent commencement on 30 November 2027 and one 12-month option in addition to the two five-year extensions |
lease | ≥$6.6B | Announced 14 July 2026 |
CleanSpark Sandersville data center (GA) |
|
Entergy + Meta Utility Entergy is planning three new natural gas plants near the Hyperion site at a cost of $3 billion. |
other | $3.0B | Announced alongside the December 2024 Hyperion announcement |
Hyperion, Holly Ridge, Richland Parish (LA) |
|
Nebius Group + Meta Initial Meta compute agreement, signed as Nebius described current available capacity as sold out. |
other | $3.0B | n.a. (reported alongside sold-out capacity commentary) |
n.a. |
|
Riot Platforms + Riot DC Logistics, LLC + Morgan Stanley Senior Funding, Inc. Riot subsidiary Riot DC Logistics, LLC entered a $573.0 million senior secured delayed-draw term loan with Morgan Stanley Senior Funding as administrative agent to fund long-lead equipment for the 191 MW Rockdale data center. The loan is secured by substantially all assets of the credit parties with no recourse to Riot Platforms. Riot described it as interim financing while an investment-grade credit backstop is finalized |
debt facility | $573M | Credit agreement dated 10 August 2026 |
Rockdale campus AI data center (TX) |
|
Meta + Crusoe With Oracle and OpenAI dropping plans to expand the flagship Abilene Stargate site, Meta is in talks to pick up Crusoe capacity and reportedly paid a $150 million deposit to Crusoe to secure the site. |
other | ~$150M | Reported after the Abilene expansion was dropped |
Stargate flagship campus, Abilene (Crusoe/Lancium Clean Campus) (TX) |
|
Riot Platforms + GMO + Whinstone and its parent, GMO Internet Group, Inc., (collectively, “GMO”) filed a complaint against Whinstone alleging breach of a colocation services agreement between GMO and Whinstone, which has since been terminated, seeking damages in excess of $ 150.0 million for lost profit and profit sharing payments GMO alleges it was owed from Whinstone. |
other | $150M | Filed Aug 10, 2026 |
n.a. |
|
Meta + Constellation Energy Constellation and Meta signed a 20-year agreement giving Meta 1,121 MW from the Clinton Clean Energy Center in Illinois beginning June 2027. The agreement supports relicensing and continued operation of the plant as the state zero-emission credit expires in 2027, without ratepayer support, and funds a 30 MW uprate. Constellation cited 1,100 preserved jobs and $13.5 million in annual tax revenue. |
ppa | n.a. | Announced 3 June 2025 |
n.a. |
|
Capital Power Corporation + Meta Capital Power entered a long-term energy supply agreement of more than 10 years for 250 MW of capacity and energy to support Meta's data center in Sturgeon County, Alberta, with the project load expected in service in the second half of 2028. The agreement includes capacity and energy payments backed by Capital Power's Alberta fleet and preserves options at its Genesee site |
energy supply agreement | n.a. | Announced 8 July 2026 |
Meta Sturgeon County data center (Alberta) |
The record
Sourced facts on Meta Platforms
- Meta's documented pauses come from its earlier design-rescope cycle rather than the 2025-2026 AI build: the company ripped up its data center plans and paused projects around the world as it redesigned them for AI workloads, first cancelling its Danish data center expansion outright before pausing projects in Texas and Alabama.
- The rescope cycle is pinned to Meta's 11,000-employee layoff announcement (some 13 percent of its workforce) and reworking of 11 under-development projects, with Temple, Texas the next pause, i.e. the late-2022 rescope, not a 2026 event.
- No 2025-2026 Meta cancellation of a North American AI campus was confirmed in this research; delayed or paused capacity for Meta in the 2024-2026 window is n.a.
- Meta is in talks to pick up Crusoe capacity at Abilene after Oracle and OpenAI dropped expansion plans, having reportedly paid a $150 million deposit to Crusoe to secure the site.
Sources
Sources for Meta Platforms
Every source cited on this page, once each.
- fortune.comFortune
- opportunitylouisiana.govLouisiana Economic Development
- about.fb.comMeta newsroom
- cnbc.comCNBC
- datacenters.atmeta.comMeta Data Centers
- nola.comThe Times-Picayune (PSC vote)
- nola.comThe Times-Picayune (transmission lines)
- finance.yahoo.comTom's Hardware via Yahoo Finance
- neworleanscitybusiness.comLouisiana Illuminator via New Orleans CityBusiness
- reuters.comReuters
- cnbc.comCNBC
- investor.atmeta.comMeta investor relations
- cnbc.comCNBC
- indystar.comIndyStar
- yahoo.comIndyStar via Yahoo
- datacenterdynamics.comDCD
- datacenters.atmeta.comMeta Data Centers
- msn.comKUTV via MSN
- msn.comABC4 via MSN
- governor.alabama.govAlabama Governor's Office
- datacenters.atmeta.comMeta Data Centers
- datacenterdynamics.comDCD
- constructionowners.comConstruction Owners
- datacenterdynamics.comDCD
- eastidahonews.comEast Idaho News
- idahopress.comIdaho Press
- kwtx.comKWTX
- datacenters.atmeta.comMeta Data Centers
- datacenters.atmeta.comMeta Data Centers
- about.fb.comMeta Newsroom
- cbc.caCBC News
- covnews.comCovington News
- datacenterdynamics.comDCD
- reuters.comReuters
- reuters.comReuters
- assets.nebius.comQ1 2026 shareholder letter
- investors.coreweave.comCoreWeave IR
- finance.yahoo.comYahoo Finance (GuruFocus, citing Financial Times)
- ibtimes.co.ukIBTimes UK
- cnbc.comCNBC
- riotplatforms.comRiot Platforms
- stocktitan.netStock Titan (Riot 8-K)
- mlq.aiMLQ
- investors.cleanspark.comCleanSpark
- sec.govSEC Form 8-K Exhibit 99.1 (CleanSpark Sandersville investor presentation)
- sec.govSEC Form 8-K Exhibit 99.2 (CleanSpark)
- 247wallst.com24/7 Wall St.
- datacenterdynamics.comDCD
- sec.govSEC EDGAR (Riot Platforms 8-K)
- datacenterdynamics.comDCD
- sec.govSEC EDGAR 10-Q
- constellationenergy.comConstellation Energy
- about.fb.comMeta Newsroom
- finanznachrichten.deCapital Power via GlobeNewswire (finanznachrichten.de)
- investor.atmeta.comMeta Q4/FY2025 results
- cnbc.comCNBC
- finance.yahoo.comYahoo Finance
- investor.atmeta.comMeta Q2 2026 results
- datacenterdynamics.comDCD
Hyperscaler
More in the Index
Capital figures come from the Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so each figure appears as its source states it and none are added into a single deployment number. Informational, not investment advice.
Sources
The SAVRN reference set
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.
Capital Atlas
Who is funding AI data centers: capital providers, named sites, financing transactions, and the blocked-and-delayed record, state by state and company by company.
Open the atlas →
Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
Open the watchlist →
Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
Open the tracker →
Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
Open the water tracker →
Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
Open the watchlist →
Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
Open the permits tracker →
SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
Open the scarcity tracker →
Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
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