Meta Puts Maximum Exposure to Two Data Center Ventures at $68.4 Billion

Meta had maximum exposure to loss of $68.404 billion across two unconsolidated data center ventures as of Sept. 30, including $41.493 billion in maximum residual-value guarantees, a measure of possible obligations rather than expected loss.

The total also includes $18.476 billion in lease commitments, $3.703 billion in future funding commitments and $4.732 billion in equity investments. Together, they represent a ceiling across the listed categories, not an amount currently due.

A guarantee could require payment if Meta terminates or declines to renew a lease and other conditions are met. The maximum payment would cover the shortfall between a property's fair value at that time and its guarantee threshold. Meta considers those payments not probable and has recorded no liability.

The exposure spans one Louisiana venture, formed in October 2025, and one Texas venture, formed in July 2026; Meta holds a 20% interest in each. Development costs are estimated at about $27 billion for Louisiana and $14 billion for Texas. The leases are expected to begin in 2029 and 2028, respectively, with four-year initial terms. Renewal options allow total lease periods of up to 20 years.

The $68.404 billion total compares with $45.952 billion at Dec. 31, 2025, but does not cover the same ventures because the Texas entity was formed in July 2026. Only the Louisiana venture had been formed by that year-end date.

The Louisiana venture is developing the Hyperion data center; funds managed by Blue Owl own 80% of the venture, and Meta owns 20%. The financing plan called for some Blue Owl capital to come from debt issued to PIMCO and other bond investors. Beignet Investor LLC separately issued about $27.3 billion in amortizing notes; the debt and $27 billion development-cost estimate describe different measures.

Meta does not consolidate either venture because it lacks power to direct the activities that most affect each one's economic performance. The venture-level disclosure adds detail to earlier coverage of private-credit risks in AI infrastructure.

A July 2025 executive order directed the U.S. Department of Commerce (DOC) to pursue financial support for qualifying data center projects, including possible loans and loan guarantees. It did not announce a guarantee for Meta's existing venture debt.