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Good question. The financing structure is actually quite interesting it's not traditional equity investment.

For the Hyperion deal specifically (confirmed by Meta's official announcement Oct 21, 2025):

80% owned by Blue Owl Capital (private credit firm) Financed through $27B+ debt arranged by Morgan Stanley PIMCO as anchor lender (144A bonds, maturing 2049) Meta has 20% equity + 16-year residual value guarantee So Meta's "guarantee" is essentially a long-term lease commitment with a 4-year initial term + extension options. If it goes bust, Meta is still on the hook for 16 years of payments, but Blue Owl/PIMCO absorb most of the asset risk.

The other deals (CoreWeave 14.2B,Oracle 20B) are traditional service contracts Meta pays for capacity, vendors own the infrastructure.

This is actually the largest private capital deal on record according to Bloomberg (Oct 16, 2025).

Sources: Meta official announcement, Bloomberg, Data Center Dynamics