Meta and Blue Owl closed a $27 billion joint venture to build the Hyperion data‐center campus in Louisiana, one of the largest private‐credit infrastructure financings. Blue Owl holds 80% equity; Meta retains 20% and received a $3 billion distribution. The project is funded primarily via private securities backed by Meta lease payments, carrying an A+ rating and ~6.6% yield. By contributing land and construction assets, Meta converts CAPEX into an off‐balance‐sheet JV, accelerating AI compute capacity while reducing upfront capital and operational risk. The deal signals a new template—real‐asset, lease‐back private credit—for scaling capital‐intensive AI infrastructure.