Dug into the structure behind Meta's new $14B data center deal with BlackRock since the headline number alone didn't say much. BlackRock funds own 80% of the El Paso project, Meta owns 20%. Meta puts in $2.3B in land and existing construction, BlackRock puts in $4.9B cash and finances $12.5B more through bonds due 2048. The collateral is what stood out. Not the data center itself, a 20-year rent agreement that doesn't start until 2028, once the building's actually finished. Until then bondholder
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