Meta Platforms and funds managed by Blue Owl Capital announced a joint venture in October 2025 to develop what would become the largest known data center campus on the planet. Called Hyperion, the project sits in Richland Parish, Louisiana, and carries an estimated $27 billion price tag for buildings, long-lived infrastructure, and connectivity systems.
Under the deal’s terms, Blue Owl’s funds own 80% of the venture while Meta retains 20%. Meta contributed land and construction-in-progress assets; Blue Owl’s funds made a cash contribution of approximately $7 billion. Co-CEOs Doug Ostrover and Marc Lipschultz described Hyperion as a project built around the scale and execution speed that next-generation AI infrastructure demands.
From IPI Partners to 90+ facilities globally
Blue Owl’s push into data centers accelerated with its acquisition of IPI Partners, a digital infrastructure fund manager, completed on Jan. 6, 2025. That transaction added more than $11 billion in managed assets and brought IPI’s managing partner, Matt A’Hearn, aboard as head of Blue Owl’s digital infrastructure effort. Five months later, Blue Owl Digital Infrastructure Fund III (ODI III) held a $7 billion final close — nearly double the original $4 billion target.
Marc Zahr, co-president and global head of Real Assets at Blue Owl, said, “We continue to see a generational market opportunity in data centers and digital infrastructure more broadly.” As of April 2025, the firm’s digital infrastructure arm had raised $34 billion in total capital and invested across more than 90 facilities in over 25 global markets.
A $7 trillion question about supply and demand
McKinsey estimates that meeting global data center demand will require more than $7 trillion in new capital investment by 2030 — a figure Blue Owl cites in its own investor materials. Vacancy rates in top-tier markets hover near 2%, and global capacity is projected to nearly triple between 2025 and 2030.
Beyond the Meta venture, Blue Owl is co-developing a $15 billion data center campus in Abilene, Texas, alongside Crusoe Energy Systems and Primary Digital Infrastructure. Phase 2, consisting of 1.2 gigawatts of capacity, broke ground in March 2025 and is expected to be energized by mid-2026. Roughly 3,000 workers are on-site daily, a figure expected to approach 5,000 during the second phase — a physical footprint that underscores just how capital-intensive the AI buildout has become.
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