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Investing.com-- Meta Platforms Inc (NASDAQ:META) has chosen investment firm PIMCO and alternative asset manager Blue Owl Capital to provide $29 billion in funding for a plan to build data centers in rural Louisiana, Bloomberg reported on Thursday.
Pimco will lead a $26 billion debt portion of the financing, while Blue Owl will provide $3 billion in equity, the report said, citing people familiar with the matter. The debt portion will likely be issued through bonds.
Reports in late-June had shown Meta seeking $29 billion from private capital firms to build out its artificial intelligence data center plans in the rural United States.
The company said during its second-quarter earnings that it plans to spend between $66 billion and $72 billion on AI in 2025, and could increase that figure even further in 2026.
The company is among Wall Street’s so-called AI hyperscalers, a group of mega-cap tech firms spending hundreds of billions on building more AI infrastructure. Its peers include Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), and Amazon (NASDAQ:AMZN).