BlackRock is planning to issue more than $12 billion in bonds to finance the construction of a Texas data center campus, Bloomberg reported Monday, citing people familiar with the transaction.

The proceeds would support Project Sopaipilla Holdings in El Paso, where BlackRock-controlled investment funds own an 80% interest and Meta Platforms owns 20%.

According to the report, the entity holding BlackRock’s stake has mandated JPMorgan Chase & Co. and Morgan Stanley to conduct investor presentations before the bonds are priced early next week. Earlier reports suggested total financing for the project could approach $13 billion.

The planned issuance is the latest example of the multibillion-dollar financing deals supporting the rapid buildout of AI infrastructure. It follows a nearly $30 billion debt package completed by Meta and Blue Owl Capital last year to finance another large-scale data center project in Louisiana.