Are data centers the new REIT? Not quite — but Meta’s new mega–data center in northeast Louisiana marks what one expert calls a “decisive shift” in how hyperscalers finance the AI era: by turning data centers into a new investable asset class.

“This is where capital markets meet compute,” said Sean McDevitt, a partner at management consulting firm Arthur D. Little, which provided commercial due diligence advice to Meta .

Traditionally, tech giants like Meta, Google , and Microsoft have funded their data center buildouts directly. This time, Meta is partnering with Blue Owl Capital, a private-credit investment firm, on the $27 billion data center known as Hyperion. As reported by The Wall Street Journal , Blue Owl owns 80% of the project, while Meta holds 20%, operating and leas

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