Meta Seeks 3 Billion in Loans for Project Walleye Ohio Data Center Including Building and Power Assets

Meta is seeking 3 billion dollars in loans for Project Walleye, its massive Ohio data center, in a first-of-its-kind financing structure where lenders fund both the building and power assets.

The Deal

• Project: Project Walleye (Meta Ohio data center campus)
• Loan amount: 3 billion dollars
• Structure: Lenders fund both construction AND power infrastructure
• Innovation: First deal of its kind combining real estate and power financing

Why This Structure Is Unprecedented

Traditionally, data center financing separates:

• Real estate: Building construction funded through commercial mortgages
• Power: Energy infrastructure funded through separate utility agreements
• Meta approach: Bundling both into single loan package

Advantages

• Lower cost: Single loan may achieve better terms than two separate deals
• Simplified structure: One set of lenders, one set of covenants
• Risk sharing: Lenders share both construction and energy risk
• Scale: 3 billion signals massive data center ambitions

The Scale of Project Walleye

Meta Ohio data center represents one of the largest AI infrastructure projects:

• Power demand: Estimated 2-4 GW (enough to power a major city)
• Investment: Total project cost likely exceeds 10 billion
• Timeline: Multi-year construction and deployment
• Strategic importance: Core to Meta AI training and inference capabilities

Broader Context

Meta AI infrastructure buildout is accelerating:

• 350 billion+ committed: Total AI infrastructure investment announced
• Multiple sites: Beyond Ohio -- plans for campuses nationwide
• Nuclear power: Meta exploring nuclear deals for data center energy
• Competition: Racing Google, Microsoft, Amazon for AI compute dominance

Industry Impact

• Financing precedent: Success could reshape data center funding models
• Power markets: Massive data center demand transforming utility planning
• Ohio economy: Project Walleye would be transformative for the region

The deal was first reported by the Financial Times.