Meta Platforms is constructing a $27 billion data center in Louisiana, but it’s using a financial strategy that keeps this massive investment off its balance sheet. The project, named Hyperion, is being funded through a joint venture with Blue Owl Capital. Meta holds a 20% stake, while Blue Owl manages the remaining 80%. Recently, Blue Owl raised $27.3 billion in bonds to finance the project, with most of the investment coming from Pimco. Meta's approach allows it to avoid the consolidation of the data center’s assets and liabilities, which could impact its credit rating. Instead, the company plans to lease the data center for up to 20 years, starting in 2029, with an initial four-year lease and options to renew. This lease structure is designed to minimize the liabilities Meta reports, allowing it to classify the lease as an "operating lease" rather than a "finance lease." The latter would imply ownership of the asset and debt, which Meta wants to avoid for financial reporting reasons.