Off-balance-sheet data center financing draws scrutiny over Meta's exposure

Commentary published November 12, 2026 revisits how Meta funds its AI data center build-out. A Louisiana venture in which Meta holds a 20% stake, alongside funds run by Blue Owl Capital, issued $27.3 billion of bonds through a separate entity, which keeps that debt off Meta's consolidated balance sheet. Investor Steve Eisman likened the structure to Enron, while another commentator argued Meta discloses its financing arrangements openly. The point investors can check is Meta's third-quarter filing, which put maximum potential loss exposure across the Louisiana venture and a second Texas project at $68.4 billion, including lease commitments and financial guarantees. The filing describes that figure as potential exposure rather than outstanding debt or expected losses.

1. Meta owns 20% of a Louisiana data center venture with funds managed by Blue Owl Capital.
2. A separate entity issued $27.3 billion in bonds for the Louisiana project, keeping that borrowing off Meta's balance sheet.
3. Meta's third-quarter filing disclosed $68.4 billion in maximum exposure to loss across the Louisiana venture and a second Texas project.
4. The maximum exposure figure includes lease commitments and financial guarantees and is not outstanding debt or expected losses.
5. Steve Eisman compared the financing structure to Enron; YouTube investor Joseph Carlson disagreed with that comparison.