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SAVRN Research · Capital Atlas · Private equity and infrastructure

IPI Partners / Blue Owl Data Center Capex and Sites

Blue Owl Capital, not ICONIQ, acquired IPI Partners' business for approximately $1.0 billion (80% equity, 20% cash), completing January 6, 2025; the frequently cited $11 billion figure refers to IPI's AUM, not a purchase price. Blue Owl's digital infrastructure strategy totals $39 billion, including the $7 billion Digital Infrastructure Fund III and the Meta Hyperion joint venture in Louisiana with approximately $27 billion of total development costs. STACK Infrastructure is the core portfolio platform.

Updated October 8, 2026 1 named site 19 financing transactions 3 sourced facts 35 sources
IPI Partners / Blue Owl
Private equity and infrastructure
Financing regimenet-lease JV equity with residual value guarantees plus green project financing
Named sites
1
Site-level commitments the atlas ties to IPI Partners / Blue Owl
Disclosed site capital
$27.0B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
n.a.
Sum of named sites with a stated megawatt figure
Financing transactions
19
Transactions naming IPI Partners / Blue Owl or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
9/30/2024 aum ≥$11.0B
IPI AUM over $11 billion as of September 30, 2024; approximately $10.5 billion as of June 30, 2024, with 82 data centers and more than 2.2GW leased
current aum ≥$39.0B
Blue Owl's digital infrastructure strategy totals $39 billion, with a QIA-backed vehicle over $3 billion
Named sites

Where IPI Partners / Blue Owl builds

Louisiana
1 site · $27.0B disclosed
Open the Louisiana investment tracker →
SiteStatePlaceCapitalMWStatusSources
Meta Hyperion campus (Blue Owl JV)
with Meta
 Louisiana Richland Parish ~$27.0B n.a. announced
Financing

Financing transactions

Transactions that name IPI Partners / Blue Owl as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
Meta + Blue Owl Capital
Meta and funds managed by Blue Owl Capital entered a joint venture to develop and own the Hyperion data center campus, with the parties committing pro rata shares of approximately $27 billion in total development costs. Blue Owl made a cash contribution of approximately $7 billion, Meta received a one-time distribution of approximately $3 billion, leases have a four-year initial term with extension options, and Meta provided a residual value guarantee for the first 16 years of operations.
 jv equity ~$27.0B Joint venture agreement entered 21 October 2025 Hyperion, Holly Ridge, Richland Parish (LA)
Blue Owl + Meta
JV for the Hyperion campus with a four-year initial lease term and a residual value guarantee covering the first 16 years of operations.
 jv equity ~$27.0B entered October 21, 2025 Meta Hyperion campus (Blue Owl JV) (LA)
Crusoe + Blue Owl Capital + Primary Digital Infrastructure
The Abilene, Texas AI campus construction loan sits inside a $15B JV with Crusoe, Blue Owl Capital and Primary Digital Infrastructure.
 jv equity $15.0B reported in Newmark 2025 outlook coverage Abilene, Texas AI campus (TX)
Crusoe Energy + Blue Owl Capital + Primary Digital Infrastructure
Phase 2 funds six additional buildings to bring the Abilene campus to 1.2GW across eight buildings, each designed for up to 50,000 Nvidia GB200 NVL72s.
 jv equity ~$11.6B May 21, 2025 Abilene Stargate campus (Crusoe / Blue Owl / Primary Digital JV) (TX)
Newmark (structuring) + Crusoe + Blue Owl Capital + Primary Digital Infrastructure
Newmark structured the $7.1B construction loan for the 1.2 GW Abilene, Texas AI campus, eight buildings targeting 1.4 GW by 2026.
 debt facility $7.1B reported in Newmark 2025 outlook coverage Abilene, Texas AI campus (TX)
Blue Owl
Fund close within Blue Owl's $39 billion digital infrastructure strategy.
 equity raise ~$7.0B n.a. n.a.
Blue Owl + STACK Infrastructure
Green financing within Blue Owl's digital infrastructure strategy.
 debt facility $6.0B n.a. n.a.
Crusoe Energy + Blue Owl Capital + Primary Digital Infrastructure
Initial joint venture funding the Abilene first phase.
 jv equity $3.4B phase 1 construction began June 2024 Abilene Stargate campus (Crusoe / Blue Owl / Primary Digital JV) (TX)
Qatar Investment Authority + Blue Owl + QIA
Qatar Investment Authority backs a Blue Owl capital vehicle of over $3 billion for the hyperscale AI era.
 platform ≥$3.0B n.a. in source n.a.
IREN + Blue Owl + Pacific Investment Management Company LLC
In its FY26 results release of 27 August 2026, IREN disclosed $2.8 billion of new GPU financings funding 90% of associated GPU capex for non-investment-grade customer deployments. The disclosed component is a $2.4 billion financing led by Blue Owl and Pacific Investment Management Company LLC at a 9.0% fixed rate for the Mackenzie air-cooled expansion in British Columbia; together with customer prepayments it provides funding in excess of GPU capex. Separately, a $3.6 billion investment-grade GPU financing at 6.0% supports the Microsoft contract and, with prepayments, funds 96% of associated GPU capex. Blue Owl's own announcement of 28 August 2026 describes the $2.4 billion component as an AI factory financing split into a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes, both at 9%, maturing two and a half years after funding, structured to let IREN purchase Nvidia Blackwell Ultra GPUs in stages, supporting the Mackenzie campus in British Columbia.
 debt facility $2.8B Disclosed 27 August 2026 n.a.
Nscale + Aker ASA + Nvidia + Dell + Nokia + Blue Owl Managed Funds + Fidelity + G Squared + Point72 + T.Capital + Sandton Capital
Series B with Nvidia, Dell, Nokia, Blue Owl Managed Funds, Fidelity, G Squared, Point72, T.Capital and Sandton Capital participating.
 equity raise $1.1B September 25, 2025 n.a.
Blue Owl Capital (affiliates) + Cedarwood Investment Group + PowerHouse Data Centers + Goldman Sachs + Citigroup + Deutsche Bank + CoreWeave (tenant)
A Goldman Sachs led bank group launched a roughly $1.1 billion high yield bond sale on 21 September 2026 to finance construction of the Digital Drive data center near Richmond, Virginia, backed by affiliates of Blue Owl Capital, Cedarwood Investment Group and PowerHouse Data Centers and leased to CoreWeave. CoreWeave has contracted the full 76 MW of IT capacity under a 15 year agreement valued at $2.94 billion, with operations expected between 2027 and 2028. Initial yield talk was reported in the low to mid 9 percent range, with pricing targeted for 23 September 2026; the bonds had not priced at the time of reporting. The deal priced on 23 September 2026: $1.1 billion of five-year notes sold at 98.5 cents on the dollar to yield 9.25%, about 2.7 percentage points above the average for similarly rated debt tracked by Bloomberg, according to a person familiar with the transaction. Goldman Sachs, Citigroup and Deutsche Bank led the sale, and the deal prospectus lists affiliates of Blue Owl Capital, Cedarwood Investment Group and PowerHouse Data Centers as sponsors. S&P Global Ratings rated the notes BB- and said exposure to a single speculative-grade tenant remains the key risk. The coupon and the issuer's legal name were not disclosed in the fetched coverage.
 project bond $1.1B Launched 21 September 2026; priced 23 September 2026. Reported by Bloomberg Digital Drive data center campus (VA)
Blue Owl Capital + IPI Partners + ICONIQ (partnership)
Blue Owl acquired IPI Partners' business and simultaneously entered a partnership with ICONIQ; the acquirer was Blue Owl, not ICONIQ.
 acquisition ~$1.0B agreed October 7, 2024; completed January 6, 2025 n.a.
PaleBlueDot AI + ComputeCore + B Capital
PaleBlueDot AI, a Palo Alto GPU cloud company founded in 2024, announced on 1 October 2026 the completion of a $200 million Series C led by ComputeCore at a $3.2 billion valuation, with existing shareholder B Capital participating. The round follows a $150 million Series B announced in January 2026. The company owns and operates dedicated GPU clusters in several regions (including an Nvidia B300 cluster in Japan), runs a GPU marketplace and serverless inference, and says it had signed more than $5 billion of customer contracts by the end of September 2026. The release gives no North American site or MW figures.
 equity raise $200M Announced 1 October 2026 (company release via PR Newswire) n.a.
STACK Infrastructure + Blue Owl Capital + RACM (seller) + Greysteel (broker)
Blue Owl's STACK Infrastructure bought the 71-acre Culpeper Technology Park at 15140 Keyser Road, Culpeper, Virginia, from RACM. The site sits in the county-designated Culpeper Tech Zone with by-right data center zoning. Planned MW was not disclosed
 acquisition ~$66M Reported 4 August 2026 STACK Culpeper Technology Park (VA)
Blue Owl Capital
Reported: Blue Owl Capital is planning a publicly traded data center REIT seeded with about $6.5 billion of its own data center assets, raising capital through an IPO and later share sales to acquire and build data centers. Deliberations were described as ongoing and details could change, and Blue Owl declined to comment.
 other n.a. Reported by Bloomberg News, 4 September 2026 n.a.
Blue Energy + GE Vernova Hitachi Nuclear Energy
Blue Energy and GE Vernova Hitachi signed an agreement to advance a 2.5 GW gas-plus-nuclear project in Victoria, Texas, to engineering, licensing and safety analysis. Phase 1 would add about 1 GW from two 7HA.02 gas turbines in 2030 and Phase 2 about 1.5 GW from up to five BWRX-300 SMRs in 2032, serving a nearby unnamed data center under a gas bridge financing model. Blue Energy submitted the first part of its NRC construction permit application for the first nuclear unit at the Port of Victoria site late on 15 September 2026 and announced it on 16 September 2026, including a request for limited construction activities and approval to build the gas-fired portion and shared balance of plant first, plus a 300-page environmental report
 other n.a. Reported 13 August 2026 n.a.
Blockfusion USA, Inc. + Blue Acquisition Corp. + Blockfusion Digital Infrastructure, Inc. (Pubco)
Blockfusion, owner of the Niagara Falls, New York campus leased to CoreWeave, plans to go public through a business combination with the SPAC Blue Acquisition Corp. The latest amendment raises the earnout to up to 15 million shares at $13, $15 and $17 price thresholds and excludes a CoreWeave warrant for 2,786,624 Blockfusion shares from certain calculations. The investor presentation models about $200 million of proceeds to Blockfusion from $100 million of financing plus retained trust cash, which is an assumption, not a commitment.
 other n.a. Backfill (not previously recorded). Business Combination Agreement signed 19 November 2025 and amended six times in 2026; closing assumed for November 2026 in the company's investor presentation Niagara Falls AI campus (NY)
FingerMotion, Inc. + BlueFlare Group Holdings Inc. + Undisclosed seller
Binding Agreement of Purchase and Sale for about 20.2 acres (8.18 hectares) at 409 Pioneer Trail S., Hanna, Alberta, to be held by Hanna Campus #1 Inc. Conditions cover title, environmental condition, zoning and permits, utilities and access, and financing.
 acquisition n.a. Announced 1 October 2026 (company release); agreement executed 30 September 2026; closing 30 days after a 60-day due diligence period Hanna Campus #1 (FingerMotion and BlueFlare) (Alberta)
The record

Sourced facts on IPI Partners / Blue Owl

  • ICONIQ as acquirer: not supported. The correct acquirer is Blue Owl, which simultaneously entered a partnership with ICONIQ; ICONIQ managed over $80 billion and Iron Point $10.4 billion.
  • Reuters confirmed the approximately $1 billion price with Blue Owl AUM over $192 billion.
  • Pause exposure: n.a.
Sources

Sources for IPI Partners / Blue Owl

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

Private equity and infrastructure: one page each

Antin Infrastructure Partners 0Apollo Global Management 0Ares Management 2BlackRock / GIP / AI Infrastructure Partnership 0Blackstone 5Brookfield (BAM / Brookfield Infrastructure Partners) 2Copenhagen Infrastructure Partners 1DigitalBridge 5EQT 1Global Infrastructure Partners (as a distinct platform) 0I Squared Capital 0IPI Partners / Blue Owl 1KKR 3Macquarie Asset Management 1Oaktree Capital Management 1Pensions & Sovereign Wealth Funds (CalPERS, CPPIB, CDPQ/La Caisse, OTPP, PSP, ADIA, GIC, Mubadala, MGX) 0Silver Lake 0Stonepeak 2The Carlyle Group 2

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
The SAVRN reference set

Seven references, one system

Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.

Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
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Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
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Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
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SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
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