# IPI Partners / Blue Owl Data Center Capex and Sites Source: https://savrn.com/data-center-capital-atlas/company/ipi-blue-owl Markdown alternate of the page above; the site index is https://savrn.com/llms.txt --- 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. | Period | Kind | Amount | As stated | Sources | | --- | --- | --- | --- | --- | | 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 → | Site | State | Place | Capital | MW | Status | Sources | | --- | --- | --- | --- | --- | --- | --- | | Meta Hyperion campus (Blue Owl JV)with Meta | [Louisiana](https://savrn.com/data-center-capital-atlas/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. | Parties | Instrument | Amount | Date | Site | Sources | | --- | --- | --- | --- | --- | --- | | Meta + Blue Owl CapitalMeta 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 + MetaJV 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 InfrastructureThe 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 InfrastructurePhase 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 InfrastructureNewmark 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 OwlFund close within Blue Owl's $39 billion digital infrastructure strategy. | equity raise | ~$7.0B | n.a. | n.a. | | | Blue Owl + STACK InfrastructureGreen financing within Blue Owl's digital infrastructure strategy. | debt facility | $6.0B | n.a. | n.a. | | | Crusoe Energy + Blue Owl Capital + Primary Digital InfrastructureInitial 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 + QIAQatar 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 LLCIn 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 CapitalSeries 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 CapitalPaleBlueDot 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 CapitalReported: 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 EnergyBlue 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 sellerBinding 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](https://savrn.com/data-center-capital-atlas/sources). - about.fb.com[Meta](https://about.fb.com/news/2025/10/meta-blue-owl-capital-develop-hyperion-data-center/) - reuters.com[Reuters](https://www.reuters.com/technology/meta-forms-joint-venture-with-blue-owl-capital-louisiana-data-center-2025-10-21/) - completeaitraining.com[Complete AI Training](https://completeaitraining.com/news/newmark-groups-15-billion-data-center-bet-how-ai/) - crusoe.ai[Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-blue-owl-capital-and-primary-digital-infrastructure-enter-joint-venture) - bisnow.com[Bisnow](https://www.bisnow.com/news/national/data-center/primary-digital-infrastructure-emerges-as-key-player-in-texas-stargate-data-center-campus-129519) - pitchbook.com[PitchBook](https://pitchbook.com/news/articles/blue-owl-raises-7b-for-digital-infrastructure-fund-exceeding-target-by-3b) - datacenterfrontier.com[Data Center Frontier](https://www.datacenterfrontier.com/hyperscale/article/55369021/blue-owl-builds-a-capital-platform-for-the-hyperscale-ai-era) - john-settle.squarespace.com[Settle Talk analysis](https://john-settle.squarespace.com/settle-talk-blog/2026/1/6/stack-infrastructure-to-build-shreveport-data-center) - crusoe.ai[Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-blue-owl-capital-primary-digital-joint-venture) - sec.gov[SEC EX-99.1 (IREN FY26 results)](https://www.sec.gov/Archives/edgar/data/1878848/000187884826000051/irenreportsfy26results.htm) - blueowl.com[Blue Owl Capital](https://www.blueowl.com/news/blue-owl-managed-funds-lead-24-billion-ai-factory-financing-iren) - prnewswire.com[PR Newswire](https://www.prnewswire.com/news-releases/blue-owl-managed-funds-lead-2-4-billion-ai-factory-financing-for-iren-302863057.html) - nscale.com[Nscale](https://www.nscale.com/press-releases/nscale-series-b) - briefs.co[Briefs Finance (summarizing Bloomberg), 21 September 2026](https://www.briefs.co/news/goldman-leads-sale-of-1-1-billion-junk-bond-for-coreweave-le/) - finimize.com[Finimize](https://finimize.com/content/goldman-starts-selling-11-billion-of-junk-bonds-for-a-data-center) - bloomberg.com[Bloomberg (original report, paywalled)](https://www.bloomberg.com/news/articles/2026-09-21/coreweave-tied-data-center-project-kicks-off-junk-bond-offering) - briefs.co[Briefs Finance (summarizing Bloomberg), 23 September 2026](https://www.briefs.co/news/blue-owl-backed-data-center-borrower-lands-1-1-billion-with/) - bloomberg.com[Bloomberg (pricing report, paywalled)](https://www.bloomberg.com/news/articles/2026-09-23/coreweave-tied-data-center-raises-1-1-billion-in-junk-bonds) - allweatherfinance.com[All Weather Finance (summarizing Bloomberg)](https://allweatherfinance.com/ai-computing-power-financing-is-being-repriced-coreweave-data-center-bonds-offer-a-coupon-rate-of-9-25-2-7-percentage-points-higher-than-similar-bonds/) - blueowl.com[Blue Owl](https://www.blueowl.com/news/blue-owl-capital-acquire-ipi-partners-and-partner-iconiq-future-growth) - reuters.com[Reuters](https://www.reuters.com/markets/deals/blue-owl-buy-ipi-partners-about-1-bln-2024-10-07/) - blueowl.com[Blue Owl](https://www.blueowl.com/news/blue-owl-capital-completes-acquisition-ipi-partners-business) - finance.yahoo.com[PaleBlueDot AI release via PR Newswire (Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/palebluedot-ai-raises-200m-series-204100349.html) - commercialobserver.com[Commercial Observer](https://commercialobserver.com/2026/08/blue-owl-stack-infrastructure-virginia-data-center-land/) - wealthmanagement.com[WealthManagement.com (citing Bloomberg)](https://www.wealthmanagement.com/real-estate/blue-owl-plans-creating-publicly-traded-data-center-reit) - bisnow.com[Bisnow (citing Bloomberg)](https://www.bisnow.com/news/national/data-center/blue-owl-capital-data-center-reit) - therealdeal.com[The Real Deal (citing Bloomberg)](https://therealdeal.com/national/2026/09/08/blue-owl-latest-data-center-reit-race-entrant/) - powermag.com[POWER Magazine](https://www.powermag.com/texas-2-5-gw-gas-plus-nuclear-project-proceeds-to-engineering-licensing-phase/) - datacenterfrontier.com[Data Center Frontier](https://www.datacenterfrontier.com/energy/article/55402490/nuclears-next-ai-test-building-at-scale) - world-nuclear-news.org[World Nuclear News](https://www.world-nuclear-news.org/articles/blue-energy-submits-first-construction-application-to-nrc) - finance.yahoo.com[Company press release (Blue Energy, PR Newswire via Yahoo Finance)](https://finance.yahoo.com/energy/articles/blue-energy-submits-construction-permit-130000277.html) - sec.gov[Blue Acquisition Corp Form 8-K, Business Combination Agreement (SEC)](https://www.sec.gov/Archives/edgar/data/2059654/000118518525001805/bacc8k425111425.htm) - sec.gov[Blue Acquisition Corp Form 8-K, Sixth Amendment (SEC)](https://www.sec.gov/Archives/edgar/data/2059654/000118518526004183/bacc8k425092026.htm) - sec.gov[Blockfusion investor presentation, Exhibit 99.1 (SEC)](https://www.sec.gov/Archives/edgar/data/2059654/000118518526004321/baccex99-1.htm) - markets.businessinsider.com[FingerMotion release (GlobeNewswire via Markets Insider)](https://markets.businessinsider.com/news/stocks/fingermotion-and-blueflare-sign-binding-agreement-to-acquire-20-acre-site-in-hanna-alberta-establishing-hanna-campus-1-for-ai-inference-compute-1036589447) ### Private equity and infrastructure: one page each [Antin Infrastructure Partners 0](https://savrn.com/data-center-capital-atlas/company/antin)[Apollo Global Management 0](https://savrn.com/data-center-capital-atlas/company/apollo)[Ares Management 2](https://savrn.com/data-center-capital-atlas/company/ares)[BlackRock / GIP / AI Infrastructure Partnership 0](https://savrn.com/data-center-capital-atlas/company/blackrock-gip-aip)[Blackstone 5](https://savrn.com/data-center-capital-atlas/company/blackstone)[Brookfield (BAM / Brookfield Infrastructure Partners) 2](https://savrn.com/data-center-capital-atlas/company/brookfield)[Copenhagen Infrastructure Partners 1](https://savrn.com/data-center-capital-atlas/company/cip)[DigitalBridge 5](https://savrn.com/data-center-capital-atlas/company/digitalbridge)[EQT 1](https://savrn.com/data-center-capital-atlas/company/eqt)[Global Infrastructure Partners (as a distinct platform) 0](https://savrn.com/data-center-capital-atlas/company/gip)[I Squared Capital 0](https://savrn.com/data-center-capital-atlas/company/i-squared)[IPI Partners / Blue Owl 1](https://savrn.com/data-center-capital-atlas/company/ipi-blue-owl)[KKR 3](https://savrn.com/data-center-capital-atlas/company/kkr)[Macquarie Asset Management 1](https://savrn.com/data-center-capital-atlas/company/macquarie-am)[Oaktree Capital Management 1](https://savrn.com/data-center-capital-atlas/company/oaktree)[Pensions & Sovereign Wealth Funds (CalPERS, CPPIB, CDPQ/La Caisse, OTPP, PSP, ADIA, GIC, Mubadala, MGX) 0](https://savrn.com/data-center-capital-atlas/company/pensions-swfs)[Silver Lake 0](https://savrn.com/data-center-capital-atlas/company/silver-lake)[Stonepeak 2](https://savrn.com/data-center-capital-atlas/company/stonepeak)[The Carlyle Group 2](https://savrn.com/data-center-capital-atlas/company/carlyle) The figure beside each provider is its count of named sites in the atlas. Part of the [North American Data Center Capital Atlas](https://savrn.com/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. [Open the watchlist →](https://savrn.com/data-center-delay-tracker) Moratorium Tracker The policy layer: every state measure and local moratorium mapped and cited, with one page per state. Open the tracker → Water Tracker Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger. Open the water tracker → 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. Open the watchlist → 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. Open the permits tracker → 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. Open the scarcity tracker → Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding. [Check an address →](https://savrn.com/site-intelligence)