Meta has tapped US bond giant PIMCO and alternative asset manager Blue Owl Capital to co-lead a $29 billion financing round for its data center expansion project in rural Louisiana, according to people familiar with the matter.

The anonymous source said PIMCO will provide approximately $26 billion in debt financing (expected to be issued in the form of bonds), while Blue Owl will contribute $3 billion in equity. Media reports previously stated that Meta has been working with Morgan Stanley on the financing, while Apollo Global Management and KKR also bid for leadership before the final stages of negotiations. Meta, PIMCO, and Blue Owl declined to comment.

The partnership comes as Meta seeks external funding to support its AI infrastructure expansion. Last week, the company announced in a filing that it plans to sell approximately $2 billion in data center assets as part of a joint development strategy to share the costs of generative AI facilities.

In July, Meta CEO Mark Zuckerberg announced that the company would invest hundreds of billions of dollars in building multiple large-scale AI data centers for its Super Intelligence division and would continue to offer high salaries to recruit top engineers. In a post on the Threads social platform last month, he revealed that the first gigawatt-scale data center, named "Prometheus," is expected to be operational in 2026, and another facility, "Hyperion," could be expanded to 5 gigawatts in the coming years.

In June, Meta reportedly planned to raise $29 billion from private equity firms to build AI data centers in the United States and was evaluating debt structures and additional financing options.