(Bloomberg) -- BlackRock Inc. began marketing $12.3 billion of high-grade bonds to fund a Meta Platforms Inc. data center project, testing investor appetite amid growing concerns about excessive AI infrastructure spending. Most Read from BloombergSopaipilla Investor, a holding company tied to BlackRock, is offering a single tranche of notes due in 2048, according to a person familiar with the matter. Proceeds from the sale will fund a data center campus in El Paso, Texas, expected to provide as much as 1 gigawatt of computing capacity for artificial intelligence workloads. BlackRock subsidiaries Global Infrastructure Management and HPS Investment Partners hold an 80% stake in the project, with Meta owning the remaining 20%. Most Read from Bloomberg Businessweek©2026 Bloomberg L.P.