• Meta and BlackRock agreed July 28 to a venture owning the 1 GW El Paso campus, already under construction with 2,300 workers onsite and first capacity due in 2028. BlackRock — with GIP and HPS — takes 80% and Meta 20%, each funding its pro rata share of roughly $14B of development cost.

• Meta contributes ~$2.3B of land and construction in progress against BlackRock’s ~$4.9B of cash, part of it drawn from a $12.5B debt financing, plus a ~$1B distribution to true up the split. Meta then leases the campus back — four years plus four extensions, a potential 20 years — behind a residual-value guarantee starting near $13B.

Meta

• Core Scientific signed 15-year agreements to supply AMD approximately 530 MW across five U.S. sites, with deployments beginning in 2027 and more than $14B of potential contracted revenue. The broader partnership opens a path to 2.5 GW.

• Core develops and operates the shells behind AMD Instinct accelerators, EPYC processors and the ROCm stack, and AMD takes market-priced warrants subject to commercial conditions. AMD gets 5 sites and 15 years without owning any of it; Core keeps construction, financing and power risk.

• Expand Energy will pay $1.25B in cash and revolver borrowings for Twin Eagle Holdings from Five Point Infrastructure, closing targeted for Q3 2026. Twin Eagle brings more than 5 Bcf/d of marketed gas, ~44 Bcf of storage, 2 Bcf/d of transport and 1,000-plus customers.

• Combined, the platform markets ~14 Bcf/d, controls or contracts ~9 Bcf/d of transport and reaches 49 Bcf of storage, with $200M+ of initial annual EBITDA and $150M of synergies guided by year-end 2028. It lands on a 7.48 Bcfe/d quarter, 92% gas, at $3.1B net debt and ~0.5x leverage.

• Revenue hit a record $1.07B, up 165.5%, on product revenue up 215.4% to $935.4M; GAAP gross margin widened 668 basis points to 33.4% and operating income reached $182.2M against a $3.5M loss a year earlier.

• Operating cash flow swung to positive $226.4M from a $213.1M use of cash, and Bloom lifted full-year guidance to $3.9B–$4.2B, roughly double 2025 at the midpoint. Every major U.S. hyperscaler and more than a dozen neoclouds, AI labs and colos have approved its power solutions.

• Kuwait Oil Company signed a $16B lease-and-leaseback covering all 13 of its crude pipelines, roughly 320 kilometers, with Blackstone, Brookfield and KKR splitting 49% equally. KOC holds 51% and keeps full ownership and operational control across the 20.5-year term.

• Investor returns run through a volume-based tariff, and KOC expects ~$7.85B of upfront proceeds at closing to fund KPC’s push toward 4 MMbbl/d of crude capacity by 2035. Centerview, HSBC and J.P. Morgan advised KPC on the deal — Kuwait’s largest inbound investment ever.

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