Luria: Meta used a Blue Owl SPV to finance data centers off-balance-sheet
Gil Luria · AI Bubble Special Report: Debt, Depreciation, and Losses — With Gil Luria · Nov 17, 2025 · at 47:18
Gil Luria, technology research analyst at D.A. Davidson, describes to Alex Kantrowitz how Meta uses off-balance-sheet special purpose vehicles to finance data centers.
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“The other thing that happened with Meta that was interesting is that when they Went out to borrow. They didn't borrow the capital. They created a special purpose vehicle, right? They went out with Blue Owl and they said, you know, we'll put a couple of billion in Blue Owl. You put a couple more. And then you can borrow 10 times that and build data center capacity for us.”
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