I spent weeks tracking Meta's AI infrastructure deals from September-October 2025. The scale is unprecedented: $75.5 billion across 4 deals in just 3 months.
What's interesting isn't just the size—it's the structure. Meta is using private credit and joint ventures instead of traditional CapEx. The Hyperion deal: Meta owns 20%, Blue Owl owns 80%, but Meta is on the hook for 16 years.
The math is uncomfortable: $75B in infrastructure spending vs ~$7B in AI revenue. That's a 10:1 cost-to-revenue ratio.
Happy to discuss the economics, the private credit angle, or whether this is sustainable.
Meta spent $75B in 3 months on AI infrastructure (CoreWeave, Oracle, Blue Owl)
(allenarch.dev)4 points by 0xrelogic 10 hours ago | 5 comments
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Key findings: • CoreWeave: $14.2B (6+ years, Nvidia GB300 GPUs) • Oracle: ~$20B (multi-year cloud deal) • Blue Owl/Hyperion: $27B (joint venture, private credit financing) • Scale AI: $14.3B (49% stake)
What's interesting isn't just the size—it's the structure. Meta is using private credit and joint ventures instead of traditional CapEx. The Hyperion deal: Meta owns 20%, Blue Owl owns 80%, but Meta is on the hook for 16 years.
The math is uncomfortable: $75B in infrastructure spending vs ~$7B in AI revenue. That's a 10:1 cost-to-revenue ratio.
Happy to discuss the economics, the private credit angle, or whether this is sustainable.