Meta Platforms has selected bond giant PIMCO and alternative-asset manager Blue Owl Capital to arrange a $29 billion financing package for the company’s next wave of data-center construction in rural Louisiana, according to people familiar with the matter. PIMCO will handle about $26 billion of debt, likely issued as bonds, while Blue Owl will contribute roughly $3 billion in equity. The deal is part of a broader push by Meta to accelerate spending on artificial-intelligence infrastructure. Last week the company said in a regulatory filing that it plans to sell about $2 billion of existing data-center assets under a co-development program to share construction costs. Chief Executive Officer Mark Zuckerberg told investors in July that Meta could spend “hundreds of billions” of dollars building AI super-computing facilities, including its first multi-gigawatt campus, Prometheus, expected to go live in 2026, and a second complex, Hyperion, that can scale to 5 gigawatts. Meta has been working with Morgan Stanley on the financing, and Apollo Global Management and KKR were among firms that advanced to late-stage negotiations before PIMCO and Blue Owl secured the mandate, Bloomberg earlier reported. The transaction underscores a growing reliance on private credit and hybrid capital structures as technology companies race to fund capital-intensive AI projects.