Meta (META.US) and BlackRock (BLK.US) face a coverage black hole for their $14 billion data center: only 3.2% coverage, and lenders may bear billions in risk.

Zhitong Finance APP has learned that when the world's largest AI data center projectthe El Paso 1 Gigawatt Computing Power Parkjointly invested by Meta (META.US) and BlackRock (BLK.US), made a splash in the market with a development cost of $14 billion and $12.55 billion in bond financing, a structural flaw hidden behind high yields quietly surfaced. Reportedly, this massive facility, covering approximately 1,000 acres, has an insurance coverage limit of only $427 million during the construction phase and $450 million after it becomes operational. This means that in the event of a catastrophic incident, a gap of billions of dollars in potential losses will be directly borne by the lenders.