Hyperion data center (Louisiana)

Meta's largest AI data center, under construction in Richland Parish, Louisiana since December 2024. The site is financed through a joint venture, and power comes from new gas-fired plants that Entergy Louisiana plans to build for the site. Meta has also committed more than $1B to local infrastructure.

Why it matters to the stock. Hyperion sets how much compute Meta can add beyond 2027, and so how long the capex cycle lasts. Power approval and the build timeline are the main risks to that schedule.