If you build it, will they come? Inside a $30 billion bet.
Category: Private Credit Research
Published:
Project Beignet — Blue Owl and PIMCO's $30 billion off-balance-sheet financing of Meta's Hyperion AI campus — closed in October 2025. This note examines deal mechanics under ASC 810 and ASC 842, the Residual Value Guarantee behind the A+ rating, and the structural risks the spread implies investors are pricing.
Read the full Icarus Asia research note at https://icarusasia.com/research/pimco-blueowl-beignet.
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By Icarus Asia — independent strategic advisory and market research on Asian markets.