Meta spun off a $27 billion data center project and audit firm issued a warning.

The latest annual report of Meta includes an unusual investor alert. The auditing firm EY issued a warning about Meta's financial arrangement for removing a $27 billion data center project from the balance sheet, listing it as a "key audit matter." Meta stripped the Hyperion data center project from its balance sheet in October of last year, transferring it to a new joint venture established with Blue Owl Capital. Meta holds a 20% stake in the joint venture, with the rest being held by funds managed by Blue Owl. Meta, as a large-scale cloud computing operator, has the expertise to operate data centers, while Blue Owl is an investment company. The economic success of this joint venture will depend on Meta's decision-making and expertise.