There are better articles explaining this: https://www.forbes.com/sites/petercohan/2025/11/25/metas-ai-... and https://www.wsj.com/tech/meta-ai-data-center-finances-d3a6b4...

The Forbes article says that "to be an operating lease [...] Meta must have the obligation to absorb the venture’s losses or the right to receive its benefits."

I don't know enough about finance to tell for sure, but this seems backwards?