Fueled by AI: NVIDIA to Lease Data Center Funded by $3.8B High-Yield Debt

NVIDIA (NVDA-US) is expected to lease a data center under construction, financed by a $3.8 billion high-yield bond issuance, reflecting heightened demand for debt funding in AI data center construction. The bond, issued by SV RNO Property Owner 1, a vehicle of Tract Capital, will fund a 200 MW data center and substations in Storey County, Nevada. The transaction, valued at $3.815 billion as of February 13, 2026, is pricing around 6%, with a 16-year lease and two 10-year extension options.摩根大通 (JPM-US) is lead underwriter and摩根士丹利 (MS-US) is co-lead; pricing is expected Friday. NVIDIA also rents capacity from AWS and Azure as it expands AI design and chip development, sectors driving escalating compute needs.