CoreWeave-Tied Data Center Seeks $850 Million Junk Bond Sale

Elk Grove Village Property LLC, an indirect subsidiary of Prime Data Centers, is selling $850 million in junk bonds to fund a hyperscale data center fully leased to CoreWeave Inc. for 15 years, representing about $2.2 billion in revenue, according to a person familiar with the matter. The build-to-suit facility in the Chicago area is part of a wave of high-yield financing for artificial intelligence infrastructure. Net proceeds from the offering, run by Banco Santander SA, will refinance $500 million in existing debt and cover remaining construction costs. CoreWeave, under the lease, pays for all operating expenses including power and taxes. Prime will guarantee funds to complete the project if needed. Companies tied to the AI buildout have raised nearly $27 billion from riskier bonds in 2026, according to Bloomberg data. CoreWeave, a neocloud provider, leases AI capacity to clients like OpenAI, Meta Platforms Inc., and Microsoft Corp.