A property developer in Elk Grove Village, Illinois, is looking to raise $850 million through high-yield bonds to build a data center that will be leased to CoreWeave, the GPU cloud company that has become one of the most aggressive spenders in the AI infrastructure race.
The deal is the latest in a string of billion-dollar-plus debt raises tied to CoreWeave’s expansion. And it lands in a suburb that already hosts around 20 data centers, with plans for 19 more, a concentration dense enough to earn the village its unofficial title as the Midwest’s “data center capital.”
CoreWeave’s appetite for debt keeps growing
CoreWeave, which trades on the Nasdaq under the ticker CRWV, has made a habit of tapping the high-yield bond market in 2026. The company has already completed multiple tranches of junk bond issuances, including offerings of $1 billion and $1.75 billion, all aimed at funding the GPU-dense data centers that power AI workloads for its clients.
This $850 million raise follows the same playbook but with a twist. Rather than CoreWeave issuing the debt directly, it’s the property entity, Elk Grove Village Property, that will sell the bonds. CoreWeave’s role is as the long-term tenant.
