---
title: "Nvidia-Linked AI Project Seeks $4.54 Billion In Junk Debt"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/284258377.md"
description: "A data center developer is seeking $4.54 billion in junk debt for an AI project expected to be leased by Nvidia. The offering, led by JPMorgan, includes five-year notes with initial pricing in the high 6% range. This follows a previous $3.8 billion junk-bond sale for the same project, indicating strong demand for AI-related financing. The funds will help construct a 200-megawatt data center in Nevada. Companies linked to AI data center expansion have raised over $22 billion in high-yield debt this year, reflecting ongoing investor interest in AI infrastructure."
datetime: "2026-04-27T18:37:55.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/284258377.md)
  - [en](https://longbridge.com/en/news/284258377.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/284258377.md)
---

# Nvidia-Linked AI Project Seeks $4.54 Billion In Junk Debt

A data center developer is moving back into the high-yield market with a $4.54 billion debt offering tied to an artificial intelligence project expected to be leased by Nvidia , in what could be another signal that investor demand for AI infrastructure financing remains resilient. The entity, backed by Tract Capital Management and Fleet Data Centers I, is marketing five-year notes with initial price discussions in the high 6% range, according to a person familiar with the matter. The transaction, led by JPMorgan, appears to come at a time when capital is continuing to flow toward projects positioned to support accelerating AI workloads.

Proceeds from the offering are expected to fund part of the construction of a 200-megawatt data center and substation in Storey County, Nevada, while also reimbursing Fleet Data Centers for earlier equity contributions. The developer previously raised $3.8 billion in a debut junk-bond sale in February for the same project, which attracted roughly $14 billion in orders, suggesting demand for AI-linked credit has been substantial so far. The facility is expected to be leased by Nvidia, reinforcing how chip demand is increasingly translating into large-scale infrastructure buildouts.

Across the broader market, companies tied to AI-driven data center expansion have raised more than $22 billion in high-yield debt this year, according to compiled data, including a record $5.7 billion deal linked to Alphabet's Google data centers. The surge in financing activity comes as the rapid expansion of AI continues to create shortages in data center capacity, graphics-processing units, and access to power, which could keep funding needs elevated. An investor call for the current deal is scheduled for 10 a.m. Eastern Time, as market participants assess whether demand can continue to absorb the growing pipeline of issuance.

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