Data center developer backed by Tract Capital and Fleet Data Centers raises $4.54 billion in high-yield debt for Nvidia-linked AI infrastructure project

The entity is marketing five-year notes with initial price discussions in the high 6% range, led by JPMorgan. Proceeds will fund part of construction of a 200-megawatt data center and substation in Storey County, Nevada, and reimburse 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. The facility is expected to be leased by Nvidia.

Companies tied to AI-driven data center expansion have raised more than $22 billion in high-yield debt this year, including a record $5.7 billion deal linked to Alphabet's Google data centers. The surge reflects continued shortages in data center capacity, graphics-processing units, and access to power.