CoreWeave Raises $4B For Pennsylvania Data Center
CoreWeave landed $4B in funding for a data center campus in Lancaster, Pennsylvania, with asset manager Blue Owl Capital and affiliates of Chirisa Technology Parks and Machine Investment Group committing to the project.
The companies announced a joint venture Monday to provide capital to build the massive data center campus that has the backing of the president.
CoreWeave is planning a $6B data center with 100 megawatts of capacity and the potential to scale up to 300 MW. The data center giant announced the project at a July event in Pittsburgh hosted by the White House, where President Donald Trump and a bevy of politicians gathered to throw their support behind a wave of artificial intelligence investments in Pennsylvania.
CoreWeave said at the time that its development would support 600 construction jobs and 70 full-time roles for operations. The joint venture led by Blue Owl said it plans to fund roughly $200M in local power grid infrastructure improvements along with the $4B in capital its investing in the CoreWeave property itself.
New York-based Blue Owl is publicly traded and has $273B in assets under management. It previously partnered with data center developer CTP on new projects in Virginia and Pennsylvania and has committed up to $20B to funding the company's mostly build-to-suit, hyperscale, powered shell business.
Machine Investment Group is led by a group of former executives at middle-market lender Garrison Investment Group that is focused on opportunistic and distressed investments. The firm says it has deployed roughly $2.4B in capital to date.
The firm in February acquired the two printing press sites at 216 Greenfield Road in Lancaster County where CoreWeave is planning its project. The two contiguous sites, south of chocolate maker The Hershey Co.'s headquarters and amusement park, total 78 acres and have sat vacant since 2023, according to Data Center Dynamics.
CoreWeave, which has the backing of chipmaking giant Nvidia, specializes in cloud computing for AI workloads, effectively offering its graphics processing units, or GPUs, to other operators for lease.
“CoreWeave's cutting edge GPU as a service capability, combined with CTP's deep expertise in AI data center development make this a uniquely powerful alliance, all supported by Blue Owl's differentiated scale and structuring capabilities,” Blue Owl co-President Marc Zahr said in a statement.
“Together, we are not just funding data centers, we are enabling the scalable, resilient, and secure digital backbone of the AI workloads that will underpin society and the economy well into the future."
Pennsylvania has become a magnet for capital chasing AI investments. The White House’s event in Pittsburgh also included a $25B commitment from Blackstone for infrastructure in the state's northeast and the conversion of a coal plant into natural gas by Frontier Group.
The summit came after Google and Brookfield announced plans to spend $3B on two hydroelectric plants in Lancaster County.
