Funds managed by Blue Owl Capital, Chirisa Technology Parks (CTP) and PowerHouse Data Centers have executed a joint venture development agreement focused on the development of large-scale AI/HPC data centers for CoreWeave.

The agreement is intended as the first stage of a partnership with capacity to deploy up to $5 billion of capital for turnkey AI/HPC data center developments supporting CoreWeave and other hyperscale and enterprise data center customers.

The joint venture represents an innovative and flexible capital solution allowing for the rapid development and deployment of new AI/HPC capacity across the United States on a Built-to-Suit basis. The initial 120-megawatts of capacity under the program will be delivered for CoreWeave in 2025 and 2026 at CTP’s 350-acre campus near Richmond, Va. Further deployments in the pipeline include brownfield and greenfield campuses in Kentucky, Nevada, New Jersey, Pennsylvania and Texas.