Blue Owl Invests Additional $750M in AI Data Center Joint Venture

On May 28, Blue Owl Capital Inc. (NYSE:OWL), Chirisa Technology Parks (CTP), and PowerHouse Data Centers have finalized a $750 million transaction, marking a key phase in their $5 billion joint venture focused on AI/HPC data center development. Initially launched in August 2024, this partnership aims to establish turnkey AI infrastructure, supporting CoreWeave and other hyperscale and enterprise customers.

The partnership is currently developing a 350-acre campus in Chesterfield, VA, where construction began in 2024 for an initial 120MW of new critical facilities. These facilities will support CoreWeave, one of the fastest-growing cloud infrastructure providers for AI workloads. Delivery is scheduled for 2025 and 2026.

The campus features cutting-edge design standards. It is built specifically for dense GPU clusters and advanced computing technologies required for large-scale AI customers. It integrates CTP's proprietary ‘direct-on-chip’ liquid cooling design, which is almost twice as energy efficient as traditional air-cooled systems.

“This is another pivotal milestone in our $5 billion strategic partnership with CTP and PowerHouse,” said Marc Zahr, Global Head of Real Assets at Blue Owl. “We’re delivering on our vision to create foundational infrastructure for the next generation of AI-native cloud companies like CoreWeave.”

Despite its strong market potential, the partnership faces investment risks such as high capital expenditure, an extended project timeline stretching into 2026, and dependence on CoreWeave’s continued success in AI adoption. However, its ability to efficiently deliver turnkey solutions positions it well for sustained long-term growth.

Chirisa Technology Parks (CTP) specializes in AI/HPC data center deployments, managing over 500,000 SF of built capacity with a 1.6 GW pipeline in development. PowerHouse Data Centers, owned by American Real Estate Partners (AREP), leads next-gen hyperscale development, rapidly expanding across six major U.S. markets.

Blue Owl Capital Inc. (NYSE:OWL) is an American alternative investment management firm. It offers flexible, long-term capital solutions through diversified platforms such as direct lending, credit strategies, GP strategic capital, and real assets. The company works with institutional investors, financial advisors, and alternative asset managers, providing tailored financing for mid-market companies and other borrowers.

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