Lancaster’s planned CoreWeave data centers are a $10 billion build, with $4 billion from a Blue Owl joint venture and up to $6 billion from CoreWeave itself.
Business Insider reported Blue Owl couldn’t secure third-party financing, raising flags about investor appetite for AI data centers tied to sub-investment-grade tenants like B+ rated CoreWeave.
CoreWeave and Blue Owl both insist the project is fully funded, under construction, and on schedule, with Blue Owl clarifying it has about $500 million in bridge financing committed through March 2026.
Physical work is real: one Greenfield Road building is being converted from a printing plant into a data center, with major structural and grid upgrade activity visible on site.
Two additional buildings still need city planning approval, and finalizing construction financing for building one slipped from January to “before June,” a timing detail that matters for both capital stack certainty and city community-benefit payments.
For AI infrastructure watchers, this is a case study in the tension between aggressive GPU buildout plans and the credit, financing, and local-approval execution risks behind the headlines.
The piece is worth a read to track how capital actually flows into second-tier markets for hyperscale AI builds and how municipalities are trying to capture value.
