A joint venture led by Blue Owl Capital has secured $750 million to ramp up construction of hyperscale AI data centers for CoreWeave. The funding marks a significant push toward the group’s broader $5 billion strategy aimed at supporting high-performance computing infrastructure in North America.
The funds will accelerate work at Chirisa Technology Parks’ 350-acre Chesterfield campus in Virginia, where developers broke ground last year. The team plans to deliver 120MW of capacity by 2026, building on CoreWeave’s lease of the site’s first 28MW facility, CTP-01.
Departing from conventional data center models, this initiative leverages CTP’s proprietary direct-on-chip liquid cooling technology. This approach not only elevates energy efficiency but also significantly boosts performance for resource-intensive AI and GPU workloads—a critical advantage as demand for AI-driven services accelerates.
Additionally, PowerHouse Data Centers, a principal collaborator in this project, is actively expanding its footprint across the United States. with more than 2.3GW of power across planned or active sites. Together with Chirisa, it aims to develop agile, high-capacity campuses that cater to evolving enterprise needs.
Doug Fleit, CEO of PowerHouse, emphasized the partnership’s long-term vision. “We are building platforms that don’t just meet today’s expectations—they anticipate what AI-native enterprises will demand tomorrow,” he said.
Blue Owl, fresh off acquiring Stack Infrastructure through its IPI Partners deal, manages approximately $192 billion in assets. According to Marc Zahr, Blue Owl’s head of real assets, this latest milestone represents more than funding—it lays the groundwork for next-generation cloud platforms. “We’re not just financing infrastructure,” Zahr noted. “We’re shaping the future of AI deployment.”
By aligning capital, engineering, and energy innovation, the Chesterfield project reflects a larger shift in the cloud landscape. Instead of adapting legacy systems, leaders like CoreWeave are building cloud environments designed from the ground up for modern compute realities.
