Investing.com -- Galaxy Digital Inc. plans to raise approximately $3.5 billion through its first junk-bond sale to finance a data center connected to CoreWeave Inc., according to a company filing.

The funds will support the company's Helios Data Center Campus project in Dickens County, West Texas, and establish debt service reserves. The Galaxy unit issuing the five-year notes will repay 4% of the original principal each year, starting 10 months after construction is finished, Bloomberg reported Wednesday.

Morgan Stanley and Goldman Sachs Group Inc. are managing the offering, which is scheduled to price on July 23, the report said.

CoreWeave has agreed to lease computing capacity at the facility through 15-year contracts projected to generate over $1 billion in annual revenue, Galaxy Digital stated earlier this month.

The project's first phase was completed earlier in 2026. The second phase is set to begin in 2027.

Last month, an Applied Digital Corp. subsidiary raised $1.59 billion in the junk-bond market to fund additional computing capacity for CoreWeave in North Dakota.

Galaxy Digital, a digital assets company that has expanded into AI infrastructure, has previously raised capital through convertible note offerings.