A group of banks led by Goldman Sachs Group Inc. has kicked off the sale of a roughly $1.1 billion junk bond to finance construction of a data center sponsored by affiliates of Blue Owl Capital Inc. and leased to Core Weave Inc.

The transaction is expected to price on Wednesday, according to a person familiar with the matter. A call with investors is scheduled for Tuesday at 10 a.m. New York time.

The offering comes as the AI race accelerates, with artificial general intelligence driving demand for data center infrastructure. Core Weave Inc. signage is seen in Times Square in New York.