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SE Cosmos Seeks $999 Million in High-Yield Debt for SoftBank-Linked AI Data Center

Apr 29, 2026 13:34 UTC
SFTBY
Short term

Data center developer SE Cosmos LLC is launching a $999 million junk bond offering to fund a project leased to a SoftBank subsidiary. The deal serves as a litmus test for investor appetite regarding high-yield AI infrastructure financing.

  • Offering size: $999 million
  • Instrument: Five-year junk bonds
  • Underwriters: Morgan Stanley and Nomura
  • Strategic link: SoftBank Group Corp. subsidiary lease
  • Market context: AI infrastructure expansion

SE Cosmos LLC is marketing five-year notes totaling $999 million to finance a data center project. The facility is leased to a subsidiary of SoftBank Group Corp., directly linking the debt issuance to the ongoing global expansion of artificial intelligence infrastructure. The offering arrives during a period of increased high-yield debt activity targeting the US data center market. As the demand for AI computing power scales, developers are increasingly utilizing the junk bond market to fund the massive capital expenditures required for specialized facilities. The transaction is being managed by Nomura Holdings Inc. and Morgan Stanley. An investor call is scheduled for Wednesday at 10 a.m. Eastern time to discuss the terms of the notes and the underlying project's financial viability. The success of the SE Cosmos offering will provide critical insight into whether investors remain willing to accept higher risk profiles for AI-related real estate. A strong reception would signal continued confidence in the AI build-out, while weak demand could suggest a cooling of speculative fervor surrounding AI infrastructure financing.

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