CoreWeave plans to sell $1.5 billion worth of bonds to pay down debt.

The unsecured senior notes are due in 2031. The neocloud also announced a $2 billion debt offering plan in May that was heavily oversubscribed.

Initial price talk for the junk bond is for a yield in the low-nine percent range, Bloomberg reports. JPMorgan Chase & Co. is leading the deal, which is expected to price on Tuesday.

Earlier this month, CoreWeave announced that it would buy data center operator Core Scientific for $9bn in shares. The cloud provider also said that it plans to spend up to $6bn on a data center in Lancaster, Pennsylvania.

The company has loaded up on high-interest debt to fund its rapid growth, but has turned to public markets and bonds to bring the costs down.

Shares in the company increased by one percent on the news.