Jet.AI has signed a Letter of Intent to form a joint venture with Consensus Core Technologies to pursue development of two hyperscale data-center campuses-
I. Midwestern Canada (the “Midwestern Project”)
II. Maritime Canada (the “Maritime Project”),
–> both expected to deliver up approximately 1.5 gigawatts of power capacity.
In an AI data center, one megawatt of capacity generally translates to about $1mm of stabilized annual Net Operating Income (“NOI”). The Midwestern Project has 2 MW of capacity live today, and the JV plans to increase capacity to 100 MW within the next 12 months. Once tenanted and stabilized, these 100 MW of new capacity would be expected to translate to roughly $100 million of incremental NOI.
Under the LOI, Jet.AI plans to invest US $2 million at the initial closing-targeted for Q2 2025, following its previously announced transaction with flyExclusive. This investment is expected to secure a 20% general partner interest in each project and an initial 8% equity stake in the Joint Venture’s holding company. A follow-on tranche of US $2 million is tied to a defined milestone, and Jet.AI retains an option to raise its total commitment up to US $20 million, which would bring its ownership in the JV to 19.9%. The parties have agreed to a 60-day exclusivity period, extendable by 30 days under certain conditions, to finalize definitive agreements.
“As these campuses come online and begin to lease, our GP stake would be expected to throw off recurring cash, while our equity stake in the JV would be expected to appreciate,” said Mike Winston, Founder and Executive Chairman of Jet.AI. “Our disciplined approach-paired with Consensus Core’s build-fast playbook-positions the JV to join the ranks of other globally recognized AI compute hubs.”
The Joint Venture brings together two exceptionally well-positioned projects with infrastructure attributes that are becoming increasingly scarce in today’s competitive AI landscape. For a sense of scale, one megawatt can power approximately 1,000 US homes for a day, on average. So, 100 MW of power would supply roughly 100,000 homes. In terms of electrical power, a GW (gigawatt) is much larger than MW (megawatt). One GW is equal to 1,000 MW, GW is usually used to describe larger-scale power generation, such as a national grid or large power plants, while MW refers to smaller facilities or regional energy use. So, 1.5 GW worth of AI data center capacity would equate to approximately $1.5B in NOI as gradually constructed, tenanted and stabilized.
The Midwestern Project features a 115 kV transmission line directly to the site, providing substantial power capacity for immediate and future expansion. The property is strategically positioned adjacent to a large-scale natural gas pipeline and infrastructure, enabling on-site power generation capabilities. As noted earlier, the site already hosts an operating 2-megawatt data center, which is expected to allow for rapid expansion to a full data center campus suitable for hyperscaler deployment.
The Maritime Project is also positioned with large-scale transmission lines delivering high-voltage power and the capability to access additional power from multiple hydro sources. The site has 40 megawatts of immediately available substation capacity and is expected to begin operations at this level. Capacity is expected to increase to 100 MW in the near term, with plans to ultimately scale beyond 1 gigawatt. The property is situated alongside an established large-scale critical energy hub with access to substantial natural gas resources. Additionally, the project is adjacent to future green energy production expansion with 10,000 acres of developable land, creating opportunities for sustainable power generation.
Wayne Lloyd, CEO of Consensus Core, commented, “Grid power, along with natural gas electricity generation, expansion of green energy, and battery storage create a combined energy solution that addresses the power bottlenecks we see in many locations. Our team has specifically sought out sites that meet these criteria, recognizing that such assets are becoming harder to secure in today’s market.
Data centers and reliable power are the two building blocks of AI infrastructure. Jet.AI brings deep capital markets expertise, we bring the real estate, power and build-out know-how—that combination lets customers deploy their next-gen AI-powered products faster and at scale. As a rapidly expanding cloud computing company focused on the AI opportunity, we’re building specialized solutions for AI applications. This new partnership and joint venture provides an exceptional vehicle to rapidly expand our infrastructure footprint and deliver the capacity this growing industry desperately needs.”
