Jet.AI and Consensus Core Announce JV and Plans for Multi-Billion Dollar (1.5 GW) AI Data Center in Canada
The JV will pursue development of two hyperscale data-center campuses, one in Midwestern Canada and one in Maritime Canada - with plan to deliver approx. 1.5 gigawatts of power capacity.
(Las Vegas, Nevada) Jet.AI Inc. (NASDAQ: JTAI), a self-described company transitioning to a pure-play artificial-intelligence data-center enterprise, announced today (Apr. 30) the signing of a letter of intent (LOI) to form a joint venture (JV) with Consensus Core Technologies Inc., a Vancouver-based provider of high-performance GPU infrastructure and AI services, in order to pursue development of two data center campuses in Canada, with the intent of delivering up to ~ 1.5 gigawatts of power capacity in the interest of meeting growing demand for AI compute.
Aircraft photo courtesy of JetAi’s website.
Specifically, the Jet.AI-Consensus JV will pursue development of two hyperscale data-center campuses-one in Midwestern Canada (the “Midwestern Project”) and another in Maritime Canada (the “Maritime Project”).
Per today’s press release from Jet.AI, in an AI data center, one megawatt of capacity generally translates to about $1mm of stabilized annual Net Operating Income (“NOI”). The aforementioned 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, according to Jet.AI.
Per the LOI, Jet.AI plans to invest $2 million at the initial closing, which is targeted for 2Q2025; 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%, according to Jet.AI.
“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.”
