Fleet Data Centers Secures $4.6 Billion in Notes for 230MW Hyperscale Campus Leased to $3 Trillion Tenant
May 5, 2026
Fleet Data Centers Secures $4.6 Billion in Notes for 230MW Hyperscale Campus Leased to $3 Trillion Tenant
Fleet Data Centers, a development vehicle backed by Tract, has closed $4.6 billion in senior secured notes to finance a 230MW hyperscale data center campus in Storey County, Nevada. The funding marks a significant milestone for the company, as the facility represents its first confirmed development and underscores the escalating demand for large-scale digital infrastructure in key U.S. markets.
The campus, spanning 517 acres, has been fully pre-leased on a 197-month triple net lease to an undisclosed tenant described as an AA-rated investment-grade company with a market capitalization exceeding $3 trillion. Among the few companies currently surpassing that valuation threshold are Nvidia, Alphabet, Apple, and Microsoft. While Fleet has not officially named the tenant, market speculation in February pointed to Nvidia as the likely occupant for the development.
The upsized $4.6 billion in notes carry a 6.5 percent interest rate and were offered through a private placement. This tranche adds to a previously upsized $3.8 billion offering of 5.875 percent senior secured notes announced by Fleet in February. Proceeds from the latest round will fund the construction of a turnkey data center and an on-site electrical substation, positioning the campus for rapid deployment.
In a LinkedIn post, Fleet stated that the financing “underscores the depth of demand for purpose-built digital infrastructure and Fleet’s ability to deliver mega-scale single-tenant campuses in key growth markets.” The company’s parent, Tract—founded by former Cologix CEO Gran Van Rooyen—has been active in Storey County since October 2023, acquiring multiple parcels that bring its total land holdings in the area to over 11,000 acres.
The transaction highlights a broader trend in the data center industry, where hyperscale tenants increasingly seek long-term, customized facilities in regions with favorable power and land conditions. Fleet’s ability to secure over $8 billion in combined financing within months reflects strong investor confidence in the sector’s growth trajectory, driven by surging demand from cloud computing and artificial intelligence workloads.
Source: datacenterdynamics
