Canadian AI datacenter joint venture plans 1.5 GW capacity with multi-billion dollar investment.
Jet.AI Inc. (Nasdaq: JTAI), a company transitioning to a pure-play artificial-intelligence data-center enterprise, and Consensus Core Technologies Inc., a Vancouver-based provider of high-performance GPU infrastructure and AI cloud services, have announced the signing of a Letter of Intent to form a joint venture. The JV will pursue development of two hyperscale data-center campuses—one in Midwestern Canada and another in Maritime Canada—expected to deliver up approximately 1.5 gigawatts of power capacity as demand for AI compute grows.
Under the Letter of Intent, 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.
In an AI data center, one megawatt of capacity generally translates to about $1 million of stabilized annual Net Operating Income (NOI). For 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. Ultimately, 1.5 GW of AI data center capacity would equate to approximately $1.5 billion in NOI as gradually constructed, tenanted and stabilized. Mike Winston, Founder and Executive Chairman of Jet.AI, stated: "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. 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 Midwestern Project currently has 2 MW of capacity live 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. The 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. With an operating 2-megawatt data center already in place, the site is expected to support rapid expansion to a full data center campus suitable for hyperscaler deployment.
The Maritime Project is 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, with capacity expected to increase to 100 MW in the near term and 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.