Jet.AI and Consensus Core Announce Plans for Multi-Billion Dollar (1.5 GW) AI Data Center Joint Venture in Canada
LAS VEGAS, April 30, 2025 (GLOBE NEWSWIRE) -- Jet.AI Inc. (“Jet.AI” or the “Company”) (Nasdaq: JTAI), a company transitioning to a pure-play artificial-intelligence (“AI”) data-center enterprise, announced the signing of a Letter of Intent (“LOI”) to form a joint venture (the “Joint Venture” or “JV”) with Consensus Core Technologies Inc. (“Consensus Core”), a Vancouver-based provider of high-performance GPU infrastructure and AI cloud services. The 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”)-expected to deliver up approximately 1.5 gigawatts of power capacity as demand for AI compute grows.
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.”
About Consensus Core: Experienced Infrastructure Development Team
Consensus Core brings to the Joint Venture a team with extensive experience in developing and operating large-scale infrastructure projects. The team has built a portfolio of high-quality sites specifically suitable for large-scale AI infrastructure development. As an NVIDIA cloud service partner, Consensus Core has demonstrated the technical expertise and infrastructure capabilities required to support advanced AI workloads at scale.
"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," said Wayne Lloyd, CEO of Consensus Core. "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."
About Jet.AI
Founded in 2018 and is based in Las Vegas, NV, Jet.AI currently operates in two segments, Software and Aviation, and is transitioning to a pure-play AI data center company. Leveraging a leadership team with deep expertise in data center development and AI-driven technologies, Jet.AI intends to build a scalable, high-performance infrastructure to support the increasing computational demands of artificial intelligence. Our suite of AI-powered tools stems from our origin as an aviation company, and leverages natural language processing technologies to enhance efficiency, optimize operations, and streamline the private jet booking experience.
Forward-Looking Statements
This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI's projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law.
Jet.AI Investor Relations
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