AIB Data Centers Lands Nebius Lease, Expands Contracted Power to 120 MW

Key Points

• AIB Data Centers expanded its contracted power portfolio to 120 MW and signed its first customer agreement with Nebius, which will lease the company’s full 65-MW Texas anchor site, representing 50 MW of critical IT load.
• The 12-year Nebius lease includes two five-year renewal options, a 3% annual escalator and full pass-through of power costs. AIB expects the modular facility to be delivered, energized and generating revenue in the fourth quarter of 2027.
• AIB is pursuing additional 40-MW to 90-MW developments across Texas and Minnesota and appointed Jason Burnett as chief operating officer, as it seeks financing and execution milestones to build a multi-gigawatt AI and high-performance computing platform.

AIB Data Centers NYSEAMERICAN: AIB said it has expanded its contracted power portfolio to 120 megawatts and signed its first customer lease, as the company seeks to develop facilities for artificial intelligence hosting and high-performance computing workloads.

Chief Financial Officer Jolienne Halisky described the company as a “power-first” developer, saying it will not pursue projects or land acquisitions unless power has been secured through firm contracts. The company’s strategy centers on “power, people, and pipeline,” she said, referring to secured electricity resources, its operating team and its development opportunities.

Since its previous update in July, AIB said its portfolio has grown from 65 MW to 120 MW following the acquisition of another piece of land in Texas. The company has 50 MW of critical IT load under contract and has signed an initial 12-year lease with its first customer.

Nebius Lease Covers Anchor Site

Halisky said the tenant is Nebius, which she described as a publicly traded global neocloud developer with a market capitalization of about $50 billion. Nebius has agreed to take the company’s full 65-MW anchor site, representing 50 MW of critical IT load, under a 12-year contract that includes two five-year renewal options.

The project will be developed through modular construction with two data halls. While AIB did not disclose the exact commercial terms of the agreement, Halisky said the contract’s revenue per megawatt over its life is above a cited market range of $1.8 million to $2.1 million per MW annually.

Halisky said the lease is significant because a contract with a tenant such as Nebius can support project financing. Securing financing is the company’s next major step, she added.

Under the lease structure, AIB will build out white space for Nebius. Halisky said this arrangement is expected to allow the company to begin generating revenue earlier in the development process than is typical for a data center project, potentially in the fourth or fifth month of the contract. The company expects the data halls to be delivered, energized and revenue-generating in the fourth quarter of 2027.

Modified Gross Lease Terms

Responding to a question about the company’s modified triple-net model, Halisky said the Nebius agreement includes a 3% annual escalator. She said the company could not provide the exact rental rate because Nebius requested that information remain private.

Halisky characterized the arrangement as a modified gross lease. Power costs will be fully passed through to the tenant, while AIB will be responsible for property management, insurance and property taxes.

Development Pipeline and Leadership Additions

AIB said it is targeting developments in the 40-MW to 90-MW range, a size Halisky said enables the company to move quickly on smaller projects. “We’re going to build a multi-gigawatt platform, 50 MW at a time,” she said.

The company’s identified development portfolio includes:

• A secured Dallas-Fort Worth site with 55 MW of capacity.
• DFW2, a site under an exclusive letter of intent that AIB hopes to close within 45 days.
• GS01, a 90-MW property under an exclusive letter of intent with a right to purchase.
• MSP1 in Minnesota, also under an exclusive letter of intent and being evaluated for further development.

Halisky said AIB was founded in 2021 and has operated a Bitcoin mining data center since that year. The company publicly listed in the first quarter of 2026 and signed a 15-year utility agreement for 65 MW at its anchor site in May 2026, she said.

AIB also appointed Jason Burnett as chief operating officer. Halisky said Burnett brings more than 20 years of leadership and senior operational experience, including roles at DataBank, Cologix and Hivelocity.

AI Demand and Execution Focus

Halisky pointed to projected growth in AI-related data center demand, citing estimates of 82 GW of AI workloads in 2025 and 220 GW by 2030. She said AI workloads are expected to represent 70% of AI data center demand by 2030, while cumulative global data center investment through that year is projected at $1.7 trillion.

She said power availability, chips and GPU processing capacity remain constraints for the industry, with capital and debt financing becoming an additional constraint. AIB believes its valuation gap relative to peers could narrow as it demonstrates execution, including through tenant leasing and financing milestones, Halisky said.

About AIB Data Centers (NYSEAMERICAN:AIB)

AIB Data Centers is engaged in the digital infrastructure business, providing data center operations and high-performance computing services. The company offers power infrastructure, hosting services, and equipment leasing to customers involved in blockchain computing, artificial intelligence, and high-performance data processing. Its operations include leasing space, power capacity, and equipment within data center facilities, as well as offering modular digital asset mining containers and related hardware and support services.

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