Tract’s Fleet Data Centers Seeks $3.8bn to Fuel Nevada Build-Out

Why It Matters

The deal secures billions for a high‑density data hub in a fast‑growing market, reinforcing Nevada’s position as a strategic cloud‑computing corridor. It also demonstrates investor confidence in long‑term, tenant‑backed data‑center projects.

Key Takeaways

• $3.8B senior secured notes issued for Nevada data center.
• 230 MW facility fully leased to $3T‑plus tenant.
• Lease spans 197 months under triple‑net structure.
• Project marks Fleet’s first confirmed 200 MW build.
• Potential tenant likely Nvidia, boosting regional demand.

Pulse Analysis

The data‑center industry is entering a financing renaissance, with developers turning to high‑yield bond structures to lock in capital for megawatt‑scale campuses. Fleet Data Centers’ $3.8 billion note issuance reflects a broader trend where investors seek stable, long‑duration returns tied to critical infrastructure. By leveraging senior secured notes at a 5.875 percent rate, Fleet not only accesses low‑cost debt but also signals confidence to the market that its Nevada project meets stringent risk criteria, a rarity in a sector often dominated by equity‑heavy deals.

At the heart of the transaction is a 230 MW utility‑capacity data center, of which 200 MW is dedicated to critical IT workloads. The project is fully leased to an unnamed tenant with a market capitalization exceeding $3 trillion, a profile that narrows the field to tech giants such as Nvidia, Apple, or Alphabet. The 197‑month triple‑net lease guarantees that the tenant assumes all operating expenses, delivering a predictable revenue stream that underpins the bond’s credit rating. This structure sets a new benchmark for data‑center financing, combining the highest loan‑to‑cost ratio with the tightest pricing seen to date.

Nevada’s strategic advantages—abundant land, favorable tax climate, and proximity to major fiber corridors—make it a magnet for hyperscale operators seeking to diversify geographic risk. If Nvidia is indeed the anchor tenant, the campus could become a pivotal node in its AI training infrastructure, driving ancillary demand for power, cooling, and networking services. The successful capital raise not only accelerates Tract’s master‑planned park strategy but also signals to other developers that large‑scale, tenant‑backed projects can attract institutional capital, potentially reshaping the financing landscape for future data‑center expansions.

Tract’s Fleet Data Centers seeks $3.8bn to fuel Nevada build-out

Fleet to develop 230 MW data center at Tract’s Nevada site for unnamed $3 trillion company · February 16 2026 · Dan Swinhoe

Fleet Data Centers, the data‑center development arm of Tract, is seeking to raise billions of dollars to build out a campus in Reno, Nevada, for a major tenant.

The companies this week announced the pricing of $3.8 billion aggregate principal amount of 5.875 percent senior secured notes due in 2031.

![Image 1: tract nevada groundbreak]

– Tract

The proceeds will be used to finance a portion of the development and construction of a 230 MW utility capacity (200 MW critical IT) turnkey data center and electrical substation on a 252‑acre property in Storey County, Nevada.

The project has been 100 percent leased to an unnamed “AA‑ investment‑grade rated tenant with a market cap in excess of $3 trillion” on a 197‑month (16.4‑year) ‘triple net’ (NNN) lease.

Companies with a market cap above $3 trillion are few, with only Nvidia, Apple, and Google parent Alphabet currently above that threshold.

While the companies have not specified the tenant, reports surfaced last week suggesting that Nvidia was the company set to lease the development.

“This transaction sets a new benchmark for the data center sector — the highest‑rated, largest issuance, highest loan‑to‑cost, and tightest pricing for any single data center high‑yield bond project financing to date,” Fleet said on LinkedIn.

Fleet’s fund, Fleet Data Centers I, LP (Fleet I), announced the pricing via its wholly‑owned subsidiary, SV RNO Property Owner I, LLC.

Founded by former Cologix CEO Grant van Rooyen, Tract first announced plans to develop a property in Storey County, Nevada, in October 2023, acquiring further parcels of land in June 2024, bringing its total land ownership in the area to more than 11,000 acres.

Tract aims to develop ‘master‑planned’ data‑center parks, getting sites zoned, powered, and shovel‑ready for other companies to develop data centers on. It then launched Fleet to actually build data centers in those parks and other sites not owned by Tract.

Fleet is targeting large‑scale projects above 500 MW. This is the company’s first confirmed development.

Nvidia runs its own data centers and gets additional capacity by leasing space from cloud providers such as Amazon Web Services and Microsoft Azure. The company has also signed deals with neoclouds, including CoreWeave and Lambda.