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
Gateway Group, Inc.949-574-3860Jet.AI@gateway-grp.com
Jet AI (NASDAQ:JTAI)
Historical Stock Chart
From Jun 2025 to Jul 2025
Jet AI (NASDAQ:JTAI)
Historical Stock Chart
From Jul 2024 to Jul 2025