Tract development vehicle Fleet Data Centers has closed $4.6 billion in senior secured notes to fund a 230MW data center campus in Storey County, Nevada.

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

The only companies currently above the $3trn market cap threshold are Nvidia, Alphabet, Apple, and Microsoft.

While Fleet has not named the tenant, rumours in February suggested Nvidia would lease the development.

Funding for the 517-acre site will cover the construction of a turnkey data center and on-site electrical substation.

The upsized $4.6bn, 6.5 percent, senior secured notes were offered and sold in a private offering. The funding is in addition to a further upsized $3.8bn 5.875 percent senior secured notes that Fleet announced in February.

In a post on LinkedIn, Fleet said the funding “underscores the depth of demand for purpose-built digital infrastructure and Fleet’s ability to deliver mega-scale single-tenant campuses in key growth markets.”

In October 2023, Tract, which was founded by former Cologix CEO Gran Van Rooyen, announced plans to develop a property in Storey County. It acquired several parcels of land, bringing total land ownership in the area to more than 11,000 acres.

Fleet was launched to build data centers in Tract’s master-planned data center parks. This Storey County facility is Fleet’s first confirmed development.