Fleet Data Centers Raises $4.6bn for Nevada Data Center Campus

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 hyperscale facility is reportedly fully leased to an unnamed AA-rated, investment-grade tenant with a market capitalization exceeding $3 trillion, under a 197-month (16.4-year) triple-net (NNN) lease.

The only companies currently above the $3 trillion market cap threshold are Nvidia, Alphabet, Apple, and Microsoft. While Fleet has not named the tenant, reports in February suggested Nvidia could be the prospective lessee. Funding for the 517-acre site will support the construction of a turnkey data center as well as an on-site electrical substation.

The upsized $4.6 billion senior secured notes, carrying a 6.5% coupon, were offered and sold in a private placement. The financing follows an earlier upsized $3.8 billion issuance of 5.875% senior secured notes announced by Fleet in February. In a LinkedIn post, 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.”