Feb 14, 2026 | Posted by Abdul-Rahman Oladimeji
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 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.
“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.
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.
