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VANCOUVER – Jet.AI Inc. (NASDAQ:JTAI), an AI data-center company trading at $3.82 per share, has announced a joint venture with Consensus Core Technologies Inc., aiming to develop two hyperscale data-center campuses in Canada. The partnership plans to deliver approximately 1.5 gigawatts of power capacity to meet increasing demand for AI compute resources. According to InvestingPro analysis, the stock has shown significant volatility, with a 52-week range of $2.30 to $175.50, reflecting the dynamic nature of the AI infrastructure sector.
The joint venture will focus on two projects: the Midwestern Project, currently with 2 MW of capacity, which is expected to expand to 100 MW within the next 12 months, and the Maritime Project, starting operations with 40 MW of immediately available capacity and plans to scale beyond 1 gigawatt. These projects are strategically located next to substantial power lines and natural gas pipelines, with the Midwestern Project already hosting an operational 2-megawatt data center. While the company maintains a strong liquidity position with a current ratio of 1.68 and more cash than debt on its balance sheet, InvestingPro data shows it faces profitability challenges with negative EBITDA of $12.56 million in the last twelve months.
Mike Winston, Founder and Executive Chairman of Jet.AI, stated that the joint venture’s disciplined approach, combined with Consensus Core’s build-fast playbook, positions them to join the ranks of globally recognized AI compute hubs. The initial investment by Jet.AI is US $2 million, securing a 20% general partner interest in each project and an initial 8% equity stake in the joint venture’s holding company. Jet.AI also has an option to increase its total commitment up to US $20 million, which would raise its ownership in the JV to 19.9%.
Wayne Lloyd, CEO of Consensus Core, highlighted the strategic importance of grid power, natural gas electricity generation, and the expansion of green energy and battery storage in addressing power bottlenecks. The team’s expertise in large-scale infrastructure projects and partnership with NVIDIA as a cloud service partner supports advanced AI workloads at scale.
Jet.AI, founded in 2018 and based in Las Vegas, NV, is transitioning from a software and aviation-focused company to a pure-play AI data center enterprise. The company leverages its expertise in data center development and AI-driven technologies to support the increasing computational demands of artificial intelligence.
The joint venture brings together Jet.AI’s capital markets expertise and Consensus Core’s real estate, power, and build-out know-how, aiming to enable customers to deploy next-gen AI-powered products faster and at scale. This announcement is based on a press release statement and contains forward-looking statements subject to risks and uncertainties.
In other recent news, JetAI announced a strategic agreement to sell its aviation assets to flyExclusive in an all-stock deal, alongside plans to build its first AI datacenter. This transaction involves spinning off these assets into a new entity, which flyExclusive will acquire, allowing JetAI shareholders to retain their existing stock and receive new shares in flyExclusive. This move is part of JetAI’s broader strategy to expand its reach in both private aviation and artificial intelligence. The company has been developing AI technologies like Ava and CharterGPT to enhance private travel and has introduced Reroute AI and DynoFlight AI to optimize flight routes and reduce emissions. Due to computational resource challenges, JetAI is pivoting towards AI data center development, with a letter of intent signed for a 50-megawatt project. This initiative is part of a larger plan for a campus capable of supporting up to a gigawatt of capacity. JetAI has also streamlined its capital structure over the past year, including actions like a warrant exchange offer and a reverse stock split. This shift marks a significant change for JetAI, aiming to become the only public AI data center development business in the U.S.
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