Fleet Data Centers Closes $4.6B Senior Secured Notes for 230 MW Nvidia-Tied Reno Hyperscale Campus (May 5, 2026)

Tract Capital-backed Fleet Data Centers on May 5, 2026 closed a $4.6 billion, 6.5% senior secured notes offering to fund a 230-megawatt hyperscale data center campus in Storey County, Nevada — bringing total project debt for the Reno-area site to $8.4 billion and sealing what is widely reported to be an Nvidia-anchored AI campus on a 16.4-year triple-net lease.

What Happened

Fleet Data Centers, the development arm of digital-infrastructure manager Tract Capital, formally closed the $4.6 billion notes offering after pricing it on April 27, 2026, according to a press release relayed by the National Law Review and reporting from Bloomberg. The notes carry a 6.5% coupon and were sold in a private offering to qualified institutional buyers under Rule 144A.

The financing covers a turnkey data-center building and on-site electrical substation on Fleet's 517-acre Peru Ridge site in Storey County, Nevada — part of the rapidly growing Reno/Sparks data-center hub. Data Center Dynamics reports the entire 230 MW capacity is 100% leased on a 197-month (16.4-year) triple-net lease to "an unnamed AA-rated investment-grade tenant with a market cap in excess of $3 trillion." Only four public companies currently meet that bar — Nvidia, Apple, Microsoft and Alphabet — and multiple outlets have reported since February that Nvidia is the anchor tenant.

Key Details

• Total raised: $4.6 billion at 6.5%, on top of an earlier $3.8 billion 5.875% tranche from February 2026 — $8.4 billion in combined debt for a single project.
• Capacity: 230 MW across the Peru Ridge site, on 517 acres in Storey County's Tahoe-Reno Industrial Center.
• Lease terms: 197 months (16.4 years), triple-net, 100% pre-leased to an AA-rated, $3T+ market-cap tenant.
• Sponsor: Tract Capital, an alternative asset manager with roughly $6 billion in AUM focused on digital infrastructure; Fleet is its build-to-suit hyperscaler platform launched in early 2025.
• Power constraint: Fleet has separately filed to build an on-site temporary natural-gas plant to bridge grid-interconnect timelines, per The Nevada Independent.

What Developers and Industry Are Saying

Reaction from the infrastructure community is mixed. On Hacker News, commenters on related Nvidia-data-center threads point out that off-balance-sheet structures like Fleet's senior secured notes let hyperscalers fund massive capex without depressing reported earnings via depreciation — a pattern that has accelerated through 2025 and 2026 as AI training clusters push individual sites past the gigawatt mark. On the credit side, Advisor Perspectives notes the deal's 6.5% coupon prices the bonds firmly in junk territory despite the AA-rated lessee, reflecting investor concern about long-duration single-tenant data-center risk. Local coverage from Reno has focused on grid impact and water use, with Storey County now hosting more than 1.4 GW of announced AI data-center capacity from Fleet, Switch and Tract's other portfolio sites.

What This Means for Developers and AI Builders

If Nvidia is indeed the anchor, the Peru Ridge site joins a fast-growing list of dedicated GPU campuses (Stargate, Nscale, CoreWeave, Crusoe, Lambda) coming online through 2026 and 2027. For developers building on top of GPU clouds, that suggests continued downward pressure on H200/B200/Rubin-class compute prices through next year as new capacity floods the market — but also concentration risk, with a handful of mega-sites in Texas, Nevada and Wyoming serving an increasing share of inference and training demand. For the Nevada labor market and grid, 230 MW of always-on AI compute is roughly equivalent to the consumption of 170,000 average US homes, putting Storey County's data-center cluster on track to outpace Reno's residential load by 2028.

What's Next

Fleet Data Centers said proceeds will be used to fund construction of the building shell, mechanical and electrical infrastructure, and the on-site substation, with the campus expected to be powered up in phases starting in 2027. Tract Capital has indicated it is working on additional 500 MW+ build-to-suit projects across the U.S., and the success of two consecutive multi-billion-dollar bond offerings is likely to attract more sponsors to the hyperscale-debt market. Watch for follow-on filings and a possible third tranche later in 2026 if the anchor tenant expands the campus footprint.

Sources

• Data Center Dynamics — primary trade-press coverage of the $4.6B closing and lease terms
• Bloomberg — pricing details and Nvidia tenant reporting
• National Law Review — Fleet Data Centers' official press release
• The Tech Capital — context on Tract Capital's Fleet platform and the second debt raise
• The Nevada Independent — local power and permitting coverage
• Advisor Perspectives — credit-market analysis of the junk-bond deal