Soar AI secures up to $1B equity facility for industrial-to-data-center conversions

Volato Group, rebranding as Soar AI, struck a stock purchase agreement with an institutional investor for an equity facility of up to $1 billion, Bisnow reported on Oct. 12. The capital supports the company's AI infrastructure and data center development business, which redevelops industrial properties rather than building ground-up.

The first site is an Ohio AI infrastructure campus with 154 megawatts available and a roadmap to 480 megawatts, according to Bisnow. The facility is meant to fund expansion of that campus and development at potential brownfield sites in the U.S. and beyond, with the company saying it will use existing electrical infrastructure where practical.

Soar AI can sell shares to institutional investors at its discretion and is under no obligation to sell shares or use the facility. CFO Mark Heinen said in a statement that the terms "were structured to minimize market impact in the event we draw on the facility," as reported by Bisnow.

A large AI customer agreed last month to purchase $1.2 billion of services from Soar AI, according to Bisnow. The company said it is in discussions with more prospective customers for its available and planned capacity.

CEO Chris Ensey said in a statement: "The opportunity in front of us is measured in hundreds of megawatts across multiple sites. This facility is sized to support that opportunity, and it gives us the flexibility to fund growth on our timeline as we bring contracted capacity online."

Volato launched in 2021 as a private aviation operator offering fractional ownership on the HondaJet, Bisnow reported, citing Private Jet Card Comparisons, and later launched Vaunt, a platform for booking empty-leg flights. It sold most of its aviation assets to FlyExclusive and turned to AI software and infrastructure this year.

The Ohio campus arrived in August through a merger with AI infrastructure company Alignment Engine in a $500 million deal, according to PRED's records. Ensey had been Alignment Engine's CEO since early 2023 and was named Volato's CEO in September.