- Soar AI struck a stock purchase agreement with an institutional investor for up to $1B in on-demand equity, which it has no obligation to draw.
- The company redevelops industrial sites with existing power rather than building from scratch, starting with a 154 MW Ohio campus that has a roadmap to 480 MW.
- A large AI customer committed to $1.2B of services last month, showing how demand for power-ready capacity is drawing capital to unconventional entrants.
Volato Group, the ex-private aviation operator now rebranding as Soar AI, signed an equity facility allowing it to sell up to $1B of stock to an institutional investor, according to Bisnow.
The money backs a strategy of converting existing industrial properties into AI infrastructure and data center campuses, rather than building new ones from scratch.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
From Private Jets to AI
Volato started in 2021 as a private aviation business offering fractional ownership of HondaJets, and it also ran Vaunt, a platform for booking seats on empty-leg flights. Most of its aviation assets went to FlyExclusive this year as it pivoted toward AI software and infrastructure.
In August, a $500M merger with Alignment Engine brought it a 154 MW Ohio campus. Alignment Engine’s Chris Ensey, its CEO since early 2023, became Volato’s CEO in September, and the Soar AI name takes effect Oct. 19.
How the Facility Works
Soar AI decides when to sell shares and is not required to draw on the arrangement. In effect, it is standby equity for the development pipeline.
CFO Mark Heinen said the terms aim to limit the market impact of any draw.
Brownfield Playbook
The Ohio campus is the first project, with 154 MW available now and a plan to scale to 480 MW. The company says it will redevelop industrial sites at brownfield locations in the U.S. and abroad, using existing electrical infrastructure where practical.
Ensey says the opportunity spans hundreds of megawatts across several sites. The approach fits the way data center campuses are expanding as AI drives land demand.
Why It Matters
Power is the scarce resource in data center development, so sites with electrical service already in place offer a shortcut. A large AI customer’s $1.2B services commitment last month adds some demand support.
Still, the facility is optional equity, not committed funding, and lenders are watching the sector closely as data center CMBS volume grows.
What’s Next
Soar AI says more customer talks are underway for capacity it has online or plans to build. Watch for new brownfield acquisitions and any draws on the facility as contracted capacity comes online.
