AIB leases 50 megawatts of data center capacity to Nebius under initial 12-year contract
Key Facts
AIB Data Centers announced on September 30, 2026, a binding agreement with Nebius to provide 50 megawatts of critical IT capacity at a facility in the southeastern United States. The agreement marks a step toward converting contracted power capacity into dedicated computing capacity, as a Nebius official described access to power as the decisive constraint on AI infrastructure. AIB said its focus is now shifting to execution and delivery on schedule. The company was formerly known as BlockchAIn Digital Infrastructure. The deal disclosure did not state the contract's total value.
The agreement has an initial term of 12 years, beginning when the first hall is delivered, with two potential renewal periods of five years each. The company said rent will commence separately for each hall, meaning the contract term begins with delivery of the first hall while payments are tied to delivery of the halls. An investor presentation filed with the U.S. Securities and Exchange Commission estimated the initial implied value at about $1.32 billion over 12 years and 50 megawatts. This is an estimate derived from the company's calculation, not a value disclosed in the contract-signing announcement. The official disclosure did not specify the amount of Nebius's upfront payments.
AIB expects customer upfront payments, together with project-level debt and preferred equity, to cover a substantial portion of initial development costs. It said this structure could reduce its anticipated need to issue common equity at the corporate level. The disclosure gives no specific amount for the payments, while linking construction financing to a mix of project-level sources. Chief Executive Jerry Tang said the priority is now completing execution and delivery on schedule. Nebius's Andre Korolenkov said the capacity is dedicated to training and inference, adding: "Access to power is the decisive constraint in AI infrastructure today."
The contracted capacity is based on a prior 15-year electric service agreement covering 65 megawatts of utility load at the site. According to AIB, operating the project will not require major additional electrical upgrades. This enables the new contract to be tied to power infrastructure already under contract, while construction and delivery remain necessary steps before services begin. The company also announced that an acquisition in Texas raised its total contracted power capacity to about 120 megawatts in September 2026. This places the Nebius agreement within a broader expansion of its power portfolio that can be deployed for data centers.
The agreement comes as AIB was still reporting revenue from its legacy hosting business in the second quarter of 2026, totaling $2.915 million, with a net loss of $3.481 million. The company said that quarter's revenue reflected its previous activity, which it temporarily suspended on June 5 to redeploy power and infrastructure for AI and high-performance computing businesses. In the market, Nebius shares closed at $158.74 on October 23, compared with $159.17 on October 22. They had closed at $171.57 on October 21, $171.45 on October 20, and $170.24 on October 19. These are daily closing prices for the stock; the available data did not include the intraday trading range.
Completion of the data center, commencement of hosting services and expected project financing remain subject to future execution milestones. AIB warned of construction, permitting and regulatory approval risks, and urged investors not to place undue reliance on projections relating to the project. Rent will commence hall by hall, while the initial contract term begins upon delivery of the first hall. Accordingly, tracking the agreement will involve progress on construction and permits, availability of development financing and adherence to the hall delivery schedule. The disclosure did not specify a date for service commencement.