Jet.AI Plans Joint Venture With Choo Choo Express To Develop 50MW Moapa Data Center In Nevada, Projected Enterprise Value ~$500M

50MW data center estimated enterprise value of ~$500MM

LAS VEGAS, NV, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Jet.AI Inc. (NASDAQ:JTAI) ("Jet.AI" or the "Company"), an emerging provider of high-performance GPU infrastructure and AI cloud services, today announced a planned joint venture with Choo Choo Express LLC ("CCE"), relating to the development of a planned 50-megawatt data center campus in Moapa, Clark County, Nevada.

Moapa Data Center Project Map

The proposed joint venture is expected to pursue the development of a data center and related infrastructure on approximately 20 acres of land located in Moapa, Nevada. CCE expects to contribute the land to the joint venture, subject to the execution of definitive agreements, completion of diligence, and satisfaction of customary conditions.

Located less than an hour from the Las Vegas strip, the Moapa campus is one of the few remaining sites in the Southwest capable of supporting hyperscale inference workloads deployed closer to end users at the edge of the network. Its geographic position offers the potential for low-latency connectivity into California and key Southwestern markets. The campus is situated adjacent to a remediated coal-fired power plant and benefits from substantial existing utility infrastructure, including access to electric transmission, natural gas, fiber connectivity, water, and transportation corridors.

Under the terms of the proposed joint venture, Jet.AI expects to commit approximately $10 million of capital over an anticipated two-year period, subject to the achievement of defined development and infrastructure milestones. Capital contributions are structured to align with milestones and may be internally financed at the option of the Company and CCE once the land is fully powered and appraised. Milestones include feasibility studies, entitlements, utility extensions, and power procurement activities.

Data Center Economics (illustrative example)

For illustrative purposes, management believes a fully developed 50-megawatt data center typically carries an enterprise value of approximately $500 million, made up of roughly $400 million of project debt and $100 million of equity. Of that equity, approximately $65 million is assumed in this example to be institutional preferred capital, with the remaining $35 million representing common equity, or "promote." Under the proposed joint venture structure, that equity promote is expected to be allocated approximately 70% to Jet.AI and 30% to CCE, implying a prospective value of approximately $25 million to Jet.AI at stabilization.

As project debt is paid down over time, the equity value would be expected to increase. In a fully de-levered scenario, management estimates the equity portion could represent approximately 25% of total enterprise value, or $125 million. Based on an assumed $10 million investment, this illustrative scenario would imply a prospective return of approximately 1.5x over the initial development period and up to 11.5x over a longer-term horizon as debt is repaid, subject to the assumptions and risks described in the forward-looking statements below.

These assumptions are based on a 10% capitalization rate; lower capitalization rates would be expected to increase the implied equity value. For example, at a 6% capitalization rate, which is customary in refinancing transactions, the illustrative figures would increase to approximately $41 million (3.1x) and $208 million (19.8x). As with all forward-looking estimates, actual results may vary based on market conditions, financing terms, and other factors discussed elsewhere in this release.

Exclusivity

The term sheet provides for an exclusivity period during which the parties will work in good faith to negotiate definitive documentation and further pursue entitlements, utility availability, and customary environmental work.