By Bloomberg
Publication Date: 2026-03-31 14:10:00
By Aaron Weinman, Dawn Lim and Natalie Wong, Bloomberg
When JPMorgan Chase & Co. hit the market to sell $3.8 billion worth of junk bonds for the construction of a data center backed by Nvidia Corp., investors piled in, placing some $14 billion of orders by the time the sale wrapped up.
Never mind that few of them had much experience dealing with the company now responsible for bringing that data center to life: Tract Capital.
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Founded by a data center veteran just four years ago, Tract Capital oversees a land-development company that has secured more than 30,000 acres from Nevada to Virginia along with a portfolio of water rights. It’s betting that powered land, or real estate that has the energy access needed for data centers, will pay off richly as AI infrastructure becomes essential to the US economy.
“When we started Tract, we were still boring people at dinner parties talking about data centers — people’s eyes rolled back in their heads,” said Graham Williams, the president of Tract Capital’s land-development company. “Now it’s all people want to talk about.”
Counting land that’s both owned and under contract, the upstart holds one of the country’s biggest property reserves for data centers — the total area is bigger than San Francisco. The goal is to equip all of that space with power, ready it for data centers within five to seven years and then flip it at big…
