Soar AI Secures Up to $1B Equity Facility for Industrial-to-Data-Center Redevelopment
Why It MattersA former private aviation operator redirecting its capital and assets toward data center infrastructure shows how aviation-origin companies are being repurposed around AI power demand, thinning the operator ranks it came from.
Volato Group, the former private aviation company that is rebranding as Soar AI, has signed a stock purchase agreement with an institutional investor for an equity facility of up to $1B. The facility is intended to support the growth of the AI infrastructure and data center developer, which redevelops industrial properties rather than building from the ground up. Its first site is an Ohio campus with 154 megawatts available and a roadmap to 480 MW. Soar AI said a large AI customer agreed last month to purchase $1.2B of services and that it is in discussions with more prospective customers. CEO Chris Ensey said the opportunity is measured in hundreds of megawatts across multiple sites. Soar AI may sell shares at its discretion and has no obligation to sell shares or use the facility. CFO Mark Heinen said the terms were structured to minimize market impact if the company draws on it.
Volato launched as a private aviation operator in 2021, offering fractional ownership on the HondaJet, and launched Vaunt, a platform for booking seats on private jets' empty-leg flights. It sold most of its aviation assets to FlyExclusive and shifted toward AI software and infrastructure this year. It acquired the Ohio campus in August by merging with AI infrastructure company Alignment Engine in a $500M deal. Ensey, Alignment Engine's CEO since early 2023, became Volato Group's CEO in September.
