Fleet Data Centers designs, builds, commissions, and operates mega-scale, single-tenant data center campuses — targeting 500MW or more per campus — for hyperscale cloud and AI customers. Launched in January 2025 as the vertical development arm of Tract Capital (an alternative asset manager that controls master-planned, power-ready land in key markets), Fleet addresses a structural failure in the traditional leased model: hyperscalers can't get enough capacity, fast enough, at the scale they need. Fleet acts as an owner-operator, managing construction with its own in-house engineering, commissioning, and quality-control teams rather than outsourcing to a general contractor. Campuses are designed collaboratively with the customer and leased on long-term, triple-net leases — giving the tenant predictability and the landlord a bond-like cash flow. Fleet's first two confirmed projects are in Storey County, Nevada (Reno market): South Valley (1,600 acres, up to 1,215MW) and Peru Ridge (1,200 acres, up to 1,040MW), both fully leased to a single unnamed $3T+ market-cap tenant. HQ is Denver, CO, with offices in Seattle, Austin, and Alexandria, VA.