WhiteFiber, a Nasdaq-listed data center and colocation provider focused on artificial intelligence and high-performance computing workloads, has secured a major anchor customer for its flagship U.S. campus, signaling growing enterprise demand for purpose-built AI infrastructure outside traditional hyperscale hubs.
The company announced that its subsidiary, Enovum Data Centers Corp., has entered into a long-term colocation agreement with Nscale Global Holdings, an AI infrastructure and cloud services provider serving enterprise and public sector clients. The deal covers the initial delivery of 40 megawatts of critical IT load at WhiteFiber’s NC-1 data center campus in Madison, North Carolina, and represents one of the larger single-site AI-focused colocation commitments disclosed this year.
Under the terms of the agreement, the contract is expected to generate approximately $865 million in contracted revenue over an initial 10-year term. That figure includes annual contractual rate escalators and non-recurring installation and build-related services, but excludes electricity and certain operating costs that will be passed through directly to the customer. Nscale plans to deploy the capacity to support AI infrastructure for global, investment-grade technology clients, underscoring the continued push by large enterprises to secure dedicated, high-density compute environments.
The NC-1 campus has been designed specifically to meet the requirements of advanced AI and HPC workloads, with support for ultra-high-density configurations of up to 150 kilowatts per cabinet. WhiteFiber says the facility is engineered to Tier 3-equivalent standards, with fully redundant power distribution, N+1 cooling, and a targeted average power usage effectiveness (PUE) of 1.3 or better. Power for the site is backed by a 99-megawatt capacity agreement with Duke Energy, and the company believes the location could ultimately support as much as 200 megawatts of total electrical supply over time, subject to additional infrastructure upgrades.
The 40 megawatts will be delivered in two phases of 20 megawatts each, with billing for the first phase targeted to begin on April 30, 2026, and the second phase one month later. The agreement is structured as a modified-gross colocation lease, with milestone-based installation payments and passthroughs for electricity, PUE-related costs, and pro rata property taxes. Nscale will also receive priority notification of future capacity availability at the NC-1 campus before that capacity is offered to other customers, providing a pathway for expansion.
Plans for Additional Campuses
WhiteFiber has positioned the agreement as a validation of its strategy to retrofit and develop data center assets that can be brought online faster than traditional greenfield hyperscale builds. According to company leadership, the selection of Nscale followed a deliberate evaluation of multiple potential customers, with an emphasis on counterparties that have experience deploying infrastructure at hyperscale levels.
The deal also strengthens WhiteFiber’s broader financing and growth outlook. The company disclosed that it is in advanced discussions with several leading lenders and is evaluating multiple institutional financing options to support both the near-term construction requirements of NC-1 and its longer-term development pipeline. WhiteFiber has already invested approximately $150 million of equity into the NC-1 site, which management says significantly reduces financing risk. The company expects to formalize a credit facility in early 2026 and is exploring potential investment-grade credit enhancement structures to secure debt financing on favorable terms.
With an anchor tenant now secured, WhiteFiber says the commercial momentum from the NC-1 agreement is already shaping plans for additional campuses. The company is advancing further development sites with targeted delivery windows in the second half of 2026 and into 2027, aiming to meet what it describes as sustained demand from AI-driven customers seeking large-scale, high-density colocation outside traditional data center markets.
For Nscale, the agreement provides long-term access to a purpose-built AI campus with room for growth, while for WhiteFiber it establishes NC-1 as the cornerstone of its U.S. colocation platform. The transaction reflects a broader trend in the data center sector, where AI workloads are driving longer-term commitments, higher power densities, and closer alignment between infrastructure providers and AI-focused cloud operators.
Executive Insights FAQ
Why is this agreement significant for WhiteFiber?
It secures a large anchor tenant and establishes NC-1 as a commercially validated AI-focused campus.
What type of workloads will the NC-1 capacity support?
High-density AI and HPC workloads for enterprise and public sector customers.
How is the contract structured financially?
As a 10-year modified-gross colocation lease with annual escalators and passthrough operating costs.
What does this mean for WhiteFiber’s financing plans?
The contract supports ongoing lender discussions and is expected to improve access to favorable debt financing.
Is there potential for future expansion at NC-1?
Yes, the site may scale beyond 40 MW, with Nscale receiving priority access to additional capacity.
