Tract Capital Management
Tract Capital Management is a Denver-based alternative asset manager that develops master-planned powered land and build-to-suit mega-campus data centers for hyperscale AI and cloud tenants, controlling over 30,000 acres and 22 GW of planned capacity across six US states.
- Company typePrivate
- Founded2022
- HeadquartersDenver, United States
- Headcount11–50
- GTM type—
- OfferingServices
What Tract Capital Management does
Tract Capital Management, founded in 2022 by Grant van Rooyen, is a Denver-based alternative asset manager that develops digital infrastructure businesses at the intersection of cloud/AI, networking, energy, and real estate. The firm operates two integrated portfolio companies: Tract, a horizontal land developer that acquires, zones, and entitles master-planned data center parks with pre-positioned power, water, fiber, and roads; and Fleet Data Centers, a vertical build-to-suit platform launched in January 2025 that delivers 500 MW to 1 GW single-user mega-campuses under long-term triple-net leases. Tract Capital controls over 30,000 acres across Nevada, Virginia, Texas, Arizona, Utah, and Iowa, with more than 22 GW of planned electricity capacity, and has secured utility partnerships with NV Energy, Dominion Energy, Blue Bonnet Electric Cooperative, and Silicon Ranch for renewable co-location.
The firm's revenue model combines one-time land disposition revenue from Tract's horizontal powered-land strategy with long-duration lease income and development fees from Fleet Data Centers' build-to-suit campuses. Fleet Data Centers has raised $8.4 billion in senior secured notes across two offerings in February and April-May 2026, both 100% leased to AA- rated anchor tenants including Nvidia, with 197-month triple-net lease terms. The company targets hyperscale cloud providers, AI infrastructure operators, and large wholesale data center firms exclusively through direct, relationship-driven enterprise sales led by senior executives.
Tract Capital employs over 50 people across 10 states, with leadership drawn from Cologix, Teraco, MedOne, AWS, Google Cloud, Microsoft, Level 3 Communications, and Amazon's energy organization. Notable risks include an August 2026 lawsuit filed by NV Energy over infrastructure cost allocation for two planned Reno-area campuses, and heavy customer concentration in Nvidia as the disclosed anchor tenant across its flagship projects. First power delivery is targeted for late 2026 to early 2027 in Nevada and 2028 in Texas and Virginia.
Tract Capital Management firmographics
Firmographics- Name
- Tract Capital Management
- Legal name
- Tract Capital Management, LP
- Website
- https://tractcapital.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Tract Capital Management is a Denver-based alternative asset manager that develops master-planned powered land and build-to-suit mega-campus data centers for hyperscale AI and cloud tenants, controlling over 30,000 acres and 22 GW of planned capacity across six US states.
- Ownership category
- akta.pro rank
Tract Capital Management industry classification
Industry- Product category
- Alternative Asset Management - Digital Infrastructure
- NAICS
- Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210)
- SIC
- Real Estate Dealers (For Their Own Account) (6532), Lessors Of Real Property, Nec (6519), Land Subdividers & Developers (No Cemeteries) (6552)
- akta.pro primary industry
- Real Assets — Digital Infrastructure (Data Centers, Fiber, Towers) (FSAHAIAF)
- akta.pro secondary industries
- Data Center Real Estate (REITs) & Leasing (HDABACAL), Data Center & Digital Infrastructure Site Brokerage (BPAJACAE)
Keywords
Where Tract Capital Management is headquartered
LocationHeadquarters
- HQ city
- Denver
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Tract Capital Management business model
Business model- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Land Development and Disposition: Tract acquires raw or partially entitled land, invests in planning, zoning, entitlements, and horizontal infrastructure (power, water, roads, fiber), then sells or flips 'powered land' to data center developers for profit. The company has accumulated over 30,000 acres across the US with plans to prepare sites for development within seven years.
- Data Center Development and Campus Leasing (Fleet Data Centers): Fleet Data Centers develops turnkey hyperscale data center campuses on Tract-controlled land and leases them to hyperscale customers under long-term triple-net campus-level leases (e.g., 197-month leases). Revenue is generated through upfront development fees, leasing income, and long-term contractual payments. Fleet has raised $8.4B+ in senior secured notes to fund construction.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels4 records
Tract Capital Management product offering
Product offeringCore offering
Tract Capital Management is an alternative asset manager that ideates, originates, capitalizes, develops, builds and operates digital infrastructure businesses, primarily through two wholly-owned portfolio companies. Tract acquires, zones, entitles and develops master-planned data center parks with pre-positioned power, water and fiber infrastructure across 30,000+ acres of US land, while Fleet Data Centers provides build-to-suit mega-scale hyperscale data center campuses with campus-level leases up to 1 GW.
Product overview
Tract Capital Management operates two distinct product lines: Tract (horizontal land development) and Fleet Data Centers (vertical data center development). Tract acquires, zones, entitles, and develops master-planned data center parks with pre-positioned power, water, and fiber infrastructure. Fleet Data Centers complements this by providing build-to-suit mega-scale data center campuses with campus-level leases up to 1GW for hyperscale customers. Together, Tract Capital's strategies span over 25GW of planned capacity and 25,000+ acres of land under control across Texas, Arizona, Utah, Nevada, Virginia, and Iowa.
Differentiator
Problem solved
Functional benefit
Brands
- Tract: Land developer creating master-planned, shovel-ready data center parks that provide speed and certainty to data center developers. Part of Tract Capital's horizontal powered land strategy.
- Fleet Data Centers
Products and services
- Tract Tract is a land development platform that acquires, zones, entitles and develops master-planned, shovel-ready data center parks. It pre-positions transmission capacity, water, sewer, roads, fiber and pads to provide data center developers with shorter development cycles and immediately usable campuses across 30,000+ acres of US land in markets including Texas, Arizona, Utah, Nevada, Virginia and Iowa.
- Fleet Data Centers Fleet Data Centers is a build-to-suit hyperscale data center developer that delivers single-user mega-campuses at 500 MW+ scale, offering campus-level leases up to 1 GW under long-term triple-net structures. It targets hyperscale cloud providers, AI companies and large enterprises needing gigawatt-scale capacity with predictability and flexibility, financed in part through senior secured notes offerings arranged by JPMorgan Chase.
Quantifiable outcome
- Pre-positioned 2 GW of power capacity with NV Energy for Nevada data center campuses
- +3 more outcomes
Companies that use Tract Capital Management
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
Tract Capital Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Tract Capital Management partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and supporting.
- Lyon County, NevadacoreTract completed acquisition of approximately 1,060 acres in Silver Springs, Nevada following a successful rezoning and development agreement with Lyon County. The county facilitated a business-friendly rezoning process, and Tract's development is expected to bring new jobs, investment, and community building to the region. The site can support up to 1.6 GW of data center capacity.
- Altoona, Iowa (City of)coreTract collaborated with the City of Altoona, Iowa to acquire a fully entitled 453-acre site for a 1 GW+ technology park. The collaboration included annexation, rezoning, and a comprehensive development agreement. Tract reserved 80 acres for the city's future development vision. Altoona's pro-growth regulatory environment and strategic location on 345kV transmission lines were key factors.
- Blue Bonnet Electric CooperativecoreTract executed a Facility Design Agreement with Blue Bonnet Electric Cooperative in Caldwell County, Texas, securing long lead equipment with a target energization date for the initial 360 MW in 2028. The cooperative supports Tract's data center technology park with utility power delivery infrastructure.
- Caldwell County, TexassupportingTract partnered with Caldwell County, Texas (along with the city of Uhland and state agencies) through an 18-month engagement to master plan a mega-campus in the rapidly growing area between Austin and San Antonio. The county prioritized transportation investment (FM2720 expansion) alongside Tract's development, creating a coordinated community benefit approach.
- Dominion EnergycoreTract and Dominion Energy are collaborating on the Hanover Technology Park in Virginia, where Tract and Dominion have already ordered long lead equipment for the initial substation. Power bridging is expected as early as 2026. Dominion Energy is a major US utility providing electricity distribution in Virginia, the world's largest data center market.
- Virginia Economic Development Partnership (VEDP)supportingThe Virginia Economic Development Partnership worked with Tract to facilitate the acquisition and development of Hanover Technology Park. Virginia hosts over 35% of all known hyperscale data centers globally. Governor Glenn Youngkin and the VEDP were actively engaged in welcoming Tract's investment in the Commonwealth.
- Silicon RanchcoreTract and Silicon Ranch entered an exclusive collaboration agreement to align renewable energy generation (solar and battery storage exceeding 500 MW) with data center campus development in Nevada and Utah. Silicon Ranch initiates site acquisition and interconnection processes for utility-scale solar and battery projects to directly support Tract's campus power needs, addressing the challenge of matching renewable project locations and delivery timelines with data center offtake.
- NV EnergycoreTract partnered with NV Energy to deliver two gigawatts of power capacity for data center campuses in Storey County, Nevada. This utility partnership enables Tract to pre-position power infrastructure for its Nevada data center developments near Reno, with the first power delivery targeted for late 2026/early 2027 and full capacity of 2 GW planned. NV Energy is the largest energy provider in Nevada.
Scale indicators7 records
Recent moves11 records
Expansion highlights5 records
Tract Capital Management competitors and assessment
Company assessmentDirect peers
- EdgeConneX: Hyperscale and edge data center developer with multi-MW to multi-hundred-MW campuses. Competes with Tract on build-to-suit campuses for hyperscalers and large enterprises.
- DigitalBridge: Alternative asset manager focused on digital infrastructure (data centers, towers, fiber). Both DigitalBridge and Tract Capital operate investment platforms that originate, capitalize, and operate digital infrastructure businesses targeting hyperscalers and enterprise tenants.
- CyrusOne: Hyperscale and enterprise data center operator (KKR/GIP-owned). Provides comparable build-to-suit and wholesale data center campuses, overlapping with Tract's Fleet Data Centers business on customer type and scale.
- T5 Data Centers: Custom and hyperscale data center operator with build-to-suit campuses across the US. Comparable in customer profile and bespoke campus delivery, though smaller in overall scale than Tract/Fleet.
- Stack Infrastructure: Build-to-suit hyperscale data center developer (CTO Val Milshtein joined Tract from here). Competes directly with Fleet Data Centers on multi-hundred-MW campuses for hyperscaler tenants.
- Vantage Data Centers: Global hyperscale data center developer offering campus-level builds across North America and EMEA. Direct competitor to Fleet Data Centers in the 500 MW+ build-to-suit segment serving hyperscale cloud and AI customers.
- Compass Datacenters: Hyperscale build-to-suit data center provider targeting similar customers to Fleet Data Centers. Comparable in delivery model and customer focus on large-scale, customized campuses.
Broad incumbents
- I Squared Capital: Alternative asset manager with a dedicated digital infrastructure strategy (data centers, fiber, towers). Competes with Tract Capital for institutional capital and digital infrastructure investment opportunities.
- QTS Data Centers (Blackstone): Hyperscale and multi-tenant data center operator owned by Blackstone. Comparable in scale of mega-campus developments and hyperscale customer focus, but operates as part of a much broader real estate platform.
- Digital Realty: Global data center REIT operating across hyperscale, colocation, and interconnection. A broader incumbent that overlaps with Fleet Data Centers on hyperscale wholesale and with Tract's powered-land thesis via its investment in Teraco (where Tract's CEO co-invested).
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Tract Capital Management social profiles
Digital presenceTract Capital Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Tract Capital Management leadership team
Management profileNumber of profiles
Profiles10 records
Tract Capital Management subsidiaries and ownership
Company hierarchySubsidiaries4 records
Tract Capital Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Tract Capital Management M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Tract Capital Management
What does Tract Capital Management do?
Tract Capital Management is an alternative asset manager that ideates, originates, capitalizes, develops, builds and operates digital infrastructure businesses, primarily through two wholly-owned portfolio companies. Tract acquires, zones, entitles and develops master-planned data center parks with pre-positioned power, water and fiber infrastructure across 30,000+ acres of US land, while Fleet Data Centers provides build-to-suit mega-scale hyperscale data center campuses with campus-level leases up to 1 GW.
Is Tract Capital Management a public or private company?
Tract Capital Management is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Tract Capital Management founded?
Tract Capital Management was founded in 2022. It employs 11 to 50 people.
Where is Tract Capital Management based?
Tract Capital Management is headquartered in Denver, United States, in the North America region.
How does Tract Capital Management make money?
Two revenue lines are on record. Land Development and Disposition is the primary driver. The others are data Center Development and Campus Leasing (Fleet Data Centers).
Who are Tract Capital Management's main competitors?
Direct peers on record are EdgeConneX, DigitalBridge, CyrusOne, T5 Data Centers, Stack Infrastructure, Vantage Data Centers and Compass Datacenters. Broad incumbents are I Squared Capital, QTS Data Centers (Blackstone) and Digital Realty.
Does Tract Capital Management have an API?
No public API is recorded for Tract Capital Management.
What industry is Tract Capital Management in?
Tract Capital Management's product category is Alternative Asset Management - Digital Infrastructure. Its primary akta.pro industry code is FSAHAIAF, Real Assets — Digital Infrastructure (Data Centers, Fiber, Towers), with a secondary code of HDABACAL, Data Center Real Estate (REITs) & Leasing. Its NAICS code is 531120 and its SIC code is 6532.