SOAR AI Announces Up to $1B Equity Facility to Fund Expansion of Its AI Infrastructure Platform
aiinsider ·
Volato Group, rebranding as SOAR AI, has secured an equity facility of up to $1 billion with an institutional investor to fund the expansion of its AI infrastructure platform. This capital will primarily support the development of a major campus in Ohio, which currently has 154 MW of power capacity and aims to reach 480 MW, alongside other brownfield sites in the U.S. and abroad. The move follows a September agreement with a large AI customer for two four-year take-or-pay orders totaling $1.17 billion, which includes approximately $133 million in prepayments for dedicated AMD GPU clusters. CFO Mark Heinen emphasized that the facility's terms are designed to minimize market impact by giving the company full control over the timing and size of share sales. Key restrictions include volume caps on daily sales, a prohibition on short selling by the investor, and ownership limits to protect existing shareholders. CEO Chris Ensey highlighted that this flexible funding source allows the company to scale its operations across hundreds of megawatts without immediate pressure to issue shares. The corporate name change to SOAR AI is expected to become effective on October 19, 2026, subject to regulatory approvals.
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