TerraVolt Holdings, Inc.

What they do

TerraVolt is developing a 'master-planned' data center campus in Southeast Idaho, designed to provide tenants with dedicated, onsite natural gas-powered baseload electricity and construction-ready building sites with utilities and fiber connectivity. The company operates through its wholly-owned subsidiary TerraVolt Infrastructure Inc., which plans to offer a Physical Infrastructure-as-a-Service (PIaaS) platform integrating behind-the-meter power with data center sites. TerraVolt has not generated any revenue to date and is focused on land-use approvals, environmental assessments, and securing financing for construction.

Revenue drivers

• Construction-ready building sites — Plans to sell or lease pre-permitted, powered land parcels to data center developers, hyperscalers, and colocation providers. No revenue yet; project is in pre-development.
• Onsite power provision — Intends to provide natural gas-fired baseload power via a behind-the-meter plant, potentially generating recurring energy revenue tied to tenant usage. No revenue yet.

Recent performance

For the year ended December 31, 2025, the company reported $0 revenue, operating expenses of $1,055,000, and a net loss of $6.5 million. Operating cash flow was negative $750,000 in 2025. As of March 31, 2026, total assets were $66,000, total liabilities were $3.4 million, and shareholder equity was negative $3.3 million. In May 2026, the company borrowed $15 million to fund gas supply fees and permitting costs.

Strategy

TerraVolt's strategy is to develop a data center campus with onsite, behind-the-meter natural gas power to avoid grid connection delays and offer 'ready-to-build' sites. It has secured a firm natural gas supply agreement for 55,000 MMBTU/day and is pursuing land-use approvals and environmental permits. Management plans to form a joint venture with a landowner for the initial campus. The company intends to raise capital through equity and debt offerings to fund development and construction.

Risks

• Substantial financing needed — Management anticipates significant expenses and requires substantial additional financing; failure to obtain capital could force delay or termination of development plans.
• No revenue history — The company has generated no revenue and has a history of net losses, including losses in each year from 2021 through 2025.
• Permitting and approval delays — Development depends on securing land-use approvals, zone changes, and environmental permits, which are not guaranteed and may take longer than anticipated.
• Dependence on key agreements — The business relies on a natural gas supply agreement and a proposed joint venture; these agreements are subject to conditions and may not be finalized or performed as expected.

Outlook

Management expects to secure land-use and conditional zone change approvals by year-end 2026, with construction approvals targeted for the second quarter of 2027. Environmental reports are expected to be filed before the end of 2026, and design/environmental documentation for the power plant is expected to be submitted by mid-2026. The company plans to raise additional capital to fund its business plan and has borrowed $15 million in May 2026 to cover near-term costs.