Teton Digital plans to raise USD 200m, which includes server costs, as soon as this year to finance a 100 MW data center in Williams County, North Dakota, according to CEO Scott Bennett.

The project, known as Project Trinity, will initially launch with 30 MW of capacity and is expected to become operational by late 2025, with an expansion goal of 100 MW requiring the construction of a new substation.

Bennett confirmed that Teton Digital is working with boutique financial advisory firms to raise the necessary capital but declined to name them. He said the company remains open to expanding its pool of investors as the project progresses.

The project was recently given the green light by the Williams County Board of Commissioners.

Project Trinity will be built in partnership withMontana-Dakota Utilities Co. and the Upper Missouri Power Cooperative, with Teton Digital funding necessary grid upgrades, including the substation. The company is considering liquid cooling technology to mitigate noise concerns and improve operational efficiency.

Beyond North Dakota, Teton Digital has an additional 100 MW pipeline of data center projects it expects to develop over the next one to two years. These include sites in Texas, Missouri, and Canada, with some facilities being developed alongside behind-the-meter natural gas generation to provide dedicated power. The company is also evaluating sites near natural gas pipelines, where it could install modular power generation assets in 10 to 30 MW increments.

Bennett described the company’s business model as a “greenfield” approach, where Teton Digital controls site selection, infrastructure development, and operations. He noted that the firm aims to quickly deploy smaller-scale Bitcoin mining operations at new sites to generate early cash flow before transitioning to HPC and AI workloads.

The company also has an existing 20 MW cryptocurrency facility in Washington State.

Teton Digital has primarily been self-funded through family capital, supplemented by angel investors, and private capital backers. The company is now in discussions with both equity and debt investors, with different financing partners targeted for larger projects, such as the 100 MW North Dakota facility.

“We have advisory and a Rolodex of folks that are both equity and debt investors,” Bennett said. “It’s a mix of capital partners, and we’re keeping conversations open.”

Teton Digital’s expansion aligns with a broader industry trend, where data center developers are increasingly integrating energy infrastructure into their business models.

While Bennett did not disclose exact pricing terms, he confirmed that Teton Digital is negotiating power rates with Upper Missouri Power Cooperative and its wholesale supplier, Basin Electric Power Cooperative.

He also indicated that the company may participate in demand response programs to further optimize electricity costs.