North East Data, a subsidiary of Blockfusion, signed a letter of intent for 300 MW of IT capacity at its Niagara Falls facility. The agreement includes an initial 15-year lease term, with guaranteed take-or-pay capacity of 85 MW expected to generate $2,8 billion in revenue.
If two optional five-year extensions are utilized, total revenue could reach $5,4 billion over 25 years. The site currently operates at 50 MW and is undergoing a Tier 3 upgrade to support high-density AI and GPU workloads, aiming for 99,982% uptime.
Blockfusion is pursuing a merger with the SPAC Blue Acquisition Corp to go public. Simultaneously, the company plans to raise $175 million through convertible senior notes supported by Sona Asset Management.
The non-binding letter of intent, announced on June 30, 2026, includes exclusivity provisions. Founded in 2019 as a crypto mining firm, Blockfusion is transitioning its infrastructure to meet the demand for AI compute resources.
