Comstock and Jericho form Oklahoma JV for megawatt AI data centers

Comstock (NASDAQ:CHCI) announced a definitive agreement with Jericho Energy Ventures to establish a joint venture named Oklahoma AI Ventures, aiming to develop mega-scale artificial intelligence data center campuses in rural Oklahoma.

The transaction formalizes a letter of intent originally negotiated by the two firms during the first quarter of the year.

The 50-50 joint venture is strategically structured to capitalize on the rapidly growing, power-hungry demand from AI hyperscalers by aggregating surface acreage directly above developed energy nodes.

Under the operating agreement, Comstock has contributed an initial $2.75 million at closing and committed up to an additional $5.75 million over time based on approved development budgets.

Including a previous $1.5 million equity investment in Jericho, Comstock’s total capital commitment sits at approximately $10 million, which includes a $2.5 million service fee to a Jericho subsidiary.

Geographically, the joint venture will focus its initial predevelopment activities within Oklahoma's Pawnee and Noble counties.

Jericho brings an extensive 18,000-acre subsurface energy asset portfolio to the entity, providing direct access to natural gas pipelines, on-site industrial water sources, power substations, and dedicated fiber connectivity built to sustain gigawatt-class data processing capacity.

Reston, Virginia-based Comstock will deploy its four decades of commercial real estate infrastructure expertise to manage municipal entitlements, land aggregation, and day-to-day project construction.