The disclosure and our analysis
Evidence dates
Evidence: TerraVolt Holdings, Inc. Form 8-K (Item 1.01) and its Exhibit 99.1 press release, both filed October 30, 2026. Read October 31, 2026. The option agreements are dated October 23, 2026 and were entered into on October 26, 2026.
What TerraVolt disclosed
1. **Site control by option:** Two option agreements with Wickel Land Company LLP cover about 1,077 acres in Cassia County, Idaho, outside Declo. Final acreage will be set by an ALTA/NSPS land title survey. [Source 1]
2. **Price:** About 903.3 acres at $30,000 per acre in cash, and about 174.1 acres at $30,000 per acre paid with a two year convertible secured promissory note. The note converts into TerraVolt common stock at $5.00 per share, automatically after 60 consecutive trading days at or above $5.00, or at the holder's election on the business day before maturity. If not converted it is repaid in cash, secured by a mortgage on those 174.1 acres. [Source 1]
3. **Option fee and term:** TerraVolt deposited $150,000 in option fees in escrow. Half is nonrefundable and released to the seller. The options expire October 23, 2027, and TerraVolt may extend them six months for a $75,000 payment. Both options must be exercised together. Half of the fees come back if TerraVolt terminates over a verified environmental, zoning, water rights, utility, access, title or permitting issue. [Source 1]
4. **Power plan:** TerraVolt says the campus is designed to support an initial 240 MW of dedicated on-site power generation, supported by its previously announced firm natural gas supply agreement of 55,000 MMBtu per day. The company describes the site as near State Highway 81, Interstate 84, long-haul fiber routes and the Williams Northwest Pipeline, and says it is zoned Multiple-Use. [Source 1] [Source 2]
5. **Business model:** After entitlements and civil development, TerraVolt says it plans to sell shovel-ready building sites to data center operators and provide power, fiber, water, wastewater treatment and other site services under a long-term infrastructure services agreement. It says it intends to require low water use cooling, such as closed-loop cooling, as a condition of each site sale. [Source 2]
How to read the megawatts
The 240 MW is TerraVolt's stated initial on-site generation capacity. It is not critical IT load, and the filing does not say how much IT load the generation would support after redundancy, cooling and other site loads. It is a design target for a planned campus, not capacity that exists or is offered today.
Status
On our status vocabulary, as of October 30, 2026: the campus is Announced. TerraVolt holds options on the land, not title. The press release says the options let it advance land use plans, environmental due diligence, power plant and distribution design, and county and state permitting, so those steps are still ahead. Nothing in the reviewed filings establishes approvals, construction, energization or capacity Available to tenants.
Buyer analysis
This is our analysis, not TerraVolt's. The disclosed land price, $30,000 per acre, is a useful benchmark for powered land plays outside established markets. The structure is low cost to hold for now: $150,000 in option fees against a purchase price of roughly $32 million at the stated acreage (our arithmetic), and the options run a year with an extension.
For buyers and operators, the pitch is time to power through islanded gas generation rather than a utility queue. The questions to ask are the ones the filing leaves open: what IT load the generation supports, what redundancy the plant design carries, what the energy services agreement would charge, and how equipment lead times for turbines, engines, switchgear and transformers would set the first delivery date. TerraVolt itself lists financing, permitting, definitive offtake and equipment lead times among its risks.
We have not assigned this story to a Colocation Scout market page. Cassia County is in south central Idaho, outside the markets we currently track.
