Comstock, Jericho form $10m AI infrastructure joint venture
Comstock Holding Companies and Jericho Energy Ventures established Oklahoma AI Ventures LLC to develop large-scale AI data center campuses in Oklahoma, integrating Jericho's subsurface energy infrastructure with Comstock's development expertise. Comstock committed up to $10 million in capital, including an initial contribution and future funding for land assemblage, while Jericho contributed land interests and critical infrastructure assets. The joint venture, equally owned by both parties, targets the growing demand from AI hyperscalers for reliable, scalable power solutions.
*this image is generated using AI for illustrative purposes only.
Comstock Holding Companies and Jericho Energy Ventures have established Oklahoma AI Ventures LLC, a joint venture focused on developing large-scale AI data center campuses in Oklahoma's Pawnee and Noble counties. The partnership aims to meet the rapidly growing power and land requirements of artificial intelligence computing by integrating Jericho's subsurface energy infrastructure with surface land interests. The Joint Venture Agreement, dated June 4, 2026, formalizes the terms of a Letter of Intent announced on February 12, 2026.
The Joint Venture combines Jericho's integrated Oklahoma platform of land, energy, water, and infrastructure assets with Comstock's expertise in land aggregation, entitlement, planning, and large-scale project execution. Jericho contributes a roughly 18,000-acre subsurface portfolio, critical operating energy infrastructure, direct access to natural gas, on-site water, and roughly 60 miles of gathering pipeline. Comstock will lead the planning and development activities, while the initial focus will be Jericho's existing energy assets within its flagship Black Bear AI Data Center Campus.
To date, development options covering upwards of 4,000 acres have been secured. The Oklahoma JV intends to monetize the assembled land portfolio through powered-land sales, build-to-suit ground leases, and/or phased joint development of turnkey data center assets. The partners also entered into a right-of-first-offer arrangement, giving the Joint Venture preferred rights on additional Jericho-affiliated properties across Oklahoma.
Financial Commitments
| Entity | Contribution/Value | Amount (US$) |
|---|---|---|
| Comstock Ventures | Initial contribution at closing | 2.75 million |
| Comstock Ventures | Additional commitment over time | 5.75 million |
| Comstock Holding | Strategic equity investment in Jericho | 1.5 million |
| JEV USA Inc. | Services fee | 2.5 million |
| Jericho & Affiliate | Land interests and rights contributed | 5.0 million each |
| Total Comstock Commitment | 10.0 million |
Under the agreement, Comstock and a Jericho affiliate (of which Jericho owns 50%) each own 50% of the Joint Venture. Comstock, through a wholly-owned subsidiary, will serve as administrative member. The Joint Venture's capital structure reflects the agreed value of the land interests and rights contributed by Jericho and its affiliate entity, valued at US$5.0 million each. The Joint Venture is subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, though Jericho is exempt from formal valuation and minority approval requirements.
The Oklahoma location offers attributes suited for next-generation data center development, including direct access to abundant, low-cost natural gas, contiguous sparsely developed acreage with favorable topography, and a supportive regulatory environment. The region's geology and existing wellbores also create carbon-sequestration optionality.
What is the projected timeline for breaking ground on the initial Black Bear AI Data Center Campus?
How will the joint venture secure the significant additional capital required for full-scale infrastructure build-out?
Are there potential regulatory hurdles in Oklahoma that could delay the integration of subsurface energy rights with surface data center operations?
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