CIM Group and Novva Secure $2 Billion for Data Center Expansion

Mar 5, 2025
CIM Group and Novva Data Centers have secured $2 billion in financing to complete their Salt Lake City data center campus, one of the largest AI data centers globally.

CIM Group and Novva Data Centers have secured $2 billion in new financing from J.P. Morgan and Starwood Property Trust to accelerate the completion of their flagship 175MW Salt Lake City data center campus, announced in a press release. This funding will support the second and third phases of construction, each featuring a 318,000-square-foot data center with 72MW critical IT capacity, expected to be completed by 2026.

The Salt Lake City campus, located in West Jordan, Utah, is set to become one of the largest direct-to-chip cooled AI data centers in the world. The first phase of the campus began operations in 2023 and is known for its innovative design, including water-free cooling and ambient air cooling capabilities. The campus was fully leased in 2023 to a leading global tech company.

Novva Data Centers, founded in 2019, operates additional facilities in Colorado Springs, Colorado, and Las Vegas, Nevada, with plans to expand into Reno, Nevada, San Francisco, and Mesa, Arizona. The company emphasizes sustainability and technological innovation, employing renewable energy and AI-powered robotic dogs for security and infrastructure monitoring across its sites.

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