Amazon's Permian Playbook: Renting AI Data Centers from a Bitcoin Miner Turned Landlord

Two 15-year triple-net leases worth $7.5 billion in contracted rent — far more if extended — put Amazon's AI workloads in West Texas data centers built by a former Bitcoin miner.

On May 20, 2026, the Andrews County Commissioners’ Court voted unanimously for a “Resolution Expressing Opposition to the Establishment of Large-Scale Data Centers, Battery Energy Storage Systems, and Large-Scale Power Generation Facilities” in the county, urging the Texas Legislature to regulate such facilities. Two weeks later, the same court sat through a public hearing on “Project Stingray” — a high-performance computing data center on a 250-acre site west of town.

The developer’s head of policy presented, a property-tax consultant and an ERCOT representative spoke, no one named the tenant, and the court took no action. Five days after that, the tenant’s name surfaced anyway, in a Rule 144A bond offering presentation circulated to institutional investors: Amazon Data Services, Inc., guaranteed by Amazon.com, Inc., had signed a 15-year lease for the entire facility back in March.

That sequence — a county objects in principle, a developer presents without naming its customer, and the bond market receives the full terms within a week — is the current state of the Permian Basin AI buildout.

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