Manufacturing News
October 22, 2026
October 22, 2026 · Statewide · Story 5 of 5
Brightray's 10-Megawatt Data Center Letter of Intent Names No Indiana Site
Brightray Veridian, a subsidiary of Nasdaq-listed BUUU Group, signed a non-binding letter of intent on Oct. 6 for a 10-megawatt prefabricated AI data center somewhere in Indiana, its first proposed U.S. project. The design targets Tier III standards and compatibility with Nvidia's GB300 chips, and the unnamed infrastructure partner is supposed to issue a purchase order by Nov. 15 or the letter expires next October. No site, no partner name, and no dollar figure has been disclosed. Worth knowing before anyone treats this as a real construction signal: BUUU Group was a Hong Kong events company with $6.7 million in annual revenue before it went public on Nasdaq last year and bought Brightray for $240 million, paid entirely in stock. The letter of intent came out the same week BUUU's board approved a 10-for-1 stock split. A 10-megawatt project with no site from a first-time U.S. operator would also sit well behind Meta's $800 million Jeffersonville campus and Microsoft's roughly $1 billion La Porte site in any Indiana utility's connection line.
- Impact
- BUUU Group was a Hong Kong MICE events company with just $6.7 million in annual revenue and 16 employees before IPO'ing on Nasdaq in August 2025 and acquiring Brightray for $240 million paid entirely in stock and a share-settable promissory note: this LOI was announced the same week BUUU's board approved a 10-for-1 forward stock split, suggesting the Indiana project is doing real work as an equity narrative, not just a construction pipeline signal. A 10MW interconnect request from a first-time U.S. operator with no disclosed site would also rank well behind Meta's $800M Jeffersonville campus and Microsoft's roughly $1B La Porte site in any Indiana utility's connection queue.
- Watch
- Watch whether the unnamed partner actually issues the purchase order by the Nov. 15, 2026 deadline, the single verifiable milestone that determines if this LOI becomes a real project or lapses.
- For the huddle
Before treating this LOI as a signal of real Indiana construction activity, should we wait to see if the Nov. 15 purchase-order deadline is actually met, given BUUU's recent stock split and the all-stock structure behind its Brightray acquisition?
Not yet. The only milestone that matters is whether the unnamed partner issues a purchase order by Nov. 15, 2026, and until that happens, the letter of intent is a corporate announcement, not a construction commitment.
Sources
- Brightray Signs LOI for Planned 10MW Prefab Data Center in Indiana · news.constructconnect.com
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- Brightray's 10-Megawatt Data Center Letter of Intent Names No Indiana Site
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