GridAI Signs Share Deal to Acquire Pronghorn for Wyoming AI Power

By Amara Osei

GridAI Technologies has agreed to acquire Pronghorn Resources as part of a plan to deliver 300 MW of dedicated AI data-center power in Wyoming in 2027. The company announced the definitive share-exchange agreement on November 13, 2026. GridAI must still build the generation.

What does GridAI gain from the acquisition?

GridAI expects the acquisition to close on or before November 22, 2026. GridAI reported that Pronghorn operates in Wyoming’s Powder River Basin, with approximately 3,200 producing wells, more than 450 miles of owned gathering and pipeline infrastructure and nearly 1 million acres of mineral and leasehold interests.

GridAI reported that Pronghorn’s gross natural gas production approaches 100 million cubic feet per day. The company also reported nearly 14 million gallons of water produced daily, a combined direct and contracted full-time workforce of 190 and approximately $1.7 billion in historical capital expenditure tied to Pronghorn’s existing energy infrastructure.

How much power can Pronghorn’s gas support?

GridAI estimates that Pronghorn’s current gas output could fuel up to approximately 600 MW of gas-fired generation. The company cautioned that the estimate is an indicative fuel-to-power calculation, not installed generating capacity, and depends on generator efficiency, operating conditions and the continuity of deliverable gas volumes.

GridAI plans to build behind-the-meter natural gas-fired generation in phases, meaning power dedicated to hyperscale campuses. Grid-connected or grid-supported infrastructure could supplement that generation, according to GridAI. The company aims to reduce reliance on conventional utility interconnection timelines while supporting later expansion toward multi-gigawatt AI campuses.

GridAI has identified multiple sites in two Wyoming counties for utility-scale power and data-center campuses. The company said the locations have access to land, existing energy infrastructure and regional high-capacity fiber.

GridAI also intends to increase Pronghorn’s output through well workovers, rehabilitation and planned drilling as power requirements expand. The initial 300 MW target still depends on GridAI building the required generation.

What commercial model will GridAI operate?

Chief Executive Jason Sawyer said GridAI will combine continued gas production and sales with long-term power-supply agreements, water supply and potential ownership interests in data-center campuses GridAI helps develop. Sawyer said expansion would follow in phases, aligned with customer commitments, financing and project approvals.

GridAI said the upstream gas business retains standalone commercial value while the company pursues those data-center opportunities. The operating component gives the acquisition value beyond the development plan, according to GridAI.

What are the share-exchange terms?

Pronghorn’s members would exchange all outstanding membership units for 1,247,887 GridAI common shares and up to 129,504 newly designated Series I convertible preferred shares, subject to adjustment. Conversion would require GridAI stockholder approval, Nasdaq approval for listing the conversion shares and compliance with a beneficial-ownership limitation.

GridAI said the issued shares would carry 30-month lock-up agreements. Pronghorn’s members would also receive the right to designate one GridAI director at closing.

What does the Sigma9 agreement add?

A related agreement with Sigma9 Capital would assign GridAI exclusive Wyoming development rights involving 1st American Nuclear Co. The rights cover the Bridge Power platform and the EAGL-1 240 MWe small modular reactor platform, and would take effect when the Pronghorn acquisition closes.

GridAI would issue Sigma9 794,109 common shares and 82,411 Series I convertible preferred shares for those rights, subject to adjustment. Bridge Power would begin with commercially available generation and add nuclear capacity alongside operating assets later, according to GridAI.

GridAI said any advanced nuclear deployment depends on commercial availability and regulatory approvals. The company’s immediate focus remains natural gas generation, and it plans to evaluate carbon capture and underground geological storage.

GridAI said those activities would require geological evaluation, reservoir characterization, permits, engineering and commercial feasibility. Neither option has been established by the acquisition, which provides fuel, infrastructure and land rather than operating generation.

What must GridAI still deliver?

GridAI must convert Pronghorn’s gas and infrastructure into financed, permitted power and customer agreements on its stated timetable. Owning the fuel and land does not itself establish deliverable capacity, and the 300 MW goal for 2027 depends on that execution.