WhiteFiber (Nasdaq: WYFI) says it has closed its purchase of two industrial properties in Yadkin County, North Carolina, which it plans to turn into data center campuses. In the same announcement, it reported that equipment problems slowed the ramp-up at its first North Carolina campus, in Madison.
The company disclosed both updates in a press release dated Nov. 3, 2026, which it filed as Exhibit 99.1 to a Form 8-K with the Securities and Exchange Commission. According to the release, the purchase was made through subsidiary Enovum Data Centers Corp. The company calls the two properties NC-2 and NC-3.
What WhiteFiber Bought
The filing says the company completed the previously announced acquisition for $60 million in cash. The properties total about 120 acres and include about 500,000 square feet of existing warehouse space. According to the release, they sit 55 miles from the NC-1 campus in Madison. REBusinessOnline reported when the deal was announced that the properties are near Winston-Salem.
WhiteFiber says it expects the two sites to have at least 60 megawatts (MW) of initial gross utility capacity. It says capacity could grow to about 200 MW within seven years of closing. The company makes that larger figure conditional: it is "subject to confirmation and power availability," according to the filing. The release does not say how much of the 200 MW is under a firm utility commitment today. Readers should treat the 200 MW as a possible ceiling, not capacity the company has secured.
The seller is staying on site for now. The release says the seller will keep occupying portions of the properties under an occupancy and partial leaseback arrangement. The 8-K release does not name the seller.
Customers and Timing
WhiteFiber says it has received non-binding letters of intent from prospective customers for the Yadkin County capacity, including proposals from investment-grade counterparties and proposals with investment-grade credit support. The letters also cover expansion capacity at NC-1. A letter of intent is an early, conditional step, not a signed lease. The release does not name the prospective customers or say how much capacity the letters cover.
The company now targets initial ready-for-service capacity at the sites in late 2027, subject to customary development conditions. When the deal was announced, REBusinessOnline reported that the company expected to close in the fourth quarter and bring the properties on line in the third quarter of 2027, and WFAE reported a target around summer 2027. The Nov. 3 release says only "late 2027." It does not explain why the wording changed or whether the schedule actually moved.
The deal was first announced in August as a definitive agreement. WFAE reported on Aug. 19, 2026, that the agreement covered the same terms: $60 million, about 120 acres, two campuses designated NC-2 and NC-3, 60 MW of initial capacity and about 200 MW over time. The closing confirms those headline terms and adds the seven-year window and the power-availability condition.
The Local Question: A Reported Moratorium
In its August coverage, WFAE reported that the Yadkin County Board of Commissioners had recently approved a two-year moratorium on data center development. The station said it was not clear how the moratorium would affect WhiteFiber's plans. DataCenterFeed has not reviewed a county ordinance, minutes or other county record confirming the moratorium's terms, dates or scope. The information here comes from WFAE's reporting.
The Nov. 3 WhiteFiber release, as filed with the SEC, does not address the reported moratorium. Residents and local officials following the project may want to look up the county's own records on the moratorium. Those records would be the place to confirm its terms.
NC-1: Switchgear Problems and a Partial Ramp
The filing also updates WhiteFiber's existing NC-1 campus in Madison. According to the release, problems with switchgear during commissioning interrupted service and billing for the campus's first 20-MW IT hall. Switchgear is the equipment that distributes and protects electrical power inside a facility. The company says the issues delayed NC-1's ramp to full contracted run-rate billing beyond the previously anticipated August timeframe.
WhiteFiber says about 35 MW of the 40 MW of IT capacity under contract at NC-1 is now operating, leaving about 5 MW still to bring online. The company says it still expects NC-1 development costs to stay within the initial budget.
The release also says financing for NC-1 with a prospective lending group is still being documented and has not closed. The company says there is no assurance the financing will be completed.
The release includes a quote from CEO Sam Tabar about customer demand and the company's North Carolina development experience. It does not give a date for when the remaining NC-1 capacity will come online.
What the Filing Does and Does Not Establish
Taken together, the filing confirms these points:
- The purchase of NC-2 and NC-3 has closed, for $60 million in cash.
- The sites total about 120 acres and about 500,000 square feet of buildings.
- WhiteFiber expects at least 60 MW of initial capacity and sees possible growth to about 200 MW, depending on power availability.
- The seller will stay on parts of the property for a time.
- At NC-1, about 35 MW of 40 contracted MW is running, and the project financing has not closed.
The filing leaves several things open:
- It does not identify a signed tenant for the Yadkin County sites.
- It does not give a utility interconnection agreement or a schedule for the capacity beyond 60 MW.
- It does not explain how the reported county moratorium would affect the conversion.
- It does not give a closing date for the NC-1 financing.
What Happens Next
The next scheduled step on the record is WhiteFiber's third-quarter 2026 earnings report, which the company says it will release on Nov. 10, 2026. Beyond that, the company's stated milestones are bringing the remaining roughly 5 MW of contracted IT capacity online at NC-1 and closing the NC-1 financing, which it says is not assured. For the Yadkin County sites, the stated target is initial ready-for-service in late 2027. The full 200 MW is described as a possibility within seven years of closing, subject to power availability. The release does not give a date for any county hearing or vote on the Yadkin County projects.
