Target Hospitality wins $550M+ data center hub contract with top-5 hyperscaler; raises 2026 outlook

Target Hospitality Corp.

Multi-year agreement with top-five hyperscaler for a data center campus in North Texas; over $550M committed minimum revenue through Q1 2031.
Potential variable revenue of ~$20M-$40M annually depending on occupancy; two 2-year extension options through Jan 2035.
Construction begins immediately; first occupancy Q3 2026, full completion Q2 2027. Net capital investment ~$115M-$125M, ~80% in 2026.
2026 guidance raised: revenue $360M-$370M, Adjusted EBITDA $70M-$80M, total CapEx $220M-$240M excluding acquisitions.
Target projects annualized revenue >$500M and Adjusted EBITDA >$160M by mid-2027, assuming midpoint of variable revenue.

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