TerraVolt Infrastructure, operating through parent company CalEthos, is a pre-revenue data center infrastructure developer focused on building a "master-planned" data center campus in the Northwestern U.S. TerraVolt's core concept is to develop construction-ready, powered building sites and sell or lease them to hyperscale cloud providers and large colocation operators. The key feature of TerraVolt's model is onsite, behind-the-meter natural gas power generation — rather than connecting to the utility grid, TerraVolt plans to build a natural gas-fired power plant directly on the campus, giving tenants a site with power already in place and bypassing utility interconnection queues that currently run four to seven years in major U.S. markets. Beyond power, TerraVolt handles land acquisition, permitting, zoning, water rights, and fiber connectivity — delivering what it calls a fully construction-ready parcel. TerraVolt describes this model as Physical Infrastructure-as-a-Service (PIaaS), and may pursue recurring lease revenue rather than pure land sales. The initial campus targets 300–350 MW of power capacity, with a potential expansion to 600–950 MW via a planned 2030 pipeline expansion. As of the filing date, TerraVolt has no revenue, no operational campus, and only three full-time employees, with construction approvals targeted for Q2 2027 at the earliest. The parent company has a long history of business pivots across biotech, real estate, entertainment, and crypto mining before arriving at its current focus.