Gemini / Sioux Falls Technology Park

FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →

Project status: Preliminary municipal plan approved; tenant, financed buildings and deliverable power unresolved. Capacity scope: Approximately 164-acre conceptual site; contracted and operating IT MW unknown. How we verify evidence.

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Phase-specific evidence; approximate locality pin. Reviewed October 8, 2026.

The investment takeaway

The first South Dakota entry tracks a credible site-and-entitlement proposal with utility land provenance. It diversifies geographic coverage, but should be evaluated as prospective development, with no delivered AI service established.

Campus identity and roles

The roughly 164-acre site lies south of Rice Street, east of Veterans Parkway and west of Six Mile Road. Gemini Data Center SD LLC / Michael Anvar is the municipal applicant. Gemini develops land; future customers would construct and operate buildings. Xcel is a verified former land seller and potential utility counterparty, not an established commissioned-power provider for this campus.

Project-specific government evidence

The December 16 agenda identifies rezoning 022049-2025 and planning conditions. Signed Resolution 4-26 approves the preliminary Gemini Addition plan on January 6, effective January 30. Its government-origin copy is hosted by the developer; it restricts data-center water to domestic use based on meter size. A subdivision plan is not a building permit or occupancy authorization.

Power, demand and readiness

January original reporting attributes interconnection/study progress and developer-funded substation plans to Gemini. No utility-approved service agreement or committed load was retrieved. The project’s 500 MW example is conceptual, not contracted IT MW. Neither nearby infrastructure nor a land sale establishes available service. No named AI tenant or productive workload is verified.

Economics after incentive rejection

Searchlight’s April reporting says Gemini continued recruiting while evaluating alternatives after rejected state incentives. That company statement supports continued interest, not construction. Potential utility sales and private development returns depend on contracted demand, capital and cost allocation. The land transaction cannot be treated as a utility earnings forecast.

Risks and assessment changes

Tenant recruitment, tax competitiveness, study outcomes, infrastructure costs, water restrictions and final permits are material. Named customer contracts, approved utility terms, financing and site works would improve readiness. A lapse, withdrawal or failure to secure power would weaken it. Applied Digital Toronto and crypto-oriented Leola leads were held rather than used to fill a quota.

Financial significance

Xcel confirms a land sale to Gemini Capital, not contracted utility demand. No verified campus budget, closed financing, leases or earnings contribution is established. Our analysis: entitlement creates a land-development option; economics depend on a customer and infrastructure commitments, especially after the state rejected proposed tax incentives. No numerical return model is justified.

Sources and claim verification

Structured source and government-record audit → · Reviewed October 8, 2026. Event dates and publication dates are separate.

Distinct project-specific documents; repeated releases count once. Company claims remain attributed and do not independently establish delivery.

1. City of Sioux Falls Council · 2025-12-16 · reviewed 2026-10-08

   Official agenda identifies rezoning 022049-2025, applicant Gemini Data Center SD LLC / Michael Anvar and planned data-center use. Recommendation, landscape and equipment screening provisions are planning context; agenda alone does not establish adoption.

   Government record →
2. City of Sioux Falls — adopted resolution in official minutes · 2026-01-06 · reviewed 2026-10-08 · event 2026-01-06

   Official January 6 minutes record adoption of amended Resolution 4-26 approving the preliminary Gemini Addition plan. The resolution limits any proposed data center to domestic water usage determined by meter size. Preliminary-plan approval does not establish a building permit, occupancy authorization or operating campus.

   Government record →
3. SiouxFalls.Business / Jodi Schwan · 2026-01-19 · reviewed 2026-10-08

   Original developer interview reports late-2023 land acquisition from Xcel, municipal approvals and very early stage without end user or final construction design. Study/substation funding claims are developer statements, not an approved utility service agreement.

   Independent local reporting →
4. South Dakota Searchlight / Makenzie Huber · 2026-04-02 · reviewed 2026-10-08

   Original reporting says Gemini representative continued tenant recruitment despite rejected state tax incentives. Company assertion of unchanged project does not establish construction. Separate Applied Digital Toronto project paused with land agreement lapsing.

   Independent local reporting →
5. Gemini / Sioux Falls Technology Park · publication date not established · reviewed 2026-10-08

   Issuer describes approximately 164-acre conceptual campus. Gemini develops land; future end users would construct/operate buildings. Power and tenant arrangements are unresolved. The previously reviewed 500 MW illustration was conceptual, not contracted capacity; that illustration was not visible in the FAQ text retrieved for this audit.

   Company disclosure →
6. Xcel Energy 2024 annual report · publication date not established · reviewed 2026-10-08

   Utility annual-report page explicitly confirms Sioux Falls land sale to Gemini Capital. Report period 2024; publication date not established. No committed campus MW, signed supply terms or utility earnings contribution is established.

   Company disclosure →