Project Blue has closed land and site works; resource questions remain
New research published October 8, 2026 · historical milestones dated in profile · Sources reviewed: 2026-10-08
Published 2026-10-08. Historical events retain their source dates; this publication does not imply a new project milestone.
Site activity and site-construction permits documented; occupancy and customer service unverified.
Investor implications · Our analysis
County’s April memorandum confirms $20.85 million land-sale proceeds, a completed land transaction. Its up-to-$3.6 billion campus investment estimate remains a forecast, distinct from raised or spent capital. Our analysis: land control, visible works and approved power terms strengthen execution evidence, but disputed resource arrangements and an unidentified customer limit cash-flow confidence.
Documented company exposure
- Beale Infrastructure — Campus developer. The announced investment estimate is not evidence of financing close or expenditure.
- Humphrey’s Peak Properties LLC / Bobcat B1 LLC — Verified affiliated land-transaction entities; land ownership does not establish delivered computing.
- Tucson Electric Power — Power-service counterparty under the approved agreement. Approval is not energization or verified earnings contribution.
Unknowns
Named computing customer, durable operating-water arrangements, final litigation outcome, financing close and delivered service remain unverified.
What changes the assessment · Our analysis
a documented customer commitment, durable resource arrangements and phase-specific delivery would strengthen the assessment. Adverse legal decisions, resource constraints or delayed service would weaken it.
What to watch next
Phase-specific construction/inspection updates, durable water arrangements and delivered TEP/customer service
Sources and verification
Nine distinct reviewed documents; government evidence and original independent reporting, including a September24 court-hearing update. No final judicial outcome or delivered computing inferred.
- Pima County Administrator · 2026-04-23
Original progress memorandum establishes June 17, 2025 specific-plan/acquisition approval and December 24 land closing, $20.85 million land proceeds. Attachment 2 lists permit statuses as of April 23: P25SC00120 issued site construction; P26BP01453 approved other structures; P25SC00140 and P26RW00417 corrections requested. Opened dates are not issuance dates. No building occupancy or delivered service is established.
- Pima County Administrator · 2025-12-24
Closing memorandum documents assignment from Humphrey’s Peak Properties LLC to affiliated Bobcat B1 LLC, obligations retained and funding in escrow. This contemporaneous memo expected closing that day; the later April memo confirms completion.
- Arizona Corporation Commission · 2026-01-21
Docket E-01933A-25-0187 / Decision 81587: December 3, 2025 ESA approval stands after rehearing applications automatically denied. Staff’s no-cost-shift/reliability conclusions are regulator findings, not independent measured outcomes. Minimum billing and termination-security protections summarized; not energization.
- Arizona Attorney General · 2026-02-19
Attorney General announces filed Maricopa County appeal on February 19, seeking to vacate ESA approval over disputed rate-setting authority. Attached complaint is dated February 18; court-stamped filing date/case identifier not established from that copy. Allegations are not judicial findings.
- Beale Infrastructure · Publication date not established
Current issuer page identifies South Houghton campus / Project Bobcat, TEP service pathway and air-cooled closed-loop design. Reports Q1 2026 construction start and 2028 initial-building target; dates are company milestones. $3.6 billion investment and fiscal/job figures are forecasts, not capital raised or earned revenue.
- AZPM · 2026-05-28
Original journalism reports ADWR well approvals linked to Bobcat Tucson Water LLC and photographs site activity on April 24. Well permission is not whole-campus authorization; precise well identifiers were not established from primary records.
- AZPM · 2026-05-06
Reports Tucson revoked a construction water meter on May 4 after disputed use. This is a construction-water issue, not proof of campus cancellation or completed operating-water arrangements.
- Arizona Attorney General — complaint · Publication date not established
Original complaint, signed February 18, challenges Decision81587 and cites August25 ESA application for 286 MW first-phase electricity. Copy has no court case number or filing stamp. It establishes legal allegations/requested relief, not a judgment or measured operating IT load. Publication date not established; date retained is document signature date.
- KJZZ / Taylor Griffith · 2026-09-24
Original court-hearing reporting describes September24 arguments over intervention timing and future ratemaking. Judge discussed clarification but issued no verdict at that hearing. This later document establishes active litigation, not a final outcome.
Page Update History
— Added publisher attribution, AI disclosure and this update-history section. This presentation update does not represent a new factual source review.
Earlier publication and source-review dates remain as stated on this page. This is the first entry in this standardized log; it is not a reconstruction of earlier revisions.
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