Source Agriventures (SRAV.US) aims for Nasdaq: With only one 158-acre farm under its name, can it collect rent from AI data centers?

According to information from Zhihu Finance APP, Source Agriventures filed documents with the US Securities and Exchange Commission (SEC) on Monday, seeking to raise up to $15 million through an IPO. The company aims to own farmland and lease it out for agricultural and energy uses.

Source Agriventures holds US farmland and leases it to tenant farmers, while also planning to increase revenue by developing renewable energy, data center, and agricultural technology (AgTech) projects on its land. The company’s sole property is a 158-acre farm in Macon County, Illinois, which has been leased to a tenant farmer and also to RWE Clean Energy for the development of a wind energy project.

The company plans to acquire more farms in the Midwest and Sun Belt, with an initial purchase price of $2 million to $10 million per farm, and to lease part of the land to renewable energy developers, eventually also leasing to AI data center operators. Currently, the company’s revenue is minimal and it is operating at a loss.

Source Agriventures was founded in 2023 and plans to list on Nasdaq under the ticker symbol SRAV. Aegis Capital Corp. is the sole bookrunner for this transaction. The company has not disclosed the pricing terms.