Building data centers in the Nordics.
Cheap clean power. Cold air. Decommissioned heavy industry sites with grid capacity to spare.
AI compute needs all three. We have all three.
More to come.
The biggest infrastructure deal in history closed 2 months ago. Most people missed it.
$40B for Aligned Data Centers. A colocation operator.
Buyers: Nvidia. Microsoft. BlackRock. xAI.
Hyperscalers are done renting GPUs. They buy the buildings now.
Hut 8 signed $7B with Anthropic.
245 MW. 15-year lease. Google guarantees the payments.
Same week: Hut 8 prepared $3B IG bond. Anthropic posted Transaction Principal for Nordics + FLAP-D.
Frontier AI labs underwrite operators now. They follow the power.
Anthropic just posted a Transaction Principal for Europe.
Job: lease data centers direct from operators in Nordics, Southern Europe, FLAP-D.
3y ago AI labs bought cloud.
2y ago they leased via hyperscalers.
Now they go direct.
Power is the asset.