Rowan secures $500m for 300MW Texas data center project
Rowan Digital Infrastructure has secured around $550 million in construction financing to support the first phase of its 300MW Cinco data center campus in Medina County, outside San Antonio, Texas. The financing was completed under Rowan’s new Green Loan Framework and will fund initial development at the 440-acre site, which broke ground in late 2025. The first 60MW phase is expected to come online this year, with the full campus targeted to be operational by 2027. Total investment in the project could reach up to $900 million.
The Quinbrook-backed developer said the deal validates its large-scale development strategy and disciplined capital-raising approach. Rowan has now raised more than $4 billion in debt funding over the past 18 months, including major financing for its Maryland flagship campus. The Cinco transaction was led by TD and Mizuho, with participation from multiple global banks. In addition to the San Antonio project, Rowan is developing data center campuses in Maryland and Oregon and has another Texas site near Temple, with University Pension Plan Ontario among its investors.
Nebius plans 240MW data center in Béthune, France
Nebius is planning a 240MW data center in Béthune, northern France, redeveloping a former Bridgestone tyre plant into one of the country’s largest data center facilities. The 26,000 sqm site will be delivered in phases, with the first capacity expected online by late summer and around half of the data center operational by the end of 2026. The project is expected to create around 30 permanent jobs and will primarily support AI workloads.
The Amsterdam-based AI cloud provider said France was a natural choice due to the country’s recent push to build AI infrastructure in Europe. Nebius sees the project as part of a broader effort to reduce Europe’s reliance on US-based AI infrastructure. The Béthune facility adds to Nebius’ growing international footprint, which includes owned, leased, and planned data centers across Europe, the US, and the Middle East, as the company targets 2.5GW of contracted capacity by the end of the year.
AWS likely behind $4.8bn data center in Walla Walla, Washington
Amazon Web Services (AWS) has been identified as the likely company behind a $4.8bn data center campus planned for the Port of Walla Walla, Washington. In October 2024, Advance Phase LLC purchased around 500 acres in the Wallula Gap Business Park for a large-scale data center development, with plans for up to 16 buildings delivered across four phases. Each phase would include four 215,000 sq ft buildings, bringing the total campus to more than 3.4 million sq ft. At the time of the land purchase, the end user was described as a company in the “top 30 of the Fortune 500.”
According to the Tri-City Herald, a local official later described the customer as an “American multinational technology company, engaged in e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence service.” While Amazon declined to comment, Google confirmed it was not involved, leaving AWS as the only company fitting the description, with official confirmation expected imminently. The site is located within the 1,900-acre Wallula Gap Business Park, close to major transport links, and would represent another significant expansion of AWS’ data center footprint in the Pacific Northwest.
Meta announces 1GW data center campus in Indiana
Meta has announced the development of a 1GW data center campus in Lebanon, Indiana, roughly 29 miles northwest of Indianapolis. The project represents an investment of more than $10 billion and is one of Meta’s largest infrastructure builds to date. Renders indicate the campus could include around a dozen buildings, and Meta said it will fully cover the cost of the energy it uses while coordinating long-term planning with local utilities to avoid impacts on residents. The site will use a closed-loop, liquid-cooled system designed to be highly water efficient, with Meta committing to restore 100 percent of the water consumed back to local watersheds.
The Lebanon development will be Meta’s second data center project in Indiana. The company is already building a campus in Jeffersonville, near the Kentucky border, where it plans to invest $800 million in a 619-acre site, with early buildings reportedly complete and rack installation underway. The Indiana projects form part of Meta’s broader push into gigawatt-scale data centers across the US, including its large Hyperion campus in Louisiana. Meta recently created a dedicated Meta Compute division to manage its AI infrastructure growth and has forecast 2026 capex of $115–135 billion as it accelerates investment in data centers nationwide.
French AI firm Mistral signs $1.2bn deal to build EcoDataCenter facility in Sweden
French AI company Mistral AI has signed a €1.2 billion ($1.42bn) long-term deal with Swedish colocation provider EcoDataCenter to build an AI-focused data center at EcoDataCenter’s Borlänge campus in central Sweden. The facility will be Mistral’s first infrastructure deployment outside France and will host Nvidia’s next-generation Vera Rubin GPUs. The first phase of the data center is expected to open in 2027, forming a key part of Mistral’s strategy to develop European-based AI infrastructure with locally processed and stored data.
The Borlänge campus, located on a former paper mill site, is designed to deliver 250MW in its initial phase and could scale up to 600MW over time. EcoDataCenter said the partnership reinforces Sweden’s role as a hub for sustainable, high-performance AI infrastructure in Europe. For Mistral, the project supports its ambition to strengthen Europe’s AI autonomy, complementing its ongoing developments in France, including large-scale clusters around Paris and partnerships with multiple cloud and infrastructure providers.
Data center developer Stack to expand Hillsboro campus by 121MW
Stack Infrastructure is expanding its Hillsboro, Oregon data center campus by 121MW, increasing the site’s total capacity to 200MW. The first phase of the expansion, a new 25MW building known as POR03D, is scheduled for completion by Q4 2027, marking the next step in plans first announced in 2022.
The initial build will be followed by two additional facilities, POR03E at 42MW and POR03F at 54MW. The POR03 campus currently operates 72MW across three buildings and sits near Stack’s other Portland-area sites, POR01 and POR02, reinforcing Hillsboro’s role as a key data center hub in the Pacific Northwest.
Google raises more than $30 billion across USD, sterling and Swiss Franc bond sales
Alphabet, Google’s parent company, has raised more than $30 billion through a series of bond sales across US dollars, British pounds, and Swiss francs. The largest portion came from a $20 billion US bond issuance across seven tranches maturing between 2029 and 2066, followed by a £5.5 billion sterling offering that included a rare 100-year bond, and CHF 3.055 billion raised in the Swiss franc market. The broad mix of currencies and maturities highlights Alphabet’s strategy to access diverse pools of capital.
The fundraising supports Alphabet’s planned $175–185 billion capital expenditure program for 2026 and reflects a wider trend among hyperscalers ramping up borrowing to finance AI and data center expansion. Analysts at Morgan Stanley estimate total hyperscaler borrowing could reach $400 billion this year, up sharply from 2025, while peers such as Oracle have already secured significant debt to fund their own large-scale infrastructure investments.
Ares arranges $2.4bn in funding for Vantage Data Centers
Ares Management Corporation has arranged a $2.4 billion debt facility for Vantage Data Centers, with the financing set to refinance existing debt and support continued development across Vantage’s North American portfolio. Funds managed by Ares Management Corporation account for around $1.6 billion of the commitment, with approximately $330 million funded at closing.
The facility supports Vantage’s expansion as demand from hyperscale cloud and AI customers accelerates. Vantage operates 17 campuses across North America with more than 4GW of IT load capacity, and its stabilized assets are fully leased under long-term agreements, primarily to investment-grade hyperscalers. The deal reinforces Ares’ role as a major lender in digital infrastructure and provides Vantage with flexible capital to scale construction and operations across key US markets.
S&P Global: Data center M&A topped $69bn in 2025, neoclouds in “unenviable position”
Data center M&A reached a record $69bn in 2025, according to S&P Global Market Intelligence, driven by fewer but much larger transactions. Total deal value rose $8bn year-on-year, with the standout being the $40bn acquisition of Aligned Data Centers by BlackRock and MGX. Investment is increasingly concentrating on assets with secured power, as grid constraints push up valuations for data centers that can already support AI workloads.
S&P also highlighted that neocloud funding more than tripled to over $35bn in 2025, but warned these players are in an “unenviable position.” Improved chip availability has weakened one of their key advantages, while heavy capex and rising debt levels are increasing scrutiny of the model. Despite strong revenue growth led by firms like CoreWeave, S&P cautioned that any demand or supply shock could trigger consolidation or acquisitions by hyperscalers such as Amazon, Microsoft, and Google.
CyrusOne partners with Constellation for 760MW data center campus in Texas
CyrusOne has partnered with Constellation to develop a 760MW data center campus in Freestone County, Texas, colocated next to Calpine’s Freestone Energy Center. Under the agreement, Calpine, a Constellation business unit, will initially provide 380MW of power and grid connectivity for the first phase, with an exclusive arrangement in place to deliver an additional 380MW in Phase II. The site leverages existing natural gas infrastructure to enable faster delivery while maintaining grid reliability.
The project follows a similar model CyrusOne is already using elsewhere in Texas, including a 400MW campus next to Calpine’s Thad Hill Energy Center. CyrusOne, which is owned by KKR, operates more than 50 data centers across the US and Europe, with Texas as one of its core markets. Constellation said the development will use its Powered Land Capabilities to combine generation, land, and grid access, supporting large-scale AI and cloud demand while prioritizing speed to market and system reliability.
Meta purchases additional 1,400 acres for Hyperion mega-data center expansion
Meta has expanded its Hyperion mega–data center project in Richland Parish, Louisiana, by acquiring an additional 1,400 acres of land adjacent to the original 2,250-acre site. The Hyperion campus, first announced in late 2024, was planned as a 2GW development spanning roughly four million square feet, with early site preparation already underway on the newly purchased land.
Originally expected to cost around $10 billion, the project’s scale has grown, highlighted by Meta’s $27 billion joint venture with Blue Owl Capital announced in October 2025. CEO Mark Zuckerberg has said the campus could eventually scale to 5GW over several years, reinforcing Hyperion’s role as a cornerstone of Meta’s long-term strategy to build tens of gigawatts of AI-focused data center capacity across the US.
Amazon capex to hit $200bn in 2026, will mostly fund AWS data centers
Amazon plans to double its capital expenditure to $200 billion in 2026, with the majority of the investment directed toward data centers for its cloud division, AWS. The announcement came alongside its Q4 2025 earnings, which showed continued growth in operating income, driven largely by strong demand for cloud and AI services. CEO Andy Jassy said most of the spending would support AWS infrastructure, particularly AI-related workloads, as demand is rising faster than expected.
Jassy defended the aggressive investment strategy amid market concerns, arguing that Amazon has a strong track record of forecasting demand and deploying capital efficiently in AWS. Despite a sharp drop in Amazon’s share price following the earnings release, he stressed that the spending is not speculative and is expected to generate solid long-term returns. The move reflects broader hyperscaler investment trends, as major tech firms continue to pour capital into AI and data center infrastructure to secure future growth.
Equinix sets 2026 revenue target above $10 billion after record bookings
Equinix has set a 2026 revenue target above $10 billion after a strong 2025 marked by record bookings, higher earnings, and continued expansion. The company reported $9.217 billion in revenue for 2025, with significant growth in operating income, net income, and adjusted EBITDA. For 2026, Equinix forecasts revenue between $10.123 billion and $10.223 billion, alongside continued growth in cash flow metrics, supported by sustained demand from enterprise and cloud customers, particularly for AI-related infrastructure.
Beyond financial performance, Equinix continued to expand its global footprint, opening 16 data center projects across 14 metros in 2025 and adding around 1GW of powered land for future development. More than 60 percent of its largest Q4 deals were tied to AI workloads, and total global interconnections surpassed 500,000. The company also raised its quarterly dividend to $5.16 per share, marking its 11th consecutive annual increase, and enters 2026 with more than 50 major expansion projects underway to support ongoing growth.
PGIM acquires 20.7ha Melbourne site for AUD 1.2bn data centre campus
PGIM has acquired a 20.7-hectare site in Truganina, Melbourne’s west, for a planned data center campus, marking the first Australian investment by its USD 2 billion Global Data Centre Fund. The firm plans to invest around AUD 1.2 billion in the first of three development phases at the site, which will form part of a broader global pipeline across North America, Europe, and Asia Pacific. Melbourne is attracting strong interest from hyperscalers, driven by sustained demand for digital infrastructure and growing requirements linked to AI workloads.
The project is being fast-tracked through Victoria’s Development Facilitation Program, and reports suggest the land was acquired for around AUD 165.6 million. PGIM is also assessing a second site closer to Melbourne’s CBD and has earmarked nearly a third of its global fund for Australia, with its Asia Pacific pipeline now exceeding 400MW. The firm sees Melbourne as a key growth market due to comparatively better availability of power and land than Sydney, while the Victorian government continues to support data center investment through funding programs and a light-touch regulatory approach.
