Meta’s $10B Indiana Megacampus; Firmus Secures $10B AI War Chest; Saudi & Vietnam Anchor Sovereign Compute
Inside the capital, power, and policy shifts redefining global AI infrastructure this week.
Welcome to Global Data Center Hub. Join investors, operators, and innovators reading to stay ahead of the latest trends in the data center sector in developed and emerging markets globally.
If you’re not a subscriber, here’s what you’ve missed so far:
Where the Next Gigawatt of AI Capacity Will Actually Be Built [Inside the New Global Hierarchy Shaped by Power Availability, Policy Alignment, and Platform Capital.]
How to Invest in Data Centers (And the Risks That Actually Matter) [An intelligence synthesis of the reports shaping AI-driven infrastructure, capital allocation, and market direction.]
9 Reports Shaping Global Data Center Strategy — Q4 2025 Intelligence Briefing [An intelligence synthesis of the reports shaping AI-driven infrastructure, capital allocation, and market direction.]
Q4 2025: The Quarter AI Infrastructure Became State Power [How power, capital, and policy fused to redefine the global AI buildout.]
Interested in sponsorship? info@globaldatacenterhub.com
In This Issue
Global Buildout at a Glance — Meta’s $10B Indiana campus, CyrusOne’s 760MW Texas build, Firmus’ $10B platform raise, and G42’s $1B Vietnam expansion highlight how AI-ready capacity is consolidating around power-secure corridors.
Power + Policy = Advantage — Spain’s canceled project over grid certainty, Texas’ co-developed utility model, and Singapore’s tightly regulated green approvals show that megawatts not demand are the gating variable.
Sovereign Capital Meets AI — Microsoft’s confirmed Saudi region and G42’s outbound Vietnam investment illustrate how state-aligned capital is shaping where AI clusters land.
Notable Transactions — Google’s ~$32B debt raise, Ares’ $2.4B facility to Vantage, and Nscale’s $1.4B GPU-backed financing signal that the capital stack for AI infrastructure is becoming more structured and asset-specific.
Dear Friends,
A new phase of AI infrastructure is taking shape, defined not by isolated data center builds, but by programmatic capital deployment, power security, and multi-continent scale.
This week made the shift clear. Meta is aggregating 1,400 acres in Indiana, securing long-term, power-ready corridors. Google’s ~$32B debt raise institutionalizes leverage to maintain hyperscale build velocity. Firmus’ $10B platform financing and G42’s $1B Vietnam expansion deploy compute where capital, power, and policy intersect. In Europe, a Spanish project collapsed overpower certainty, while Texas’ 760MW campus advances because energy is integrated from inception.
The message is clear: success in the next decade won’t go to the company with the most GPUs, but to those who command megawatts, land, and long-dated capital in unison.
Global Buildout at a Glance
A 1-minute scan of the week’s biggest moves — by region.
North America — Meta’s $10B Indiana groundbreaking, paired with 1,400 additional acres, signals multi-phase corridor control rather than a single build. CyrusOne’s 760MW Texas campus with Constellation reinforces the power-first model, integrating utility alignment from day one. Meanwhile, Google’s ~$32B debt raise shows AI infrastructure is now balance-sheet financed at hyperscale, with capital markets backing sustained U.S. expansion.
Europe — Nscale’s $1.4B GPU-backed delayed-draw facility signaled that AI financing is expanding beyond real estate into compute-asset collateralization, introducing a new risk-return profile for lenders. At the same time, Merlin’s decision to abandon its Andalusia data center due to lack of guaranteed power reinforced Europe’s structural constraint: grid certainty now outweighs land availability. Frankfurt’s continued expansion underscores that growth persists but only in energy-secure corridors.
Asia-Pacific — Firmus securing $10B in financing led by Blackstone and Coatue marked a shift toward platform-scale AI infrastructure consolidation across APAC, with institutional capital underwriting long-duration deployment. G42’s $1B Vietnam data center initiative confirmed that sovereign-backed capital is exporting compute capacity into Southeast Asia, positioning Vietnam as a spillover market beyond Singapore’s controlled approvals.
Middle East & Africa — Microsoft’s confirmation that its Saudi Arabia cloud region will be available in Q4 2026 advanced the Kingdom’s sovereign-aligned AI infrastructure roadmap from announcement to execution timeline. Meanwhile, Henox and CloudOne AI’s 50MW partnership illustrated the emergence of mid-scale AI clusters across the region, broadening the compute base beyond hyperscaler-led campuses.
South America — Millicom and NJJ Holding’s ~$1.2B acquisition of Telefónica’s Chilean unit signaled deeper vertical integration between telecom backbones and data center strategy. As AI workloads expand toward enterprise and edge environments, control of fiber and interconnection is becoming as strategically decisive as megawatt access.
Notable Transactions
Key shifts, structures, and risks across this week’s global deal tape.
This week confirmed a structural reality: AI-scale growth is corridor-driven, power-first, and balance-sheet financed, with land relevant only where megawatts and programmatic capital are secured.
Meta’s $10B Indiana groundbreaking and 1,400 additional acres signal multi-phase corridor control. CyrusOne’s 760MW Texas campus shows utility alignment reduces execution risk. Google’s ~$32B debt raise confirms hyperscale expansion is now backed by institutional credit, not project finance.
Across Europe, Nscale’s $1.4B GPU-backed financing introduced compute hardware into the collateral base, expanding the capital stack beyond real estate. Meanwhile, Merlin’s canceled Andalusia project illustrated the downside risk: without guaranteed grid capacity, capital commitments remain theoretical.
In APAC, Firmus’ $10B raise and G42’s $1B Vietnam project highlight investor and sovereign-backed expansion into power-ready corridors. In MEA, Microsoft’s Saudi region and a 50MW partnership show sovereign-aligned hyperscale growth with mid-scale clusters developing alongside flagship campuses.
Across South America, Millicom and NJJ’s ~$1.2B Chile acquisition reinforced that telecom backbone control is increasingly integral to data center economics, linking connectivity ownership directly to future AI edge deployment.
If you’re enjoying this newsletter, share it with a colleague.
Have a great week.
Global Data Center Hub