All the funding deals in the data center market
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The data center market is growing fast because AI, cloud services, and digital infrastructure all need more space, power, and cooling.
We conducted deep research and collected 35 funding deals in the data center market from Q1 2024 to Q2 2026.
We refresh this page very often so readers can follow new data center market funding activity as the industry changes.
And if you want to better understand this new industry, you should get our beautiful slides covering the data center market.
Insights
- The data center market is very capital intensive: 13 of the 35 funding deals were worth at least $500 million.
- The data center market is becoming more tied to AI infrastructure, with several large rounds backing AI factories, hyperscale campuses, and AI-ready capacity.
- Cooling is one of the clearest sub-sectors in the data center market, with Accelsius, Submer, LiquidStack, Corintis, Nine Labs, and YPlasma all raising capital.
- Power infrastructure is now a major data center market theme, with DG Matrix, Exowatt, ZincFive, Joule, and Fermi America raising money around energy or power capacity.
- The largest single deal in the data center market was Vantage Data Centers, which raised $9.2 billion in Q2 2024.
- 2025 was especially active for the data center market, with 14 tracked deals and several very large rounds for Aligned Data Centers, Nscale, Crusoe, and Applied Digital.
- The data center market is global, with strong activity in North America, Asia-Pacific, Europe, and even space-based infrastructure.
- Space-based data centers moved from early funding to larger rounds, with Lumen Orbit and Starcloud showing investor interest in orbital data center capacity.
- Several companies raised more than once, which shows that the data center market needs repeated funding to move from planning to large-scale deployment.
This chart, featured in our data center market deck, illustrates yearly venture capital funding for data center startups
Summary table of the funding deals for the data center market since 2024
We define the data center market as the market for delivering and operating physical data center capacity (space, power, and cooling) used to host computing equipment.
We include colocation providers and hyperscale facilities (owned or leased) and the facility infrastructure required to power and cool IT loads.
We exclude the IT equipment and software inside the facility (servers/GPUs, storage, networking, and cloud services revenue).
We focused exclusively on pure players, defined as companies with at least 70–80% of their business directly tied to the data center market.
Our analysis has been done at a global level with a minimum funding threshold of $300k.
You can also read our detailed analysis to understand how funding activity in the data center market has evolved recently.
If you want a longer-term view, we also have a study of how funding activity in the data center market has changed over the years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the data center market.
| Name | What they do | Amount in $ | Quarter | Source(s) |
|---|---|---|---|---|
| Firmus | Builds AI factory data center capacity across Asia-Pacific. | $505,000,000 | Q2 2026 | Firmus |
| DayOne Data Centers | Develops AI-ready hyperscale data centers across Asia-Pacific and Europe. | $2,000,000,000+ | Q1 2026 | DayOne |
| Accelsius | Provides liquid cooling for AI and HPC data centers. | $65,000,000 | Q1 2026 | Accelsius |
| Joule | Builds AI-ready data center campuses with power and land assets. | $60,000,000 | Q1 2026 | PR Newswire |
| DG Matrix | Builds power infrastructure for AI data centers and electrification. | $60,000,000 | Q1 2026 | Data Center Dynamics |
| Nscale | Operates AI infrastructure data centers with compute and operations. | $2,000,000,000 | Q1 2026 | Nscale |
| Starcloud | Develops space-based data centers for orbital AI capacity. | $170,000,000 | Q1 2026 | GeekWire |
| ZincFive | Provides nickel-zinc battery systems for AI data center power. | $30,000,000 | Q4 2025 | DCD |
| Nine Labs | Develops liquid cooling systems for AI data centers and servers. | $2,200,000 | Q4 2025 | Seoul Economic Daily |
| Corintis | Builds microfluidic cooling systems for data centers and AI chips. | $25,000,000 | Q4 2025 | DCD |
| Crusoe | Develops AI factories, data centers, and energy infrastructure. | $1,375,000,000 | Q4 2025 | DCD |
| Nscale | Develops AI data centers and hyperscale infrastructure. | $433,000,000 | Q4 2025 | DCD |
| Corintis | Builds microfluidic cooling systems for data centers and AI chips. | $24,000,000 | Q3 2025 | DCD |
| Nscale | Develops AI data centers and hyperscale infrastructure. | $1,100,000,000 | Q3 2025 | DCD |
| Fermi America | Develops a large AI data center campus in Texas. | $100,000,000 | Q3 2025 | DCD |
| YPlasma | Develops cooling technology for chips and data centers. | $2,500,000 | Q3 2025 | TechCrunch |
| Exowatt | Provides solar and long-duration energy systems for data centers. | $35,000,000 | Q2 2025 | Exowatt |
| DataBank | Provides colocation, interconnection, and edge data center services. | $250,000,000 | Q1 2025 | DataBank |
| Aligned Data Centers | Builds and operates large AI-ready data center capacity. | $5,000,000,000 | Q1 2025 | DCD |
| Applied Digital | Builds and operates HPC and AI data center campuses. | $900,000,000 | Q1 2025 | Macquarie |
| Digital Edge | Operates hyperscale edge data centers across Asia-Pacific. | $640,000,000 | Q1 2025 | Stonepeak |
| DayOne Data Centers | Operates hyperscale data centers across Asia-Pacific and global markets. | $1,200,000,000 | Q4 2024 | HKEXnews |
| Lumen Orbit | Develops space-based data centers for AI and high-demand services. | $11,000,000 | Q4 2024 | GeekWire |
| Lancium | Develops large data center campuses in Texas. | $500,000,000 | Q4 2024 | Data Center Dynamics |
| Accelsius | Provides liquid cooling systems for data centers and edge sites. | $24,000,000 | Q4 2024 | Business Wire |
| Cologix | Operates interconnection and hyperscale edge data centers in North America. | $500,000,000 | Q4 2024 | Cologix |
| DataBank | Provides edge colocation, interconnection, and data center services. | $2,000,000,000 | Q4 2024 | DataBank |
| Submer | Provides immersion cooling infrastructure for AI factories and data centers. | $55,500,000 | Q4 2024 | Submer |
| LiquidStack | Provides liquid cooling systems for data centers. | $20,000,000 | Q3 2024 | LiquidStack |
| EdgeCore Digital Infrastructure | Develops, owns, and operates wholesale hyperscale data centers. | $1,900,000,000 | Q3 2024 | EdgeCore |
| Metrobloks | Builds modular urban data centers for low-latency AI workloads. | $5,200,000 | Q2 2024 | Metrobloks |
| ST Telemedia Global Data Centres | Provides data center colocation services across Asia and other markets. | $1,300,000,000 | Q2 2024 | STT GDC |
| Vantage Data Centers | Develops global hyperscale data center campuses. | $9,200,000,000 | Q2 2024 | Business Wire |
| GDS International / DigitalLand Holdings | Operates international data center assets across Asia-Pacific. | $587,000,000 | Q1 2024 | GDS Holdings Ltd |
| Lumen Orbit | Develops orbital data centers for in-space data processing. | $2,400,000 | Q1 2024 | GeekWire |
This market map, featured in our data center market deck, highlights top companies and startups in the data center market
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