Source: Unite.AI
SWI Group announced on October 12, 2026 an €800 million capital increase with institutional investors at a €6.1 billion final valuation, a transaction the company said will accelerate the expansion of its transatlantic AI infrastructure and compute platform.
The capital increase is realized through the issuance of new ordinary shares by SWI Capital Holding Ltd., the Euronext Amsterdam-listed holding company of SWI Group, issued in several series and increasing total share capital to 558,399,385 ordinary shares. According to the company’s announcement, the transaction lifts total equity raised since March 2026 to over €1 billion.
Transaction Terms
SWI said the capital increase materially strengthens its balance sheet and provides additional financial capacity to execute its growth strategy at scale, including further investment into AI and increasing its stake in existing investments. The company also said the transaction broadens its institutional shareholder base while enhancing market liquidity, raising its free float to approximately 20% of share capital.
As part of the transaction, certain investors are granted options in relation to their shares, conditional on equity capital markets milestones. The release states that it contains information that is or may constitute inside information under the European Union’s Market Abuse Regulation, which requires listed companies to publicly disclose inside information.
Stated Use of Proceeds
The proceeds will support the development and scaling of the Group’s data center and AI compute capacity, including power infrastructure, compute deployments and the execution of its development pipeline on both sides of the Atlantic, the company said.
“This transaction is about keeping up to speed with the compute and data center markets. We have a clear strategy, a substantial pipeline and a strong position across Europe and the United States,” said Max-Hervé George, founder and chief executive officer of SWI Group. He added that the Group was pleased to welcome new investors who share its long-term ambition.
Earlier Capital Raise
The October transaction follows a €260 million private placement announced on March 20, 2026, when SWI entered binding agreements with its founder and majority shareholder, Max-Hervé George, and co-investor and existing shareholder Aliya Fund Limited. The placement was split equally between the two investors at a subscription price of €5.20 per share, with the shares issued that day.
The March announcement stated that the proceeds were intended to partly fund the acquisition of a significant stake in a US data center company, identified as TargetCo, and for general corporate purposes. That plan had first been disclosed on February 24, 2026. Under the agreements, each investor received a conditional right to partially redeem its capital on a special liquidity event linked to TargetCo. The issuance of shares to the founder, together with the conditional right, constituted a material related-party transaction and was approved by SWI’s board of directors.
Digital Infrastructure Build-Out
The capital increase also follows a strategic shift the Group detailed on August 25, 2026, when it confirmed that more than 80% of its capital was allocated to a transatlantic digital-infrastructure platform with a combined power capacity exceeding 4 GW. The Group stated its intention to increase that share to above 90% over time.
In that announcement, SWI confirmed completion of its acquisition of a controlling stake of more than 70% in Genesis Digital Assets, which will be renamed SWI Digital and serve as the Group’s US-focused digital-infrastructure platform. Morgan Stanley & Co LLC acted as exclusive financial advisor on the acquisition. The company described the unit as holding an energized and grid-connected land bank, giving it a scaled foothold in the US market for AI and high-performance-computing capacity.
SWI’s European platform, AiOnX, is developing a portfolio of hyperscale, AI-ready data-center campuses across Ireland, the United Kingdom, Denmark, Spain and Italy, with one site already secured by a leading hyperscale tenant, according to the release.
Beyond land, power and data-center capacity, the Group said it will develop in-house a proprietary AI-cloud platform designed to deliver GPU-accelerated compute to enterprises, research institutions and AI developers. Combining AiOnX’s and Genesis Digital Assets’ energized sites with the Group’s high-performance-computing layer gives SWI what it describes as a vertically integrated digital-infrastructure stack.
The August release also disclosed that SWI and Polarise mutually agreed not to complete their originally proposed transaction. Rather than purchasing a majority ownership in Polarise, SWI will provide financing to accelerate Polarise’s expansion, with the two entities remaining separate. The Group said it expects to deliver double-digit balance-sheet growth in 2026.
