Stack Infrastructure Wins $4B In Financing To Build More Than 1 Gigawatts In Data Center Capacity

With the $4 billion it announced this week, the Denver-based company has been given more than $20 billion in debt financing since 2019.

Stack Infrastructure announced on Wednesday that it won a $4 billion investment to complete more than a gigawatt’s worth of new capacity construction so far this year, as investments pour into the data center space.

Those funds are targeted towards the construction of its data centers in Portland, Ore., Toronto, and its 1-gigawatt data center in Stafford, Va., a state where the Denver-based company has brought $9 billion in financing for construction projects since 2019.

The company said the Virginia data center (plans pictured above) will be built over 500 acres, with four sub-campuses, and will house a total of 19 data centers, once it is finished. It will be powered by six 300-megawatt substations provided by Dominion Energy.

The Stafford Technology Campus is expected to generate $80 million in annual tax revenue, and create thousands of trade jobs during peak construction, and hundreds full time jobs when it is complete, the company said in a press release.

“Stack’s footprint in Virginia reflects our ability to support our clients’ growth in the most integral data center market in the world,” said Matt VanderZanden, president of Stack Americas, said in a statement that accompanied the funding announcement. “With strong access to capital and a proven record of delivering at the highest level, we remain committed to providing strategic digital infrastructure solutions across the globe.”

VanderZanden was promoted to Stack Infrastructure president last month after working there since late 2018, when the company was still “in stealth.” Prior to Stack, VanderZanden worked at Facebook as global data center site selection director.

Stack Infrastructure launched in created in 2019 when investor IPI Data Center Partners combined Infomart Data Centers with assets from T5 Data Centers. By June of its first year Stack had won $850 million in capital financing, and pledged to build a 20-megawatt data center in Chicago.

With the $4 billion it announced this week, the company has been given more than $20 billion in debt financing to date.

At the time he was promoted, VanderZanden said Stack had reached a “pivotal moment” according to a prepared statement.

“We have established a strong reputation for delivering speed, scale, certainty, and responsibility, and I look forward to collaborating with our talented team to further support our clients’ growth and success,” he said.

Stack has four gigawatts of capacity built or under development, and it has an additional six gigawatts planned inside 22 key data center markets worldwide. The company said it plans to announce “multiple” 500-megawatt facilities this year.

In January, Stack announced its entry into the Malaysian market with a 220-megawatt facility in Johor Bahru’s Iskandar Puteri. The company said Johor is a premier market for hyperscalers with scalable power, as well as government backed incentives that cut operating costs.

The facility will span 10.8 hectares and have two buildings totaling 1-million square feet. The data center is built from the ground up to support AI workloads, the company said. It is expected to be complete in 2026. Stack is also opening a 36-megawatt campus in Japan, which it announced in October.