Pioneer Acquisition I Corp and Swedish data centre developer Green AI Cloud have agreed to combine in a deal with an implied pro forma enterprise value of nearly $525m.
The transaction will see the Stockholm-based AI infrastructure firm list on the Nasdaq Stock Market, following an agreed pre-money equity valuation of $300m, assuming no redemptions by public investors of the special purpose acquisition company.
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Capital raised from the transaction will fund development across the company’s existing data centre portfolio, support new site construction, and finance potential acquisitions.
Green AI Cloud builds dedicated, high-performance facilities engineered for large-scale enterprise AI workloads, positioning its infrastructure as an alternative to conventional co-location data centres.
It currently manages active and planned developments across three locations in Sweden.
Its current pipeline comprises operational, contracted, and pipeline capacity designed to scale to multi-gigawatt volumes over time.
The facilities run on 100% renewable electricity drawn from solar, wind, and hydroelectric sources, and utilise specialised liquid cooling. The company also feeds server exhaust heat into local district-heating systems.
Green AI Cloud founder and CEO Jacob Bostrom said: “This transaction marks an important milestone for Green AI Cloud and we believe it reflects the strength of our strategy to build AI-ready infrastructure where power availability, speed, and execution matter most.
“We believe the opportunity is being driven not only by rising AI demand, but also by the growing scarcity of power-secured capacity and the need for faster, more flexible deployment models.
“As a public company, we anticipate access to the public capital markets will enhance our ability to accelerate development across our existing portfolio, expand into additional strategic markets, and continue building a leading infrastructure platform for the global AI economy in partnership with the communities in which we operate.”
The data centre platform incorporates Nvidia hardware accelerators to run generative transformer models.
Following the completion of the merger, which is scheduled for the second quarter of 2027 subject to shareholder approval and regulatory filings, Green AI Cloud’s management team will remain in charge of the combined business.
Legal counsel is being provided by Mannheimer Swartling Advokatbyrå for Green AI Cloud and Winston Taylor for Pioneer Acquisition.
