€800 Million Financing for SWI's AI Computing

The financing for SWI's AI computing amounts to €800 million, approximately $894 million, and aims to expand data centers in Europe and the United States. With these funds, SWI Group is preparing to convert the facilities of bitcoin miner Genesis Digital Assets for artificial intelligence workloads. The fundraising, aimed at institutional investors, values the investment company at around €6.1 billion. SWI is listed on Euronext Amsterdam and focuses on digital infrastructure. The financing comes after SWI's acquisition of about 40% of Genesis Digital Assets for $500 million, announced in June and completed in August, when the company became SWI Digital. SWI holds 70% of the voting rights, thus controlling the company. SWI intends to adapt Genesis Digital's facilities in the United States and Sweden for AI workloads and divest the sites in Kazakhstan. CEO Max-Hervé George stated he has zero interest in bitcoin mining. Bitcoin miners are repurposing electrical connections and data center capacities towards AI and high-performance computing, seeking more stable revenues. Contracts already signed by the sector for AI and high-performance computing exceed $70 billion.

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