SWI Group announced an €800 million capital increase with institutional investors on 12 October at a €6.1 billion final valuation, taking the equity it says it has raised since March 2026 to more than €1 billion.
Key points
- SWI says it will issue new ordinary shares in several series, taking total share capital to 558,399,385 ordinary shares.
- The company expects its free float to rise to approximately 20% of share capital.
- SWI says the proceeds will support data centres, power infrastructure and AI compute deployments in Europe and the United States.
€800 million in new ordinary shares
The capital increase will be carried out through several series of new ordinary shares, SWI said. It expects the issuance to bring total share capital to 558,399,385 ordinary shares and increase the free float to approximately 20% of share capital. SWI Capital Holding Ltd., the group’s holding company, is listed on Euronext Amsterdam under the ticker SWICH.
SWI said certain investors will receive options relating to their shares, conditional on ECM milestones. The company said the transaction would broaden its institutional shareholder base and give it more capital for AI investment and larger stakes in existing investments.
The company plans to put proceeds into data centre and AI compute capacity on both sides of the Atlantic. Its stated uses include power infrastructure, compute deployments and work on its development pipeline. Max-Hervé George, SWI Group’s founder and chief executive officer, said the investment was intended to keep pace with the compute and data centre markets.
AiOnX and SWI Digital capacity
SWI reported €4.4 billion in total assets and €2.3 billion in Adjusted NAV at 30 June 2026, with Adjusted NAV up 53% since 31 December 2025. The company gave those figures in a 30 September results announcement and said Deloitte had reviewed its interim financial report for the six months ended 30 June.
SWI reported profit of €631.6 million for that period, mainly reflecting the value recognised on its investment in Genesis Digital Assets, subsequently renamed SWI Digital. It said it acquired an initial interest in the business in June and, after the period ended, raised its holding to approximately 70% of voting rights and obtained control.
The company’s European platform, AiOnX, has approximately 2.3 GW of planned capacity, according to SWI. That includes one campus leased to a hyperscale tenant. SWI Digital has approximately 1.2 GW of secured grid connections, predominantly in the United States. SWI said the US business was working to convert suitable bitcoin mining sites for AI and high-performance computing use.
SWI described its wider European and US portfolio as spanning approximately 4 GW of power capacity across land, data centres and AI compute infrastructure. The planned capacity at AiOnX and the secured grid connections at SWI Digital are at different stages of development.
SWI’s compute and customer plans
SWI said it became a Preferred Partner for Compute, Networking and Enterprise Software in the Nvidia Partner Network in August 2026. It also said it was assembling a technology team to develop and operate an AI cloud platform for enterprises, research institutions and AI developers, extending its activities beyond ownership of power, land and data centres.
In its September announcement, SWI said it was in advanced discussions with hyperscalers and AI developers about long-term offtake agreements at multiple sites. It put the potential aggregate contractual value of those opportunities in the tens of billions USD over their respective terms. The company identified converting those discussions into contracted capacity and securing associated financing as near-term priorities.
SWI said it intended digital infrastructure to account for more than 90% of total assets by 2027. It also said selected non-core assets, primarily mixed-use development land and hospitality projects, had been classified as held for sale.
