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Data Center View - June 6, 2025 - CyrusOne tops out new data center in Chicago

Data Center View - June 6, 2025 - CyrusOne tops out new data center in Chicago

Iron Mountain begins construction on $200M campus. Cipher Mining launches $150M convertible note offering. Meta inks 650MW solar deal with AES. Google hires ex-Microsoft energy director. The data center boom in the desert. Two new data center deals.

Matt H
June 06, 2025

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NEWS ROUNDUP

DEVELOPMENT: CyrusOne tops out new data center in Chicago. CyrusOne has officially topped out its newest data center development in Illinois. The Chicago-area campus will include two data centers spanning 500,000 sq ft and an initial 18MW of power capacity, with room for future expansion. Construction is being led by Clune Construction, and the facility is designed to meet the surging demand in one of North America's most constrained data center markets. CEO Eric Schwartz emphasized the company’s mission to support customer growth with scalable infrastructure: “This data center complex is designed to meet customer growth demands, and we are proud to celebrate this milestone with our team and partners.”

DEVELOPMENT: Iron Mountain begins construction on $200 million campus in Virginia. Iron Mountain has broken ground on a major data center campus in White Oak Technology Park, just east of Richmond, Virginia. The 66-acre site will ultimately offer over 1 million sq ft of data center space and deliver more than 200MW of power capacity when fully built. The first phase, RCH-1, will total 360,000 sq ft and provide 48MW at full buildout. Of that, 18MW will come online by 2027, with the remaining 30MW expected by 2030. Iron Mountain acquired the land in November 2024, and this marks its second Virginia campus.

FUNDRAISING: Cipher Mining launches $150 million convertible note to fund data center expansion. Cipher Mining announced a $150 million public offering of convertible senior notes due 2030 to fund Phase 1 of its Black Pearl data center project in Texas. The offering, led by Morgan Stanley, also includes an option for underwriters to purchase an additional $22.5 million in notes. The unsecured notes will accrue interest semiannually and be convertible into cash, Cipher stock, or a combination of both, at the company’s discretion. Cipher has retained J. Wood Capital Advisors as financial advisor for the transaction.

ENERGY: Meta inks 650MW solar deal with AES. AES Corporation has signed two long-term Power Purchase Agreements (PPAs) with Meta totaling 650MW of solar energy to power Meta’s data centers in the Southwest Power Pool (SPP) region, including Texas and Kansas. The deal strengthens AES’s position as a leading clean energy supplier to hyperscalers. CEO Andrés Gluski emphasized AES’s commitment to delivering reliable, affordable renewables aligned with customer decarbonization goals. Urvi Parekh, Meta’s Global Head of Energy, noted the deal supports Meta’s sustainability targets while adding new capacity to the grid.

PEOPLE MOVES: Google hires Microsoft’s former nuclear and carbon-free energy director. Patrick Taylor, Microsoft’s former Director of Commercial Structuring for Nuclear and Carbon-Free Energy, has joined Google as the Commercial Lead for its Advanced Energy Technology team. Taylor spent over four years helping drive Microsoft’s ambitious clean energy goals, including its 20GW renewable energy portfolio and headline-making plans to restart the Three Mile Island nuclear plant for AI data center power. He previously held roles at Liberty Power and TransAlta.

READ: The data center boom in the desert.