Data Center View - March 21, 2025 - CoreWeave planning IPO

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NEWS ROUNDUP

EXPANSION: CoreWeave planning IPO. CoreWeave is preparing to file for an initial public offering that could value the company at more than $35 billion. The New Jersey-based firm is aiming to raise $4 billion in what would be one of the most significant AI-related IPOs of the year. CoreWeave’s revenue skyrocketed from just $25 million in 2022 to $2 billion in 2024, driven largely by its marquee customer, Microsoft, which is expected to spend more than $10 billion on CoreWeave services by 2030 across five contracts.

NUCLEAR: Last Energy to build 30 micro-reactors in Texas. Last Energy has announced plans to build 30 micro-reactors on a 200-acre site in Haskell County, Texas, with the goal of supplying up to 600 megawatts of electricity to the state’s booming data center sector. The project, which would be the company’s largest to date, reflects growing interest in nuclear energy as a solution to AI-driven electricity demand. CEO Bret Kugelmass said Texas is at the center of the energy transition, noting that micro-reactors offer the fastest, most scalable path to meet surging demand.

DEVELOPMENT: TECfusions acquires 73 acres, plans 300 MW data center. TECfusions has acquired 73 acres of land in Clarksville, Virginia, marking a major expansion of its flagship campus and setting the stage for up to 300MW of high-density AI and HPC data center capacity. “This expansion exemplifies TECfusions’ innovative approach to data center development,” said Simon Tusha, founder and CTO of TECfusions. “By reimagining underutilized assets and collaborating closely with local authorities, we’re creating a blueprint for sustainable, rapid-deployment infrastructure that meets the critical needs of our AI and HPC clients.”

DEVELOPMENT: Edged launches first phase of Chicago data center. Edged has officially launched ORD01-1, the first of three planned facilities at its 96MW Aurora campus in the Chicago metro area. The two-story, 210,000-square-foot facility delivers 24MW of capacity and features waterless cooling technology from sister company ThermalWorks. The 65-acre campus supports compute densities of up to 70kW per rack with air cooling and 200kW per rack using plug-and-play liquid cooling, making it one of the most advanced and energy-efficient data center deployments in the Midwest. “This state-of-the-art campus exemplifies our mission to drive innovation, operational excellence, and environmental stewardship,” said Bryant Farland, CEO of Edged. “We are grateful to the City of Aurora for their invaluable partnership and shared vision for a more sustainable future.”

CHART: Data center rents. Data center lease rates across North America have climbed to an average of $184.06 per kW, marking a 12.6% YoY increase, according to CBRE’s North America Data Center Trends H2 2024 report. Despite a 34% YoY increase in supply, vacancy in primary markets dropped to a historic low of 1.9%, underscoring the sector's surging demand.

READ: Atlanta surpasses Northern Virginia as top market for data centers.

DATA CENTER PROPERTY FOR SALE 

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Renovated in 2024 | 286,610 SF, Data Center Floor Totals 38,000 SF | 10 Acres | 6 MW of Criticial Power | Able to Host 800 Racks

DATA CENTER PROPERTY FOR LEASE 

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5MW Available Immediately | Additional 5MW Can Be Available Within 6 Months | Two 2,500 kVA Transformers On-Site

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