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NEWS ROUNDUP

DEVELOPMENT: Stack tops out first building at 1GW campus. Stack Infrastructure has completed external construction work on the first building at its new Stafford Technology Campus in Stafford County, Virginia. At full build-out, the 500-acre campus is expected to deliver more than 1 gigawatt of capacity across 19 data centers, which Stack said would make it the largest project investment in Stafford County’s history. The site was announced in January 2025 and is part of Stack’s broader Northern Virginia footprint, which now includes 10 campuses totaling more than 2.4 gigawatts across roughly 960 acres.

FINANCING: DC Blox expands green credit facility to $850 million. DC Blox has expanded its green senior secured credit facilities to $850 million, up from the original $265 million secured in October 2024. The company said the larger commitment will support current and future development across its data center portfolio, including multiple pre-leased hyperscale projects in the broader Southeast. Melih Ileri, chief investment officer of DC Blox, said the financing highlights the firm’s execution track record and its ability to secure powered land, deliver projects on time, and meet hyperscale customer requirements.

VENTURE: Blackstone and Google launch $5 billion AI cloud venture. Blackstone and Google are partnering to launch a new AI cloud company that will provide on-demand access to Google’s Tensor Processing Units, marking a major push into the fast-growing neocloud market. Longtime Google executive Benjamin Treynor Sloss has been named CEO. The new company plans to deploy 500 megawatts of capacity by the end of 2027, using both existing and in-development data centers.

FUNDRAISING: Modal Labs raises $355 million at $4.65 billion valuation. Modal Labs has raised $355 million in a Series C round that values the New York-based AI cloud startup at $4.65 billion, more than quadrupling its valuation from the $1.1 billion level reached in its September 2025 Series B. Founder and CEO Erik Bernhardsson said the raise validates Modal’s long-term thesis that existing infrastructure is not well suited for AI and other compute-intensive applications, and that the company’s deeper investment in its own runtime, scheduler, filesystem, and orchestration layer has helped customers build everything from coding tools to biotech platforms and large-scale inference systems.

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