atNorth

What atNorth does

atNorth is a Nordic data center operator that provides high-density colocation, build-to-suit, and connectivity services to hyperscale operators, AI companies, financial institutions, and large enterprises across all five Nordic countries (Iceland, Denmark, Sweden, Finland, and Norway). Founded in 2009 in Reykjavik as part of Advania and rebranded as atNorth in 2020, the company now operates 8 data centers with 200+ MW of operational capacity, an 800 MW development pipeline, and 1 GW of secured power. Its portfolio includes metro sites in Reykjavik, Keflavik, Copenhagen, Stockholm, and Helsinki, alongside mega-sites in Akureyri, Varde, Myllykoski, Sollefteå (planned 300MW), and Haugaland (planned 120-350MW).

The company's core technology stack is built around direct liquid cooling capable of supporting GPU-intensive AI and HPC workloads at densities up to 1MW per rack, modular construction for phased capacity deployment, and integrated waste heat recovery that captures 90-95% of server heat and feeds it into municipal district heating networks, greenhouses, and commercial buildings. All facilities are powered by renewable energy (hydropower, geothermal, wind) and leverage Nordic free-air cooling to achieve PUE ratios of ~1.2, well below European and global averages. The portfolio is supported by 25+ sub-sea fiber routes connecting European and North American markets, ISO 9001/14001/27001/45001 certifications, and NVIDIA DGX-Ready certification at ICE02. Named customers include Opera, Shearwater Geoservices, Nokia, BNP Paribas, 6G AI Sweden, Crusoe, QRT, Options Technology, AlphaTON Capital, and Advania.

atNorth generates revenue primarily through multi-year, quote-based colocation contracts and build-to-suit engagements with hyperscale and enterprise customers, supplemented by connectivity services. It sells exclusively through a direct enterprise field sales motion with regional and country-level coverage across the Nordics and a dedicated US sales presence. In February 2026, CPP Investments (60%) and Equinix (40%) jointly acquired atNorth from Partners Group for approximately $4 billion enterprise value, supported by a ~$4.2 billion financing package; atNorth continues to operate independently under its own brand.

Name

atNorth

Legal name

atNorth ehf

Website

https://atnorth.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Short description

atNorth operates sustainable, high-density Nordic data centers across Iceland, Denmark, Sweden, Finland, and Norway, delivering colocation, build-to-suit, and connectivity services to hyperscale, AI, and enterprise customers using renewable energy, direct liquid cooling, and waste heat reuse.

Ownership category

akta.pro rank

Product category

Data Center Services

NAICS

Computer Facilities Management Services (541513), Steam and Air-Conditioning Supply (221330)

SIC

Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

Chillers & Cooling Plant Equipment (IMAHAKAE)

akta.pro secondary industry

HVAC & Industrial Ventilation (Chillers, AHUs, Exhaust, Filtration) (EUAEAFAE)

Keywords

• Nordic data centers
• High-density colocation
• Build-to-suit data centers
• HPC and AI infrastructure
• Sustainable data centers

Headquarters

HQ city

Hafnarfjörður

HQ country

Iceland

HQ region

Europe

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. High-Density Colocation: Rental of racks, cages/pods, and private data halls in Nordic data centers for any workload at any scale. Customers include hyperscale operators, AI companies, financial institutions, and enterprises requiring high-performance computing infrastructure. Pricing is quote-based and tailored to customer requirements.
2. Build-to-Suit Data Centers: Large-scale, bespoke data center solutions built to customer specifications. Customers include hyperscalers and large enterprises seeking custom facilities. Revenue recognized over multi-year build and lease terms.
3. Connectivity Services: Connectivity solutions via a network of more than 25 high-speed sub-sea fiber optic routes connecting European and North American markets.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

atNorth provides high-density colocation, bespoke build-to-suit data center facilities, and connectivity services across 8 operational and 11 planned sites in Iceland, Denmark, Sweden, Finland, and Norway. Its facilities are powered by 100% renewable energy and equipped with direct liquid cooling capable of supporting up to 1MW per rack for GPU-intensive AI and HPC workloads. Differentiated by systemic waste-heat reuse into district heating, greenhouses, and commercial buildings, achieving PUE ~1.2 versus the European average of 1.36.

Product overview

atNorth is a Nordic high-density colocation and built-to-suit data center provider offering sustainable digital infrastructure across all five Nordic countries (Iceland, Denmark, Sweden, Finland, and Norway). The company's product portfolio centers on three core service lines: High-Density Colocation (racks, cages/pods, and private data halls for any workload scale), Build-to-Suit Data Centers (large-scale bespoke solutions), and Connectivity Services (access to European and North American markets via 25+ sub-sea fiber routes). The portfolio includes multiple operational and development facilities spanning metro sites (ICE01 Reykjavik, ICE02 Keflavik, ICE03 Akureyri, DEN01 Copenhagen, SWE01/SWE02 Stockholm, FIN01/FIN02/FIN03 Helsinki, NOR01 Haugaland) and mega sites (ICE03, DEN02 Varde, FIN04 Myllykoski, SWE04 Sollefteå). The company expanded through the acquisition of Gompute (HPC services, Gothenburg) and operates as infrastructure for AI and HPC workloads with heat reuse as a key sustainability differentiator. The February 2026 acquisition by Equinix and CPP Investments (US$4bn enterprise value) positions atNorth for continued expansion.

Differentiator

Problem solved

Functional benefit

Products and services

• High-Density Colocation Racks, cages/pods, and private data halls in Nordic data centers designed for high-density workloads at any scale, supporting up to 1MW per rack with direct liquid cooling. Targeted at hyperscale operators, AI companies, financial institutions, and enterprises needing HPC infrastructure.
• Build-to-Suit Data Centers Large-scale, bespoke data center solutions in the Nordics built to customer specifications for enterprise and hyperscale deployments, including mega-site campuses such as NOR01 (up to 350MW) and SWE04 (300MW).
• Connectivity Services Connectivity solutions linking customers to European and North American markets via more than 25 high-speed sub-sea fiber optic routes, including Arelion's 'Scandinavia AI superhighway' integration at DEN01.
• Gompute HPC Services HPC and data center services delivered from a 10MW Gothenburg, Sweden facility, providing full-stack high-performance computing and AI workload services as an acquired brand retained within atNorth.
• ICE02 Keflavik Mega Site Mega-scale data center campus in Keflavik, Iceland with 80MW capacity, NVIDIA DGX-Ready certification, and direct liquid cooling supporting AI and HPC workloads including Opera's KEF-1 NVIDIA DGX SuperPOD.
• ICE03 Akureyri Mega Site Mega data center in Akureyri, Iceland with 10MW initial capacity expandable to 50MW, PUE below 1.2, direct liquid cooling, and waste heat reuse to a local community greenhouse. Winner of the DCD Environmental Project of the Year 2025.
• ICE01 Reykjavik Metro Site Metro data center in Reykjavik, Iceland providing colocation services for high-density workloads; the original atNorth facility established in 2009.
• DEN01 Copenhagen Metro Site Metro data center in Copenhagen, Denmark featuring heat reuse capabilities supplying excess heat to the local district heating network via partnership with Vestforbrænding, potentially serving over 8,000 residential properties from 2028.
• DEN02 Varde Mega Site Mega data center in Varde, Denmark designed from inception for industrial heat reuse at unprecedented scale, including a partnership with Wa3rm to power large-scale greenhouses producing vegetables for the Danish market.
• SWE01 Stockholm Metro Site Tier 3 certified metro data center in Stockholm, Sweden with heat reuse partnership with Stockholm Exergi for district heating; hosts 6G AI Sweden sovereign AI infrastructure and AlphaTON Capital's 2.2MW agreement.
• SWE02 Stockholm Metro Site 30MW metro data center in Stockholm, Sweden scheduled to go live Q4 2027, featuring heat reuse capabilities with Stockholm Exergi and a new Ellevio-built substation; connected to SWE01 for cluster operations.
• SWE04 Sollefteå Mega Site 300MW mega data center campus at Hamre Industrial Park in Långsele, Sollefteå Municipality, Sweden on a 50-hectare site, supporting direct liquid cooling at densities up to 1MW per rack; targeted for H1 2028 operational.
• FIN02 Helsinki Metro Site High-density data center in Sinimäki, Espoo, Helsinki, Finland with direct liquid cooling, 45MW power from Caruna Espoo, and an operational heat reuse partnership with Kesko supplying heat to a neighboring retail store.
• FIN04 Myllykoski Mega Site Mega site in Myllykoski, Finland expected to be operational by end of 2025, expanding atNorth's Finnish footprint beyond the Helsinki metro.
• NOR01 Haugaland Mega Site First data center in Norway at Haugaland Business Park on a 36-hectare site, with initial 120MW capacity scaling to 350MW; power availability projected for 2028 and heat reuse partnerships with local stakeholders under exploration.

Quantifiable outcome

• 50%+ energy savings and 85% CO2 reduction for BNP Paribas moving workloads from France to Iceland
• +5 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

19 partnerships are on record, tiered major and core.

• StatnettmajorStrategic or Co-development Partner · 3 June 2026Norway's transmission system operator Statnett is constructing a substation to support atNorth's NOR01 mega data center in Haugaland, Norway. The grid infrastructure is critical to enabling the 120-350MW facility.
• FagnemajorStrategic or Co-development Partner · 3 June 2026Regional grid provider Fagne is constructing a substation to support atNorth's NOR01 mega data center in Haugaland, Norway, in partnership with Statnett.
• SkanskamajorImplementation/ SI/ Consulting Partner · 1 April 2026Skanska signed a EUR 100M contract to build a five-storey expansion to atNorth's FIN02 data center in Espoo, Finland. Construction began April 2026 with completion expected Q3 2027; approximately 11,200 square meters with data halls, office space, and fit-out.
• Stockholm ExergimajorStrategic or Co-development Partner · 29 January 2026Stockholm Exergi is partnering with atNorth for heat reuse at the SWE02 Stockholm data center, enabling excess heat to be recycled for use within the local community. This follows the model established at SWE01.
• ElleviomajorStrategic or Co-development Partner · 29 January 2026Ellevio is constructing a new electrical substation to support atNorth's SWE02 data center campus in Stockholm, ensuring reliable power supply for the 30MW facility.
• VestforbrændingmajorStrategic or Co-development Partner · 26 November 2025atNorth signed an agreement with Danish district heating provider Vestforbrænding to channel surplus heat from DEN01 Copenhagen facility into the local heating network, potentially supplying thermal energy to over 8,000 residential properties from 2028 onwards.
• Caruna EspoomajorStrategic or Co-development Partner · 1 April 2025atNorth entered an agreement with Caruna Espoo Oy to provide access to 45MW of reliable power for its FIN02 data center in Espoo, Finland. Caruna is investing in grid modernization to support the facility and the broader area.
• Kesko CorporationmajorStrategic or Co-development Partner · 1 April 2025atNorth partnered with Finnish retailer Kesko to supply waste heat from FIN02 Espoo data center to a neighboring Kesko retail store, meeting nearly all of the store's heating requirements. Expected to cut approximately 200 tonnes CO2 equivalent annually from Kesko's district heating-related emissions. Partnership became operational in November 2025.
• GomputecoreStrategic or Co-development Partner · 29 August 2023atNorth acquired Gompute, a HPC and data center services provider based in Gothenburg, Sweden, in August 2023. The acquisition added a 10MW capacity data center and strengthened atNorth's full-stack HPC and AI offerings in the Nordic region.
• 6G AI SwedencoreStrategic or Co-development Partner6G AI Sweden partnered with atNorth to build sovereign AI infrastructure for Sweden's national AI cloud at SWE01 Stockholm. Initial deployment of 500kW with 240 GPUs operational and 2,500 GPUs allocated for future expansion. First cluster deployed in 2 months.
• CrusoecoreStrategic or Co-development PartnerCrusoe expanded cloud computing capacity at atNorth's ICE02 Iceland facility. Jointly launched a tree-planting regeneration initiative in Iceland supporting Iceland's 2030 Forest Initiative, with plans to sponsor planting of 65,000 trees over 5 years.
• Options TechnologymajorStrategic or Co-development PartnerOptions Technology selected atNorth's ICE02 data center in Iceland to host its Horizon private cloud solution targeting financial services clients. Leverages Iceland's renewable energy and strategic transatlantic location between New York and London financial hubs.
• NokiacoreStrategic or Co-development PartnerNokia partnered with atNorth for cloud infrastructure at FIN02 Espoo, Finland. The facility's direct liquid cooling and heat reuse capabilities support Nokia's science-based targets for reducing greenhouse gas emissions and net-zero ambitions.
• AlphaTON CapitalmajorStrategic or Co-development PartnerAlphaTON Capital signed a 60-month enterprise colocation agreement for 2.2MW (2,230 kW) at SWE01 Kista Sweden starting February 2026, with right of first refusal for an additional 2.1MW, enabling deployment of 2,000-4,000+ GPUs. Also signed a separate $46M deal for 576 NVIDIA B300 chips at Sweden facility.
• AdvaniamajorStrategic or Co-development PartnerAdvania expanded capacity into atNorth's ICE03 Akureyri Iceland, complementing existing operations at ICE01. Partnership provides geographic data separation for regulated sector customers while benefiting from 100% renewable energy and advanced cooling.
• Wa3rmmajorStrategic or Co-development PartneratNorth partnered with Wa3rm, a leader in bio-based operations for waste streams, for DEN02 mega site in Denmark. Wa3rm will use excess heat from the data center to power large-scale greenhouses producing vegetables for the domestic market, reducing carbon footprint of food imports.
• ArelionmajorTechnology or IntegrationArelion connected its DEN01 Copenhagen data center to 'Scandinavia's AI superhighway,' linking atNorth's facility to high-speed network infrastructure connecting Amsterdam, Copenhagen, and the Nørre Nebel cable landing station.
• Nordic Compass (The Nordic Round Table for Industry)coreStrategic or Co-development PartneratNorth joined Nordic Compass, a pan-Nordic alliance of over 25 leading organizations chaired by former Finnish Prime Minister Jyrki Katainen. Alliance focuses on strengthening regional competitiveness, resilience, and industrial innovation across Deep Tech, Defense, and Energy sectors.
• European Data Center Association (EUDCA)coreStrategic or Co-development PartneratNorth joined EUDCA to promote sustainable and future-ready digital infrastructure in Europe. Membership enables collaboration on EU policy, promotion of sustainable AI-ready data centers, and alignment with European green energy standards and climate-neutral targets by 2030.

Scale indicators12 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• Stack Infrastructure: Global hyperscale data center developer with facilities across North America, EMEA, and APAC. Competes with atNorth for hyperscale customers requiring multi-region AI/HPC infrastructure with high power density.
• Iron Mountain Data Centers: Global data center operator with facilities across multiple continents, including European operations. Overlaps with atNorth on enterprise and regulated-industry colocation customers, including those prioritizing data sovereignty.
• Digital Realty: Global data center REIT operating hyperscale and colocation facilities worldwide. atNorth's US Sales Director Wayne Allen was part of Digital Realty Trust's founding team. Represents broad incumbent competition for multi-region hyperscale customers.
• Equinix: Global colocation leader and 40% owner of atNorth. While a strategic partner, Equinix also operates competing global IBX facilities and serves as alternative for hyperscale and enterprise customers seeking Nordic presence.

Direct peers

• Lefdal Mine Datacenter: Norwegian underground data center facility offering colocation services powered by renewable energy. Competes with atNorth in the Norwegian market for enterprise and hyperscale customers prioritizing sustainability and security.
• Bulk Infrastructure: Norwegian data center operator with focus on sustainable, large-scale colocation in the Nordic region. Directly competes with atNorth in Norway with similar hyperscale and enterprise positioning and renewable energy supply.
• GreenMountain: Norwegian colocation provider specializing in sustainable data center services with hydropower-powered facilities. Competes with atNorth in Norway for hyperscale and enterprise customers with similar low-PUE, renewable energy positioning.
• Verne Global: Icelandic data center operator (now part of UKA Group/CIP) running HPC facilities in Iceland on 100% renewable energy. Directly competes with atNorth's ICE01/ICE02/ICE03 sites for HPC and AI workloads targeting low-latency transatlantic customers.
• DigiPlex: Nordic data center operator (owned by IPI Partners) with facilities across Norway, Sweden, and Denmark. Directly competes with atNorth for Nordic hyperscale and enterprise customers with similar high-density cooling and sustainability credentials.

Regional players

• Maincubes: European data center operator with facilities primarily in Germany and the Netherlands. While not Nordic-focused, Maincubes competes for European enterprise customers seeking colocation services with sustainability credentials.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCJVYlZk9MD-VrbRWfZJ1zIg
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• Facebookfacebook.com/atnorthtech

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about atNorth