GIGA-42 HOLDINGS LTD

What GIGA-42 HOLDINGS LTD does

GIGA-42 Holdings Ltd is a private joint venture between Scale42 (a Nordic data centre development specialist founded by the team behind Fjord Power and Hydrokraft) and Global Interconnection Group (GIG, a EuroNext-listed energy transmission and interconnector platform). The company is building an AI-optimised data centre platform across the Nordic region, anchored by its flagship Bakki AI Data Centre in North Iceland. The Bakki facility is designed in four phases from a 50MW initial capacity (targeted operational in 2027) to a full 200MW build-out by 2030, integrating geothermal and hydroelectric baseload power, natural cold-climate cooling, high-density GPU computing architecture, co-located grid interconnection, and modular phased construction. The technical design targets a Power Usage Effectiveness of approximately 1.05-1.2, and includes 25-100MW of recoverable waste heat for district heating, aquaculture, and greenhouse applications.

GIGA-42 targets hyperscale AI operators, machine learning enterprises, and ESG-focused organisations seeking energy-intensive, low-carbon computing capacity — a customer profile shaped by grid congestion, land scarcity, and rising power costs in legacy data centre markets. Its go-to-market combines direct enterprise sales, strategic municipal partnerships (e.g., the September 2025 MoU with Norðurþing Municipality), and joint development arrangements. Revenue is intended to be generated through long-term data centre hosting and lease agreements, supplemented by recurring revenue from waste heat offtake. Pricing is not publicly disclosed; contracts are custom-quoted by capacity, power requirement, and duration. As of the available data, the company has no operational capacity, no disclosed customers, no disclosed funding rounds, and is pre-revenue, with first commercial operations targeted for 2027.

Name

GIGA-42 HOLDINGS LTD

Legal name

GIGA-42 Holdings Limited

Website

https://giga-42.com

Company type

Private

Founded year

2025

Operating status

Operating

Short description

GIGA-42 Holdings Ltd is a private joint venture developing AI-optimised, renewable-powered data centre infrastructure across the Nordic region, anchored by the 50MW-to-200MW Bakki AI Data Centre in North Iceland for hyperscale AI operators.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Data Centre Hosting and Lease Revenue: Long-term lease revenue from providing AI-ready data centre capacity to hyperscale operators and AI companies. Revenue generated through facility rental, power provision, and associated infrastructure services with modular phased deployment.
2. Heat Recovery and District Heating: Revenue opportunities from waste heat systems supporting community heating needs and local industries including aquaculture and greenhouse applications

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

GIGA-42 develops and operates AI-optimized data centre infrastructure across the Nordic region, with its flagship facility being the Bakki AI Data Centre in North Iceland. The company provides long-term hosting and lease of renewable-powered, high-density data centre capacity to hyperscale AI operators and enterprises, integrating geothermal baseload power, natural cold-climate cooling, modular scalable construction, and waste heat recovery systems.

Product overview

GIGA-42 operates as an integrated Nordic AI infrastructure platform, structured as a joint venture between Scale42 (data centre development) and Global Interconnection Group (energy infrastructure). The primary product is the Bakki AI Data Centre campus in Iceland, complemented by the broader Nordic AI Infrastructure Platform enabling delivery of renewable-powered, AI-optimised data centre solutions across Iceland, Sweden, Norway, and Finland.

Differentiator

Problem solved

Functional benefit

Products and services

• Bakki AI Data Centre GIGA-42's flagship AI-ready data centre campus in North Iceland, utilizing geothermal baseload power and natural cold-climate cooling. Designed for high-density AI computation with scalable capacity from 50MW initial phase up to 200MW full build-out, targeting hyperscale AI operators and large enterprises requiring GPU computing infrastructure.
• Nordic AI Infrastructure Platform Integrated platform combining energy, infrastructure, and AI capabilities for delivering sustainable AI-ready data centre solutions across the Nordic region (Iceland, Sweden, Norway, Finland). Brings together renewable energy access, integrated grid infrastructure, and high-density AI computing architecture under a single coordinated delivery model.

Quantifiable outcome

• PUE of ~1.05-1.2 (best-in-class efficiency)
• +3 more outcomes

Segments2 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

Three partnerships are on record, tiered core/major partnership and founding/joint venture partner.

• Norðurþing Municipalitycore/major partnershipStrategic or Co-development Partner · 1 September 2025Memorandum of Understanding signed with Norðurþing Municipality to collaborate on development of large-scale AI-optimised data centre at Bakki, North Iceland. MoU establishes framework for cooperation on site allocation, zoning, infrastructure development, and permitting for the world-class facility. Project expected to bring approximately 100 construction jobs and 50-80 permanent technical jobs to the region.
• Scale42founding/joint venture partnerStrategic or Co-development Partner · 15 April 2025Scale42 is the data centre development specialist in the GIGA-42 joint venture. Founded by the visionary team behind Fjord Power and Hydrokraft, Scale42 has deep roots in the Nordic energy sector with proven track record in data centre development. Key contributions include proven development expertise, strong relationships with local governments, deep understanding of AI infrastructure requirements, and advanced technical capabilities.
• Global Interconnection Group (GIG)founding/joint venture partnerStrategic or Co-development Partner · 15 April 2025Global Interconnection Group is the energy and infrastructure partner in the GIGA-42 joint venture. GIG is an integrated platform for interconnector cables and energy transmission infrastructure, EuroNext-listed, bringing expertise from landmark projects including the Atlantic SuperConnection between Iceland and the UK. Contributes 1,794MW interconnector expertise, deep understanding of Nordic energy markets, and financial strength.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Crusoe Energy Systems: AI-focused data centre operator building high-density GPU computing infrastructure often co-located with energy sources. Comparable on AI-first design philosophy and energy-integration model, though focused on flared gas rather than renewables.

Direct peers

• Bulk Infrastructure: Norwegian data centre and fiber infrastructure provider with sustainable Nordic facilities serving hyperscale and enterprise customers. Comparable on Nordic footprint, renewable energy integration, and enterprise-grade infrastructure delivery.
• DigiPlex: Nordic data centre operator (now part of IPI Partners) with sustainable, scalable colocation facilities across Norway, Sweden, Denmark, and Iceland. Comparable on high-density, sustainable Nordic infrastructure serving cloud and HPC customers.
• atNorth: Nordic colocation operator with sites across Iceland, Sweden, Norway, and Finland targeting HPC and AI workloads with renewable-powered, high-density facilities. Directly comparable to GIGA-42 across geography, customer segments, and sustainable infrastructure positioning.
• Stack Infrastructure: Global data centre developer focused on hyperscale build-to-suit campuses with sustainability emphasis. Comparable on large-scale phased AI/HPC campus development and enterprise hyperscale customer orientation.
• GreenMountain: Norwegian data centre operator specializing in colocation services powered by renewable hydropower with low-PUE designs. Highly comparable on Nordic geography, sustainable energy sourcing, and enterprise colocation model.
• Verne Global: Iceland-based sustainable data centre operator serving high-performance computing and AI workloads with 100% renewable geothermal and hydroelectric power. Highly comparable to GIGA-42 given shared Icelandic footprint, renewable baseload, and AI/HPC customer focus.
• EdgeConneX: Specialized data centre provider delivering hyperscale, AI, and edge facilities globally with sustainability focus. Comparable on AI-optimised facility design and enterprise customer targeting.

Broad incumbents

• Equinix: Global colocation and interconnection leader with IBX data centres across major markets including expanding Nordic presence. Comparable as a broader incumbent serving hyperscale and enterprise customers with interconnection density.
• Digital Realty: Global hyperscale and enterprise data centre provider with PlatformDIGITAL offering, including Nordic expansion. Comparable as a broader incumbent operating large-scale AI-ready campuses globally.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Customer concentration

• LinkedInlinkedin.com/company/giga42

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about GIGA-42 HOLDINGS LTD