Magnora Data Center
Magnora Data Center ASA is a Norwegian developer and operator of AI-ready, clean-energy-powered data center projects across the Nordics and Europe, serving hyperscalers, AI cloud providers, sovereign cloud buyers, and infrastructure investors through ready-to-build site development and operating subsidiary Storespeed.
- Company typePublic
- Founded2026
- HeadquartersOslo, Norway
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Magnora Data Center does
Magnora Data Center ASA, headquartered in Oslo and listed on Euronext Growth Oslo under the ticker MDATA, develops and operates AI-ready data center projects targeting hyperscaler, AI cloud provider, sovereign cloud, and infrastructure investor demand across the Nordics and selected European markets. The company pursues a two-pillar business model: a development arm that secures land, grid connections, and permits to deliver ready-to-build sites (typically sold or partnered out under one-time transactions), and an operations arm via the 75%-owned subsidiary Storespeed AS, which delivers co-location, AI hosting, and sovereign cloud services to enterprise customers.
The development pipeline spans approximately 595 MW across four countries: five projects totaling 345 MW in Norway, a 120 MW AI-ready facility in Hämeenlinna, Finland (building permit approved April 2026), a 60 MW project in Sweden via the 67%-owned Magnora Data Center AB, and 70 MW across three sites near Milan, Italy. The company targets geographies with 96-99% low-carbon electricity grids, positioning clean-energy access and Nordic infrastructure cost dynamics as core selling points. Pricing is custom and not publicly disclosed; revenue mechanics combine lumpy project-sale milestones on the development side with subscription and co-location revenues through Storespeed on the operations side.
Capital structure is anchored by parent Magnora ASA, which has operated in renewables and infrastructure since 2019. In June 2026, Magnora Data Center completed a NOK 650 million private placement at NOK 13.00 per share (implying a NOK 1.3 billion post-money valuation), with Magnora ASA committing NOK 100 million and institutional pre-subscriptions from DNB Asset Management, FIRST Fondene, and Nordea Investment Management exceeding NOK 300 million. The company employs 11-50 staff and operates capital-light relative to vertically integrated data center peers, but its revenue base remains nascent and concentrated around undisclosed project closings and an early-stage operating subsidiary.
Magnora Data Center firmographics
Firmographics- Name
- Magnora Data Center
- Legal name
- Magnora Data Center
- Website
- https://magnoradc.com
- Company type
- Public
- Founded year
- 2026
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Magnora Data Center ASA is a Norwegian developer and operator of AI-ready, clean-energy-powered data center projects across the Nordics and Europe, serving hyperscalers, AI cloud providers, sovereign cloud buyers, and infrastructure investors through ready-to-build site development and operating subsidiary Storespeed.
- Ownership category
- akta.pro rank
Magnora Data Center industry classification
Industry- Product category
- Data Center Infrastructure Services
- NAICS
- Computer Facilities Management Services (541513)
- SIC
- Services-Facilities Support Management Services (8744)
- akta.pro primary industry
- Enterprise Data Centers & On-Prem Facilities (Owned/Operated) (HDABACAG)
- akta.pro secondary industry
- Data Center Operations & Managed Services (Remote Hands, NOC/SOC) (HDABANAA)
Keywords
Where Magnora Data Center is headquartered
LocationHeadquarters
- HQ city
- Oslo
- HQ country
- Norway
- HQ region
- Europe
Offices1 record
Markets served
Magnora Data Center business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D
Revenue model
- Project Sales and Milestone Payments: Development projects are taken from greenfield to ready-to-build stage, at which point they are sold or partnered out to operators, hyperscalers, or infrastructure investors. Revenue is generated through project sales and milestone payments during development phases.
- Storespeed Operations: Through subsidiary Storespeed, the company operates data center capacity directly, generating recurring revenues from co-location, AI hosting, and sovereign cloud services.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
Magnora Data Center product offering
Product offeringCore offering
Magnora Data Center ASA develops and operates data center projects that provide digital infrastructure for the AI industry, primarily in the Nordic region. It secures land, grid connections, and permits to deliver ready-to-build AI-ready data center sites, then sells or partners these out to operators, hyperscalers, or infrastructure investors. Through its subsidiary Storespeed, it also operates data center capacity directly, offering co-location, AI hosting, and sovereign cloud services to enterprise customers.
Product overview
Magnora Data Center operates within two complementary business lines: Data Center Development (securing land, grid and permits to deliver ready-to-build sites) and Data Center Operations (co-location, AI hosting and sovereign cloud through subsidiary Storespeed). Development projects are typically taken from greenfield to ready-to-build, at which point they are sold or partnered out to operators, hyperscalers or infrastructure investors. Through Storespeed, the company owns and operates data center capacity directly. The product portfolio includes Storespeed AS (Norwegian colocation operator), Norway project portfolio (345 MW across 5 projects), Hämeenlinna Scale DC Oy in Finland (120 MW AI-ready facility), Magnora Data Center AB in Sweden (67% owned, 60 MW project), and Italy data center projects (70 MW combined).
Differentiator
Problem solved
Functional benefit
Products and services
- Data Center Development End-to-end development service that secures land, grid connections, and permits to take data center projects from greenfield to ready-to-build, after which they are sold or partnered out to operators, hyperscalers, or infrastructure investors.
- Data Center Operations (Co-location, AI Hosting, Sovereign Cloud) Operating data center capacity through subsidiary Storespeed to deliver secure co-location, AI hosting, and sovereign cloud services for enterprises requiring redundancy, low latency, and in-country data residency.
- Norway Project Portfolio Portfolio of five data center projects totaling 345 MW across power zones NO1, NO2, and NO3 in Norway, leveraging competitive power prices, established grid infrastructure, and renewable energy access.
- Hämeenlinna Scale DC Oy (Finland) Planned 120 MW AI-ready data center project in the Helsinki-Tampere area, Finland, on a long-term ground lease with the City of Hämeenlinna. The site is zoned for data center purposes and received an approved building permit in April 2026.
- Magnora Data Center AB (Sweden) Swedish operating entity, 67% owned by Magnora Data Center ASA, carrying out the company's first Swedish project in the SE4 municipality with planned capacity of 60 MW, led by co-owner and CEO Peter Nygren.
- Italy Data Center Projects Two data center projects outside Milan with combined capacity of 60 MW (30 MW each), established in April 2026, plus an additional 10 MW project established later in 2026.
Quantifiable outcome
- Sites powered by 96-99% low-carbon electricity from Nordic grids
Companies that use Magnora Data Center
Customer profileSegments4 records
Ideal customer profiles4 records
Magnora Data Center technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Magnora Data Center partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered significant and core.
- City of HämeenlinnasignificantLong-term ground lease arrangement with the City of Hämeenlinna for the 120 MW AI-ready data center project site. The site is zoned for data center purposes with building permit approved April 2026.
- Peter NygrensignificantCo-owner and CEO of Magnora Data Center AB (67% owned by Magnora Data Center ASA). Peter Nygren is founder and former CEO of Arise Windpower.
- Storespeed AScoreNorwegian data centre operator based in Halden, Norway. Magnora Data Center holds 75% ownership. Storespeed operates a colocation data centre facility and represents the Group's current data center operations, serving as both an operating business and platform for growth.
Scale indicators6 records
Recent moves7 records
Expansion highlights6 records
Magnora Data Center competitors and assessment
Company assessmentDirect peers
- Compass Datacenters: US-headquartered provider of purpose-built hyperscale data centers with growing European presence. Closely comparable on the standardized, shovel-ready build-to-suit delivery model Magnora is replicating in the Nordics.
- EcoDataCenter: Swedish sustainable data center operator with AI-optimized capacity (former CEO Lars Schedin is now on Magnora's board). Overlaps directly on AI-ready, low-carbon Nordic positioning and Swedish customer relationships.
- DigiPlex: Nordic colocation and build-to-suit data center provider owned by IPI Partners. Competes head-to-head with Storespeed for Nordic sovereign-cloud and AI workloads and with Magnora's development pipeline for hyperscaler offtake.
- Stack Infrastructure: Global hyperscale data center developer with significant European build-to-suit capacity. Comparable on the 'develop-to-ready-to-build and sell/lease' model Magnora employs, and on AI-customer targeting.
- GreenMountain: Norwegian operator of high-density, hydro-powered colocation data centers including the Lefdal Mine facility. Closely comparable to Magnora's Storespeed operations and renewable-energy Nordic value proposition.
- Bulk Infrastructure: Norwegian-based developer and operator of large-scale, sustainable data centers in the Nordics with a focus on AI-ready hyperscale campuses. Directly comparable to Magnora on geography, customer target (hyperscalers, AI cloud), and renewable-powered design.
Emerging players
- EdgeConneX: Global data center developer focused on edge-to-core capacity for hyperscalers, AI, and cloud customers. Comparable in its build-to-suit, customer-funded development approach targeting AI/cloud tenants.
Broad incumbents
- Vantage Data Centers: Large global hyperscale and enterprise colocation operator with European campuses including the recently expanded Stockholm footprint. Competes for the same hyperscaler AI workloads Magnora targets in the Nordics but at vastly greater scale.
- CyrusOne: Global hyperscale and enterprise data center owner/operator now owned by KKR/Global Infrastructure Partners. Comparable on the AI-driven hyperscale build-out thesis and access to infrastructure capital.
- DataBank: US-based enterprise and hyperscale colocation provider expanding into Europe. Overlaps with Magnora on enterprise colocation and AI workload hosting, and on private-equity-backed growth strategy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Magnora Data Center social profiles
Digital presenceMagnora Data Center compliance and trust
Trust signalCompliance1 record
Magnora Data Center financial estimates
Financial estimateRevenue estimate
Valuation estimate
Magnora Data Center leadership team
Management profileNumber of profiles
Profiles14 records
Magnora Data Center subsidiaries and ownership
Company hierarchySubsidiaries3 records
Magnora Data Center funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Magnora Data Center M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Magnora Data Center
What does Magnora Data Center do?
Magnora Data Center ASA develops and operates data center projects that provide digital infrastructure for the AI industry, primarily in the Nordic region. It secures land, grid connections, and permits to deliver ready-to-build AI-ready data center sites, then sells or partners these out to operators, hyperscalers, or infrastructure investors. Through its subsidiary Storespeed, it also operates data center capacity directly, offering co-location, AI hosting, and sovereign cloud services to enterprise customers.
Is Magnora Data Center a public or private company?
Magnora Data Center is a public company. It is classified as public and is currently operating.
When was Magnora Data Center founded?
Magnora Data Center was founded in 2026. It employs 11 to 50 people.
Where is Magnora Data Center based?
Magnora Data Center is headquartered in Oslo, Norway, in the Europe region.
How does Magnora Data Center make money?
Two revenue lines are on record. Project Sales and Milestone Payments are the primary driver. The others are storespeed Operations.
Who are Magnora Data Center's main competitors?
Direct peers on record are Compass Datacenters, EcoDataCenter, DigiPlex, Stack Infrastructure, GreenMountain and Bulk Infrastructure. EdgeConneX is listed as an emerging player. Broad incumbents are Vantage Data Centers, CyrusOne and DataBank.
Does Magnora Data Center have an API?
No public API is recorded for Magnora Data Center.
What industry is Magnora Data Center in?
Magnora Data Center's product category is Data Center Infrastructure Services. Its primary akta.pro industry code is HDABACAG, Enterprise Data Centers & On-Prem Facilities (Owned/Operated), with a secondary code of HDABANAA, Data Center Operations & Managed Services (Remote Hands, NOC/SOC). Its NAICS code is 541513 and its SIC code is 8744.