PolarDC has closed a record €800 million Nordic high-yield bond, the company said this week. The proceeds will fund AI data centers in Norway that run on hydroelectric power. The deal is the largest of its kind in the region and marks a big bet by a firm with crypto mining roots.
€800M and a record
The bond is a Nordic high-yield issuance — a market that doesn't see many nine-figure deals. PolarDC didn't disclose the coupon or the investor lineup, but the size alone makes it a standout. The company said the funds are earmarked for building out AI data centers, not for refinancing or general corporate use.
Crypto roots, AI future
PolarDC started as a crypto mining operation. Like many miners, it had access to cheap power and industrial-scale facilities. Now it's pivoting to AI infrastructure, a shift several mining firms have attempted. The bond suggests investors are buying the story — at least enough to hand over €800 million.
Hydro power advantage
Norway offers abundant hydroelectric power, which is both cheap and low-carbon. For AI data centers, energy costs are a major line item. PolarDC's choice of location gives it a cost edge over competitors in less hydro-rich regions. The company didn't say how many megawatts the new centers will draw, but the bond size implies a significant build-out.
Next steps
PolarDC now has the capital to move forward. Construction timelines haven't been announced, but the bond closed this week, so the work is about to begin. The question hanging over the deal is whether other crypto-mining-turned-AI firms can pull off similar financing — or if PolarDC's record is a one-off.
