The company intends to add 850 MW to meet demand, which is driven by AI, large-scale cloud computing and large technology workloads.

The money will fund three of DataBank’s previously announced projects, the largest of which will be used to build a 480 MW campus on a 292-acre site in Red Oak, northeast Texas. These will be eight two-story centers measuring 425,000 square feet each. It should be operational in 2026.

A data center will also be built on 85 acres of land in Culpeper, Virginia, as well as 95 acres near Lithia Springs in Atlanta.

Some $1.5 billion in funding was provided by AustralianSuper, Australia’s largest superannuation fund, which will become a minority shareholder in DataBank and join the board.

An additional $483 million was raised from existing DataBank investors.

Databank has raised $4 billion in debt and equity over the past 12 months.

Raul Martynek, CEO of DataBank, said: “This investment and our new campuses are a game-changer for DataBank and our customers, allowing us to bring this capability to market now and seize the incredible opportunity before us.”