SAVRN Research · Capital Atlas · Private equity and infrastructure
I Squared Capital Data Center Capex and Sites
I Squared Capital manages $60 billion. On May 26, 2026 it agreed to acquire 10 data centers from Cogent Fiber for $225 million in cash, with up to $1 billion committed to the platform overall; the 53MW seed portfolio spans nine US cities. The platform was launched as Saragon on August 19, 2026.
I Squared Capital
Private equity and infrastructure
Financing regimefund equity platform build-up (edge colocation)
Named sites
0
Site-level commitments the atlas ties to I Squared Capital
Disclosed site capital
n.a.
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
n.a.
Sum of named sites with a stated megawatt figure
Financing transactions
3
Transactions naming I Squared Capital or tied to one of its sites
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| 2026 | aum | $60.0B | I Squared manages $60 billion |
Named sites
Where I Squared Capital builds
I Squared Capital has no named site commitment on record in the atlas as of October 8, 2026. That is normal for a private equity and infrastructure position: the capital shows up in the transactions below rather than on a site of its own.
Financing
Financing transactions
Transactions that name I Squared Capital as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
Nscale + Aker ASA + Nvidia + Dell + Nokia + Blue Owl Managed Funds + Fidelity + G Squared + Point72 + T.Capital + Sandton Capital Series B with Nvidia, Dell, Nokia, Blue Owl Managed Funds, Fidelity, G Squared, Point72, T.Capital and Sandton Capital participating. |
equity raise | $1.1B | September 25, 2025 | n.a. | |
I Squared Capital + Cogent Fiber Seed portfolio of 53MW across 259,000 sq ft in Chicago, Atlanta, Phoenix, Los Angeles, Kansas City, Baltimore, Houston, Nashville and Stockton; US AI inference edge colocation platform. |
acquisition | $225M | agreed May 26, 2026; closing expected Q3 2026; platform launched as Saragon August 19, 2026 | n.a. | |
Z Squared Inc. + Paradox Infrastructure LLC + Paradox Energy LLC Nasdaq-listed Z Squared completed its acquisition of Paradox Data LLC, whose principal asset is the Union County Campus in El Dorado, Arkansas: about three acres with an existing building, a contract to buy about 10 adjacent acres, and rights under a Power Access Agreement to an interruptible Entergy Arkansas service agreement of up to about 8 MW (assignment requires Entergy's consent, not yet obtained). Z Squared plans up to about 150 MW of AI-ready colocation capacity over time from utility power and on-site generation, subject to new power arrangements, customers, financing and permits. The seller's bitcoin mining continues temporarily under a lease. Z Squared's CTO holds an indirect minority interest in the seller, so the deal was approved as a related person transaction. |
acquisition | $5M | Backfill (not previously recorded). Agreement disclosed in a Form 8-K filed 4 August 2026; closed 8 September 2026 (Form 8-K filed 14 September 2026) | n.a. |
The record
Sourced facts on I Squared Capital
- The seed portfolio comprises 53MW across 259,000 sq ft in Chicago, Atlanta, Phoenix, Los Angeles, Kansas City, Baltimore, Houston, Nashville and Stockton, with closing expected in Q3 2026.
- The platform was launched as Saragon on August 19, 2026.
- Pause exposure: n.a.
Sources
Sources for I Squared Capital
Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.
- nscale.comNscale
- isquaredcapital.comI Squared Capital
- isquaredcapital.comI Squared Capital
- sec.govZ Squared Form 8-K (SEC), filed 14 September 2026
- theglobeandmail.comTipRanks via The Globe and Mail, 15 September 2026
Private equity and infrastructure: one page each
Antin Infrastructure Partners 0Apollo Global Management 0Ares Management 2BlackRock / GIP / AI Infrastructure Partnership 0Blackstone 5Brookfield (BAM / Brookfield Infrastructure Partners) 2Copenhagen Infrastructure Partners 1DigitalBridge 5EQT 1Global Infrastructure Partners (as a distinct platform) 0I Squared Capital 0IPI Partners / Blue Owl 1KKR 3Macquarie Asset Management 1Oaktree Capital Management 1Pensions & Sovereign Wealth Funds (CalPERS, CPPIB, CDPQ/La Caisse, OTPP, PSP, ADIA, GIC, Mubadala, MGX) 0Silver Lake 0Stonepeak 2The Carlyle Group 2
The figure beside each provider is its count of named sites in the atlas.
Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
The SAVRN reference set
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.
Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
Open the watchlist →
Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
Open the tracker →
Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
Open the water tracker →
Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
Open the watchlist →
Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
Open the permits tracker →
SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
Open the scarcity tracker →
Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
Check an address →