Green AI Cloud signs merger deal to go public on Nasdaq

Green AI Cloud is seeking public-market capital to accelerate its AI data-center buildout, but the step announced on October 8, 2026, is a merger agreement—not a completed listing. The Stockholm-based company signed a definitive agreement with Pioneer Acquisition I Corp. that would take it public on Nasdaq at a $300 million pre-money equity valuation.

Valuation is not the cash raised

Pioneer is a special purpose acquisition company, or SPAC: a publicly traded blank-check company formed to combine with another business. Under the agreement, Green AI Cloud would become publicly traded, with its existing management team expected to keep leading the combined company.

The companies put the transaction’s pro forma enterprise value at approximately $525 million, assuming no redemptions by Pioneer’s public shareholders. That is a separate measure from the target’s $300 million pre-money equity valuation. Neither figure is identified as the amount of cash Green AI Cloud will receive.

Expected proceeds are intended for development at existing and new data-center sites, along with potential acquisitions. Founder and chief executive Jacob Bostrom said access to public capital markets would help accelerate the existing portfolio and support entry into additional markets.

$300 millionGreen AI Cloud equity valuation

The agreement assigns Green AI Cloud a pre-money equity valuation.

Approximately $525 millionPro forma enterprise value

The enterprise-value estimate assumes no redemptions by Pioneer’s public shareholders.

Swedish sites, renewable power and recovered heat

Green AI Cloud has operating and development activity at three locations in Sweden. Its portfolio mixes live, contracted and planned capacity. The company describes those sites as having potential for a multi-gigawatt development pipeline over time; that potential is not the same as capacity already operating.

Its development approach combines reuse of existing industrial property with integrated power infrastructure. Green AI Cloud believes this can shorten deployment from years to months and reduce reliance on constrained utility connection queues.

Green AI Cloud says its data centers are designed to run on 100% renewable energy, including solar, hydro and wind power. Tailored liquid-cooling systems allow server heat to be recovered for industrial use or regional district-heating networks. The company believes this can produce a net-negative carbon footprint.

Board approval, then a shareholder decision

Both companies’ boards have approved the transaction. Closing is anticipated in the second quarter of 2027, subject to customary conditions, including approval by Pioneer shareholders. The companies also outlined two forthcoming SEC filings that will provide further transaction details:

• A Form 8-K from Pioneer will include the material terms, the business combination agreement and related documents.
• A Form S-4 registration statement will contain additional information, including a proxy statement and prospectus for the proposed combination.