Magnora Data Center ASA, a Norwegian data center developer backed by Magnora, raised NOK 650 million in its June 2026 initial public offering on Euronext Growth Oslo, becoming Europe’s first listed pure-play data center stock.
The company reported a net loss of NOK 20.7 million for the first half of 2026, an improvement from the NOK 20.7 million operating loss recorded in the same period. Operating revenue totaled NOK 1.9 million, primarily from colocation services provided by subsidiary Storespeed. Operating expenses reached NOK 20.7 million, with Q2 2026 losses widening to NOK 14.2 million from NOK 6.0 million in Q1 2026. Net financing activities contributed NOK 627.7 million, including capital increases from Magnora and share incentive programs, leaving the company with NOK 625.2 million in cash at June 30, 2026.
Magnora Data Center’s portfolio now includes 650 MW of gross capacity across 10 sites and one operational asset, with net capacity of 525 MW. The portfolio spans Norway (280 MW), Italy (100 MW), Finland (85 MW), and Sweden (60 MW). Of this, 145 MW is in mature or sellable projects—85 MW in Finland and 60 MW in Sweden—while 66 MW is in the consenting stage in Norway and 315 MW remains in early-stage development across Norway and Italy. The Hämeenlinna project in Finland, initiated at 120 MW, has potential expansion to 250 MW in Phase 2 and additional capacity in Phase 3, while the Groruddalen site in Oslo currently offers 1 MW with potential expansion up to 9 MW.
Management outlined a strategy focused on originating, de-risking, and monetizing projects within 6–9 months, typically exiting before projects reach ready-to-build status. The company’s asset-light model involves securing land, grid connections, zoning approvals, and permits before transferring projects to operators or construction partners. The Hämeenlinna project was developed in under eight months, with Magnora increasing its ownership stake to 100%.
The company highlighted the Nordic region’s cost advantage, with energy prices in Norway, Finland, and Sweden averaging $0.10–0.12 per kilowatt-hour—approximately five times lower than in the UK—potentially saving an estimated $300 million annually for a 100 MW facility. The Nordic power mix is also 96–99% low-carbon. Management noted sufficient liquidity and banking facilities to execute strategic priorities without immediate funding pressure.
Global AI infrastructure spending is projected to more than triple from $220 billion in 2024 to $705 billion in 2026, reaching $835 billion by 2028, according to company data. The FLAP-D markets (Frankfurt, London, Amsterdam, Paris, Dublin) are expected to see vacancy rates decline to 7% in 2026 from 24% in 2015. By 2025, installed data center capacity in Sweden is forecast to exceed 600 MW, Norway to surpass 400 MW, and Finland to reach approximately 300 MW.
