Clearwater-based data center developer going public at $4B valuation

TECfusions, a Clearwater-based data center developer, plans to go public through a merger with Nasdaq-listed special purpose acquisition company Apex Treasury Corp. The transaction values the company at $4 billion before new financing.

The deal includes a $35 million private investment from an institutional investor at $10 per share. The companies expect the merger to close in the fourth quarter, subject to shareholder and regulatory approval. The combined company would trade on Nasdaq under the ticker symbol “TECF.”

The data center developer focuses on converting former industrial properties into AI data centers, an approach intended to shorten construction schedules and reduce permitting and utility delays.

The company operates or is developing sites in Clarksville, Virginia, Tucson, Arizona and New Kensington, Pennsylvania. Its portfolio includes 37 megawatts of operating capacity in Virginia, 16 megawatts operating and 12 megawatts under contract in Arizona, and 2 megawatts operating with another 10 megawatts under contract in Pennsylvania.

TECfusions said the three sites could eventually support more than 3 gigawatts of capacity, though it did not provide a development timeline or estimated cost.

Founder Simon Tusha said the listing would help finance construction across the portfolio.

“As a public company, we anticipate access to the public capital markets will enhance our ability to accelerate development across our existing portfolio and expand into additional strategic markets,” Tusha said.

The company said its projects use low-water cooling systems and include local workforce and redevelopment programs.

“We have been deeply impressed by both the ambition of the TECfusions strategy and the progress the leadership team has already made,” Apex Treasury Chairman and Co-Chief Executive Officer Ajmal Rahman said. “The Company has built a platform that speaks directly to where the market is today, with a focus on power access, accelerated deployment, and AI-ready infrastructure.”