Coatue, one of the biggest names in venture capital and hedge funds, has new plans to generate bigger returns from AI beyond its significant stakes in data center companies such as Anthropic, OpenAI, xAI and Singapore’s DayOne and CoreWeave.
The Wall Street Journal reports that the company has launched a venture called Next Frontier with the goal of buying land near large power sources and converting those parcels into data centers. Sources told WSJ that Next Frontier has already signed a joint venture agreement with FluidStack, a cloud infrastructure startup that signed a $50 billion deal to build Anthropic’s data centers. (Coatue did not respond to a request for comment.)
There are already 3,000 data centers in the U.S., but more than 1,500 new data centers are in various stages of construction, most of them in rural areas, according to Pew Research. This frenzy is luring land speculation and data center financing projects from many players, from Blackstone to Shark Tank’s Kevin O’Leary.
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