TECfusions, a developer of AI-ready data centers using legacy industrial sites, is going public through a $4 billion SPA
TECfusions, Inc. and Apex Treasury Corp. announced on July 22, 2026 that they have entered into a definitive business combination agreement that will result in TECfusions becoming a publicly traded company on Nasdaq under the proposed ticker symbol TECF. The transaction values TECfusions at a pre-money equity value of $4.0 billion, with an institutional investor simultaneously committing $35 million in a PIPE investment at $10.00 per share.
TECfusions is an AI infrastructure company focused on designing, building, and leasing next-generation data centers. The company's strategy centers on three core pillars of Technology, Environment, and Community, combining adaptive reuse of existing real estate, efficient low water usage cooling, and integrated power infrastructure to support large-scale compute deployments for hyperscalers, neocloud tenants, and enterprise AI customers. Rather than owning GPUs or compute resources, TECfusions focuses on providing space, power, and cooling to its tenants.
The company currently has operating and development activity in three strategic U.S. markets. In Clarksville, Virginia, TECfusions has 37 megawatts of capacity live. In Tucson, Arizona, the company operates 16 megawatts live with an additional 12 megawatts contracted. In New Kensington, Pennsylvania, Phase 1 comprises 12 megawatts fully contracted, with 2 megawatts currently live, and subsequent phases planned for future expansion.
A core component of TECfusions' strategy is adaptive reuse of legacy industrial properties, which the company believes can materially accelerate deployment, lower capital expenditures, and reduce zoning complexity compared to traditional greenfield development. When combined with integrated power strategy including on-site generation, this approach gives TECfusions greater control over speed, cost, resilience, and scalability. The company aims to convert underutilized industrial properties into productive assets that support jobs, tax revenue, and community programs in host markets.
Simon Tusha, Founder of TECfusions, stated that the transaction reflects the strength of the company's strategy to build AI-ready infrastructure where power availability, speed, and execution matter most. He noted that the opportunity is driven by rising AI demand combined with a growing scarcity of power-secured capacity and the need for faster, more flexible deployment models. As a public company, Tusha said TECfusions anticipates enhanced access to public capital markets to accelerate development across its existing portfolio and expand into additional strategic markets.
Ajmal Rahman, Chairman of the Board and Co-Chief Executive Officer of Apex Treasury, expressed confidence in both the TECfusions strategy and the progress already made by the leadership team. Rahman highlighted that the company has built a platform addressing current market needs with focus on power access, accelerated deployment, and AI-ready infrastructure, supported by visible catalysts including customer commitments, site expansion, and infrastructure partnerships.
The U.S. data center market is experiencing sustained expansion, with projected growth of more than 10 percent annually from $126 billion in 2025 to $277 billion by 2033. Within that market, the AI data center segment is expected to grow at more than 20 percent annually, expanding from $35 billion to $167 billion over the same period, indicating that an increasing share of industry growth is driven by AI workloads rather than traditional enterprise demand.