ANALYSIS Three unrelated projects announced in a single week illustrate how the economics of AI compute and AI-dependent services are pulling infrastructure investment away from established cloud regions and toward geographies that offer cheaper power, regulatory access, or unmet demand.
Why it matters
The hyperscale cloud market has been dominated by a handful of U.S. companies operating in a handful of regions. ◆ These three projects suggest that the next layer of AI infrastructure is being shaped less by proximity to Silicon Valley and more by energy costs, chip-export diplomacy, and the operational needs of AI-powered services in emerging markets.
The big picture
Verda, the Helsinki-based company formerly known as DataCrunch, raised $189 million in an oversubscribed Series B led by Emergence Capital, bringing its total funding to more than $450 million and its valuation to over $1 billion1,2,6. Founded in 2020 by Belgian engineer Ruben Bryon, who built his first server rack in a Helsinki garage, Verda operates a full-stack AI cloud managing everything from physical data centers and hardware to its cloud platform and AI research. The company states that its services can be up to 90% cheaper than those of AWS, Azure, and Google Cloud. Its Finnish data centers run on 100% renewable energy, drawing on the Nordics' natural advantages in clean electricity and cooling efficiency. Verda is cash-flow positive and counts Nokia, 1X, ExpressVPN, and Freepik among its clients.
The company's ambitions extend well beyond this round. According to Bloomberg, Verda aims to raise up to $1.5 billion in equity and debt in 2026 and up to $10 billion in 20274. "Our north star is to build the first true tech company in Europe, with AI infrastructure as the starting foundation, and to bring down the carbon footprint of compute worldwide," said Ruben Bryon, Verda's founder and CEO.
Meanwhile, U.S. startup Firebird is building a 300-megawatt data center in Armenia, set to host more than 70,000 Nvidia chips by 20273. Sources told Bloomberg that Trump pledged Nvidia export approvals to Armenia. ANALYSIS The project depends explicitly on a political commitment to clear chip-export controls, converting a small Caucasus nation into a GPU depot.
In West Africa, Zipline signed an eight-year deal with Côte d'Ivoire to expand its drone delivery network from a single hub to ten facilities across the country5,7. The expansion builds on a pilot that began in Daloa in 2023, during which Zipline delivered nearly 4 million medical products to more than 200 healthcare centers. The scaled network could serve 12 million people, roughly a third of the Ivorian population. The Ivorian government will pay Zipline for operating costs over eight years, covering pharmacy-grade warehousing, cold chain, digital tracking, and delivery. Infrastructure funding is supported by a $150 million pay-for-performance award from the U.S. State Department. Zipline expects the government to make a three-fold return on its investment.
ANALYSIS Each project exploits a different structural advantage that traditional cloud hubs cannot easily replicate. Verda's pitch rests on Nordic energy: abundant renewable power and natural cooling that compress operating costs. Firebird's Armenia bet hinges on a geopolitical opening, with chip-export approvals converting a small Caucasus nation into a GPU depot. Zipline's Côte d'Ivoire contract monetizes the absence of road infrastructure itself, turning a logistics deficit into demand for autonomous delivery.
Verda's round drew venture capital from Emergence Capital, which has previously invested in Salesforce and Zoom, as well as participation from Supermicro and MUFG Innovation Partners. ◆ In both the Verda and Zipline cases, the capital is flowing toward companies that own or operate physical infrastructure, not just software layers, in regions where incumbents have limited presence.
What's next
Verda plans to invest in inference, multiply its compute capacity over the next year, and continue international expansion. Firebird's Armenia facility targets 2027 for its 70,000-plus Nvidia chip deployment. Zipline's Côte d'Ivoire expansion will grow the drone network to ten facilities serving more than 2,200 health centers. "We're proud of our progress but are a long way from being done," said Bryon.