Investment firm Coatue Management is setting up a new powered land venture to serve data center and cloud operators.

Its first project is located in Indiana and will host AI cloud firm Fluidstack in another deal backed by Google.

First reported by the Wall Street Journal, Coatue has launched a venture called Next Frontier to buy up land near large power sources to serve data centers. Tens of billions of dollars are reportedly set to go into the venture.

Next Frontier has reportedly already signed a joint venture with Fluidstack, according to people familiar with the matter, and is also looking to serve Anthropic.

WSJ reports that a 430MW campus in New Lebanon, Indiana, is being planned. This has seemingly been backed up by details in a recent notes issuance detailed below.

Founded in 1999, Coatue has more than $70 billion in assets under management. The technology-focused investment firm has previously invested in GPU cloud provider (and former cryptofirm) CoreWeave across multiple rounds, GPU cloud companies Together AI and Firmus, crypto/AI firm Hut8, AI chip companies Cerebras and SiFive, and generative AI firms OpenAI, Anthropic, Stability.ai, Hugging Face, and Scale, as well as several battery companies. It recently provided financing to Brazilian data center firm Scala and has invested in APAC data center firm DayOne.

Google backs another Fluidstack deal

In April, FitchRatings provided ratings for senior secured notes from Meridian Arc HoldCo, a joint venture of Fluidstack Indiana Inc. and Frontier Holdings Indiana LLC.

The JV was issuing $5.7 billion of senior secured notes to build a data center with critical IT capacity of 430MW in Indiana. The proposed fixed-rate senior secured notes mature in 2031. The project is anchored by a 15-year lease with Fluidstack that includes three five-year extension options. Power will be provided by Hoosier Energy and WIN Energy.

The first 65MW data hall is due to come online in July 2027, with 300MW available by December 2026 and the remaining 320MW by March 2027.

Like several other deals secured by Fluidstack, the project is guaranteed by Google, which will assume the lease or pay a termination fee if Fluidstack backs out.

In a post outlining its involvement in the issuance, Latham & Watkins LLP noted Frontier Development Holdings LP was an affiliate of Next Frontier.

Latham said the notes will be used to fund the acquisition of an approximately 140‑acre property comprising multiple parcels in New Lebanon, Sullivan County, Indiana; finance the development and construction of a 245MW IT capacity turnkey data center; an 185MW critical IT capacity turnkey data center; and an on‑site electrical substation.

Google has invested more than $3.75bn into Anthropic across multiple earlier rounds, with court documents in 2025 revealing that it had a 14 percent stake in the business. Anthropic, meanwhile, has pledged to invest $50bn in data centers in the US with Fluidstack. Anthropic is best known for its Claude large language model.

Google has also provided financial backing for several data center projects set to host Anthropic and Fluidstack, including Hut 8, Cipher, and TeraWulf. Google has taken a stake in the latter two firms as part of the deals.

Earlier this month, developer Potentia said a new anchor tenant data center campus is being developed within its 2.1GW Heartland Industrial Park in Sullivan County, Indiana. Up to $65 billion could be invested in the development by 2030. It’s unclear if the New Frontier/Fluidstack development is the tenant Potentia is referring to.

The 1,000-acre Heartland park is located outside New Lebanon, near Hallador Energy’s 1GW coal-powered Merom Generating Station. Acquired from Hoosier Energy in 2022, Hallodor last year filed to expand the plant with 515MW of natural gas capacity.