US data center firm TECfusions is to go public via a Special Purpose Acquisition (SPAC) merger.

The company this week announced it would merge with Apex Treasury Corp. and join the Nasdaq. The deal values TECfusions at around $4 billion and a post-transaction value of $4.2bn. The deal has been approved by the boards of both firms and is expected to close in Q4 2026.

A traditional SPAC merger sees investors create a ‘blank check’ shell company (the SPAC), raise money through an initial public offering, and then use it to acquire the target startup. In those cases, the two companies then merge under the startup's name. The move gives startups a fast-track route to going public.

As part of the merger, a group of institutional investors has committed $35 million in PIPE – a type of private investment that tops up available funds to the merged entity.

Founded in 2023 and led by former QTS CTO Simon Tusha, TECfusions specializes in designing, building, and managing data centers for AI and HPC workloads, counting TensorWave among its customers.

The company has facilities in Virginia, Pennsylvania, and Arizona. It also has a development in Chile.

Tusha, founder of TECfusions, said: “This transaction marks an important milestone for TECfusions and reflects the strength of our strategy to build AI-ready infrastructure where power availability, speed, and execution matter most. We believe the opportunity is being driven not only by rising AI demand, but also by the growing scarcity of power-secured capacity and the need for faster, more flexible deployment models.”

The Virginia site, in Clarksville, totals 37MW of live capacity and is fully leased. It could see 220MW added with future expansions.

The Arizona site in Tucson totals 16MW with an additional 12MW contracted. The site could be expanded by a further 20MW.

In Pennsylvania, the campus outside New Kensington currently has 2MW live, and 12MW contracted. The campus, a former manufacturing campus outside Pittsburgh, could total 3GW at full build-out across 1,400 acres.

Apex Treasury Corp went public in November 2025, raising $345 million, with plans to merge with a blockchain or digital infrastructure company. Its leadership includes a former regional head at Merrill Lynch and a co-founder of a blockchain-focused VC fund.

Ajmal Rahman, chairman of the board and co-CEO of Apex Treasury, added: “We have been deeply impressed by both the ambition of the TECfusions strategy and the progress the leadership team has already made in bringing that strategy to life. 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.”

Numerous quantum computing and cryptomining companies have gone public via SPAC mergers in recent years.