AirTrunk Acquisition, Valuation, Funding & Investors

IonQ Inc sells access to several quantum computers of various qubit capacities and is in the process of researching and developing technologies for quantum computers with increasing computational capabilities. The company currently makes access to its quantum computers available via cloud platforms and also to select customers via its own cloud service. This cloud-based approach enables the broad availability of quantum-computing-as-a-service (QCaaS). The company derives its revenue from its quantum-computing-as-a-service arrangements, consulting services related to co-developing algorithms on company's quantum computing systems and contracts associated with the design, development, and construction of specialized quantum computing systems together with related services.

IEIT Systems Co Ltd is a provider of IT infrastructure products, solutions, and services. Its business focuses on three fields: servers, storage, and networks. The company is committed to the innovation of digital technology along with the application and integration of digital worlds with the physical world. It is helping enterprises embark on a path of sustainable development by driving intelligent digital transformation.

Dawning Information Industry Co Ltd is a China-based company engages in the manufacturing and selling of computers and servers. The company also provides industrial solutions and cloud computing services. Its products include server products, safety products, high-performance computing products, infrastructure, storage products, and cloud computing products. It offers integrated information services such as cloud computing and large data, software development, system integration and technical services.

Nscale is an AI infrastructure company and global hyperscaler that builds, owns, and operates data centers and high-density GPU clusters. The neocloud startup integrates everything from renewable power generation to hardware and orchestration software to support AI training, fine-tuning, and inference workloads for enterprises and governments. Unlike traditional cloud providers, Nscale builds and operates its own data centers in regions with abundant, low-cost renewable energy (e.g., hydropower in Norway, renewables in Texas). In West Virginia, the company even owns behind-the-meter natural gas power plants to insulate operations from local grid fluctuations.

Cellnex owns and operates more than 100,000 wireless towers in Europe, the result of continued merger and acquisition activity since its initial public offering in 2015. It has acquired towers from several European mobile network operators, including Telefonica, Iliad, CK Hutchison, Bouygues, and Altice. Cellnex is present in France, Italy, Spain, Poland, and the United Kingdom, among others.

SBA Communications owns a portfolio of about 45,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by the top few mobile carriers. It owns more than 17,000 towers in the US, which account for about 75% of leasing revenue. Internationally, SBA’s largest presence is in Brazil, where it owns roughly 10,000 towers. SBA operates as a real estate investment trust.

China Unicom is the incumbent fixed-line operator in 10 northern Chinese provinces, as well as the third-largest wireless operator nationwide. As of June 2025, it had around 355 million billing wireless customers and over 125 million fixed-line subscribers. China Unicom also has a growing ICT business. We estimate it has the third largest internet data center business in China with 420,000 cabinets and its Cloud Service revenue is also showing strong growth. It has its own 4G network and shares the radio access function with China Telecom for its 5G network.

Firmus Technologies is an Austin-headquartered provider of AI data center infrastructure known as AI Factories, optimizing GPU clusters for maximum token generation throughput and profitability. Featuring liquid cooling across racks, power management, and AI FactoryOS operating system, it supports H100 and H200 GPUs with 99.99 percent uptime. Firmus' SMC cloud platform leverages SHARP networking for hyperscalers training large language models at scale.

PT DCI Indonesia Tbk is a data center provider in Indonesia. It provides reliable, well networked, and well-managed cloud and carrier-neutral data center infrastructure services in Indonesia. The company operates in two segments: Colocation services and Others. The services offered by the company include Colocation, Cross Connect, Flexspace, Smarthands, CloudConnect, and DCI Internet Exchange.

Super Micro Computer Inc provides high-performance server technology services to cloud computing, data centers, high-performance computing, and the Internet of Things embedded markets. Its solutions include servers, storage systems, modular blade servers, workstations, full-rack scale solutions, networking devices, server sub-systems, and server management. These turn-key solutions are designed, developed, validated, and installed for AI datacenters. The company has one operating segment that develops and provides high-performance server solutions based upon a, modular and open-standard architecture. More than half of the firm's revenue is generated in the United States, with the rest coming from Europe, Asia, and other regions.

Lancium Technologies is a Houston-based developer of data centers optimized for renewable energy integration. The company deploys distributed computing infrastructure at wind and solar farms in Texas, absorbing excess power to perform high-performance calculations. Lancium operates facilities like the 100 MW Pecos Valley site, partnering with utilities to stabilize grids and monetize curtailment periods.

Crusoe Energy Systems is a Denver-headquartered AI infrastructure provider that designs and operates data centers powered by renewable and waste energy sources. The company converts flared natural gas, wind, solar, and geothermal into electricity for GPU clusters. Crusoe Cloud delivers Infrastructure as a Service with NVIDIA H100 and other GPUs for AI workloads. Founded in 2018, it maintains facilities in Texas, North Dakota, and Wyoming.

Crown Castle owns or manages roughly 40,000 wireless towers in the United States. It leases space on its towers to wireless service providers, which install equipment to support their wireless networks. The company has a very concentrated customer base, with about 75% of its revenue from the Big Three US mobile carriers: Verizon, T-Mobile, and AT&T. Crown Castle has plans to divest its fiber business, which is expected to be finalized in the first half of 2026. After that, it will be a stand-alone tower operator. Crown Castle operates as a real estate investment trust.

Oracle Corp Japan is an information technology company. Its products cover database management, enterprise resource planning, supply chain management, data warehousing, customer relationship management, middleware, business intelligence, and application products. The firm provides cloud solutions, business solutions, industry solutions, mobile solutions, technology solutions and consulting, financing, training, cloud, and others. The company operates through three reportable segments: Cloud & License, Hardware Systems, and Services.

Global Switch is a carrier-neutral data center operator with 278,700 sq m of space across Europe and Asia-Pacific. Headquartered in London since 1998, the company runs flagship facilities in Sydney, Melbourne, Singapore, Hong Kong, Frankfurt, Amsterdam, and Paris, accommodating hyperscalers like AWS and Google Cloud. Its campuses provide up to 100 MW power capacity and direct connections to 500 networks.

Applied Digital Corp is a U.S. based designer, developer, owner, and operator of large-scale, purpose-built data centers engineered to support high-performance computing (HPC) workloads, including artificial intelligence (AI), machine learning, and other accelerated-compute applications. It design, build, and operate high-performance, sustainably engineered data centers which it refer to as AI factories and deliver that capacity to investment-grade hyper scalers and other compute customers under long-term lease and hosting arrangements. The company has two segments Data Center Hosting Business, and HPC Hosting Business. The company generates majority of revenue from Data Center Hosting Business segment. Its solutions are Digital Infrastructure, and AI Factories.

NetApp Inc is a provider of enterprise data management and storage solutions. The company's segments include Hybrid Cloud and Public Cloud. It generates maximum revenue from the Hybrid Cloud segment. The Hybrid Cloud segment offers a portfolio of storage management and infrastructure solutions that help customers recast their traditional data centers with the power of the cloud. This portfolio is designed to operate with public clouds to unlock the potential of hybrid, multi-cloud operations. Hybrid Cloud is composed of software, hardware, and related support, as well as professional and other services. Geographically, the company generates the majority of its revenue from the United States, Canada and Latin America (Americas).

Inwit is an Italian wireless tower company born from the spinoff of Telecom Italia’s tower assets in 2015. In 2020, Inwit merged its tower assets with those of Vodafone Italia, creating a tower leader in the Italian market with a high-quality portfolio derived from the networks created by Telecom Italia and Vodafone over the past two decades. Inwit owns 25,000 towers, having the highest tenancy ratio and EBITDA margin among the European tower firms. Cellnex is Inwit’s main competitor in Italy, owning a similar number of towers.