Fluidstack

Coatue Management launched Next Frontier, a powered land venture, and signed a joint venture with AI cloud firm Fluidstack for a 430MW data center campus in New Lebanon, Sullivan County, Indiana. The JV entity Meridian Arc HoldCo issued $5.7 billion in senior secured notes to fund development on approximately 140 acres. The project comprises a 245MW IT capacity facility, a 185MW IT capacity facility, and an on-site electrical substation. Google guarantees the 15-year Fluidstack lease. The first 65MW hall targets July 2027, with 300MW by December 2026 and 320MW by March 2027. Power will come from Hoosier Energy and WIN Energy.