LIAN Group considers raising $500M in potential IPO to fund AI data center expansion

LIAN Group, a Luxembourg-based developer of AI and computing infrastructure, is exploring an initial public offering that could raise approximately $500 million to bankroll its data center ambitions. The company is currently in discussions with STJ Advisors to select banks for the IPO process, with a potential listing eyed for 2027.

Where exactly LIAN would list remains an open question. The company is weighing options in both Europe and the United States.

Building the backbone of AI

LIAN Group was co-founded by Fiorenzo Manganiello and Nessim-Sariel Gaon between 2017 and 2019. Since then, the firm has reportedly poured hundreds of millions of dollars into technology and infrastructure projects.

The company’s crown jewel is PolarDC, a Norwegian data center platform that launched publicly in September 2024. PolarDC is designed to serve high-performance computing and AI workloads, leaning heavily on renewable energy sources and energy-efficient cooling solutions. PolarDC promises immediate and scalable megawatt capacity. H.I.G. Capital acquired a majority stake in PolarDC in 2024, shortly after its launch.

Beyond Norway, LIAN’s portfolio includes Anan, an Israeli data center platform.

A sector running hot

Csquare completed a $1.21 billion IPO in New York in July 2026, demonstrating that public markets have appetite for pure-play AI infrastructure companies. Blackstone raised $2 billion for a data center-focused investment vehicle in May 2026.

LIAN’s potential $500 million raise would be directed toward expanding data center development, presumably scaling PolarDC’s capacity and potentially growing the Anan platform.

What investors don’t know yet

No revenue or earnings figures for LIAN have been publicly disclosed. With H.I.G. Capital holding a majority stake in PolarDC, the IPO structure and how much of PolarDC’s economics flow through to public shareholders will be a key detail to watch.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.