European Hyperscaler SWI Capital Goes Public in Amsterdam

SWI Capital Holding Ltd, a Eueopean Hyperscaler led by Max-Hervé George, began trading last week on Euronext Amsterdam under the ticker SWICH. See full release here.

Launching with a market cap of approximately €1.62 billion the IPO was well received and within 2 days the share price surged 14%!. On a pro forma basis, SWI reported a balance sheet of roughly €3.2 billion as of 31 December 2025. While the Balance Sheet is impressive the P&L is pretty small on such a huge valuation which implies that Hyperscale demand is high!

The Group is led by founder and CEO Max-Hervé George, alongside Jaume Sabater, founder and CEO of Stoneweg.

SWI Group operates as a diversified global investment conglomerate with exposure across digital infrastructure, real estate, financial institutions, hedge funds, and alternative sectors including fintech and sports. Its real estate platform, Stoneweg, manages over 300 assets across Europe with additional exposure in the US and UK.

Digital infrastructure is housed under AiOnX, where the Group develops, acquires, and manages data center assets across the full investment cycle. As previously covered by TheMarketAI, SWI has positioned AiOnX to capitalize on Europe’s accelerating demand for AI-ready and cloud infrastructure capacity.

The company also disclosed ongoing negotiations to acquire an additional significant stake in certain digital infrastructure and technology-enabled businesses. While no transaction is guaranteed, the move signals further consolidation and capital deployment into data center and AI-adjacent assets.

TheMarketAI Take

SWI’s successful public listing could be a sign that Europe capital markets are ready to support European Hyper-scaling it reflects the institutionalization of digital infrastructure as a core alternative asset class.

Data centers are no longer niche real estate plays. They sit at the intersection of AI demand, sovereign infrastructure strategy, and long-term yield-seeking capital. By listing in Amsterdam, SWI gains a scalable capital framework to pursue acquisitions and development at a time when hyperscale demand across Europe continues to tighten supply.