Powering the Digital Economy: Investing through the AI Era
AI is reshaping how the global economy runs. As more industries put the technology to work, an increased wave of demand follows close behind the models and software, the computing, connectivity and data infrastructure that makes it all possible.
In this fast-moving space, the winners can change quickly. Instead of assuming the risk of choosing a single technology or company will define the AI and digital era, IMCO invests across the ecosystem. We often take a “picks and shovels” approach, backing the essential building blocks that help AI function, scale and reach end users. By focusing on the foundations, we can participate in the long-term opportunity created by rising demand for computing power, connectivity and data infrastructure.
Here is a spotlight on just a few of IMCO’s investments helping to power the digital economy.
Cloud Computing: Scaling the digital world
Cloud computing enables businesses to access powerful computing resources on demand, supporting artificial intelligence, large-scale data processing and modern digital services.
CoreWeave (United States)
In 2023, IMCO invested US$150 million in CoreWeave, a specialized U.S. cloud provider focused on high-performance computing for AI workloads. As demand for AI infrastructure accelerated, CoreWeave scaled rapidly, roughly tripling its valuation through private funding rounds before its IPO in March 2025. Following the lockup period, we sold a portion of our shares in the public markets, returning just over $1 billion to IMCO, approximately seven times our initial investment. We continue to hold shares, reflecting our confidence in the company and the broader AI opportunity.
Data Centres: The engine of the digital economy
Data centres are essential for processing and storing the vast amounts of data generated daily. IMCO’s investments in this space include Scala Data Centers in Latin America, and DataBank in the United States:
Scala Data Centers (Latin America)
In Latin America, where demand for digital storage is rising, Scala Data Centers is meeting the challenge by using Brazilian hydro power to reduce its environmental footprint. IMCO’s US$250 million investment helps fun expansion across Brazil, Chile, Mexico and Colombia, supporting the region's economic transformation. Image by Scala Data Centers.
DataBank (United States)
Since 2022, IMCO has invested in DataBank, the largest edge infrastructure operator in the U.S. DataBank operates over 65 data centers across 27 markets, offering mission-critical services to enterprises and technology providers. Recently, DataBank announced a US$2 billion equity raise, signaling the growing investor confidence in the company’s infrastructure and its development capabilities. Image by DataBank.
Fiber: The backbone of connectivity
Fiber networks form the backbone of global communication, enabling high-speed, low-latency data transmission. IMCO's investment in euNetworks, positions it to capture the growing demand for connectivity across Europe and beyond.
euNetworks (London, United Kingdom)
Operating in 17 countries, euNetworks provides high-bandwidth connectivity to data centres and cloud services. To address the increasing demand for fibre connectivity, euNetworks has introduced Super Highways, brand new high-capacity networks that leverage the latest technology to connect key cities and data centres. Image by euNetworks.
Towers: Expanding connectivity
Wireless tower infrastructure is essential to mobile connectivity. IMCO's investment in Cellnex Nordics provides strategic exposure to the next generation of wireless networks.
Cellnex (Nordics, Europe)
In 2023, IMCO, alongside its investment partner Stonepeak, invested in Cellnex, a Scandinavian operator of wireless telecommunications infrastructure and a division of Cellnex Telecom. With over 4,500 sites currently in operation across Sweden and Denmark, is it the leading independent tower operator serving mobile companies in the region. Image by Cellnex.
Telecommunications: Enabling data flow at scale
Telecommunications infrastructure is essential to the movement of data across networks. IMCO's investment in Rogers’ wireless backhaul assets provides strategic exposure to the critical transport layer supporting Canada’s growing connectivity needs.
Rogers Communications (Canada)
In 2025, IMCO, alongside a consortium of global and Canadian institutional investors led by Blackstone, invested in a subsidiary of Rogers Communications, a leading Canadian telecommunications provider. The investment includes a stake in Rogers’ wireless backhaul infrastructure, which connects cell towers to its core network and enables the reliable transmission of mobile data.
For additional insights on AI investing, read our Investment Research and Economics team's paper, The Age of Artificial Intelligence, offering an in-depth look at how AI is reshaping the global economy and what that shift could mean for investors.