Alaska rolls out state-backed platform for tokenized infrastructure deals

Alaska is moving to attract investment in digital infrastructure through the launch of InvestNorth, a state-sponsored infrastructure financing platform, and Alaska Data Corporation LLC (AKDC), a government entity focused on bringing emerging technologies and industries into the state, Governor Mike Dunleavy said Monday.

The two initiatives were developed in partnership with Plural, a financial technology company serving energy and digital infrastructure developers.

Digital infrastructure will be the first sector targeted by the initiatives. The state will use capital already earmarked for technology projects throughout Alaska.

The effort is designed to bring investment into the state, support job creation and establish additional sources of state revenue, Dunleavy said.

The rollout comes after local election results across the US showed broad voter opposition to data center expansion, with 44 ballot measures seeking to restrict development approved as of Friday and two more leading significantly in ongoing counts, according to Data Centers on the Ballot.

Dunleavy said growing opposition and debate over data center development across the US give Alaska an opportunity to avoid mistakes made elsewhere. He said the state wants facilities to be developed responsibly and in suitable locations, drawing on its experience managing resources for the benefit of its population.

Alaska will also explore ways to give residents direct ownership stakes in data center projects so they can share in the economic returns, according to the governor.

Adam Silver, Plural’s CEO and co-founder, said the company was impressed by the ambition and problem-solving capabilities of Dunleavy and the Alaska Data Corporation team. With AI infrastructure representing one of the biggest capital requirements in a generation, Silver said Alaska understands that traditional financing approaches may not be sufficient.

InvestNorth uses AssetOS to coordinate investor commitments, waterfall distributions, transactions and other financial operations for infrastructure projects. The platform is expected to make certain opportunities available to individual investors, including investment options specifically reserved for Alaska residents.

These arrangements would allow citizens to participate in public-private partnerships but must comply with applicable federal and state securities laws, FINRA rules and regulatory approvals.

Alaska Data Corporation will operate as an AIDEA subsidiary and partner with digital infrastructure developers to establish distributed data centers in communities across the state. By combining public capital with private development, the entity aims to bring new investment, employment and digital infrastructure to Alaska while ensuring that more of the economic value generated by data center expansion stays within the state.

InvestNorth will use tokenization to digitize ownership interests in infrastructure assets. Each digital record contains the applicable rules for ownership, payouts and oversight, allowing the platform to automate their execution and maintain a transparent record of payments and ownership transfers.

Brandon Brefczynski, AIDEA deputy executive director and president of Alaska Data Corporation, said tokenization was a natural fit for making infrastructure projects easier to access, monitor and administer.