Norway’s ASP Data Center weighs Oslo IPO to raise about $100 million

ASP Data Center AS, a Norwegian developer building infrastructure for artificial intelligence, is reportedly considering an initial public offering on the Oslo Børs. The deal could raise about $100 million, according to Bloomberg.

The company has opened talks with potential investors to test their appetite for a listing. The offering could happen as early as the end of 2026.

Nothing is locked in. No formal commitments have been made, and the process remains under internal review.

The IPO talk follows a sizable debt raise. In September 2026, ASP issued NOK 1.6 billion in bonds.

That money had two jobs. Part of it went toward refinancing existing debt, and part was earmarked for the K11 data center site in Stavanger, on Norway’s west coast.

The numbers behind the pitch

ASP’s strongest selling point may be its order book. The company’s contracted revenue backlog is approaching NOK 2 billion.

One recent addition to that backlog was a 6 MW agreement with an international customer.

On the physical side, ASP operates sites in western Norway with more than 43 megawatts of capacity. The company sees expansion potential at those locations nearing 100 MW.

ASP is also looking beyond Norway. A planned site in Finland has a phase-one capacity of 30 MW. Over the long term, that location could exceed 400 MW.

Why the Nordics keep showing up in AI conversations

CEO Ole Fredrik Bergseth has said that demand for energy-efficient AI and high-performance computing in the Nordics is rising. He has framed ASP’s strategy around sustainable infrastructure built on Norway’s power base.

A parent company with options

ASP Eiendom AS, the parent company, is also weighing strategic options, including a potential sale of its entire controlling stake. In other words, the IPO is not the only path on the table.

What this means for investors and the European AI market

The backlog nearing NOK 2 billion is the figure that will likely anchor any valuation discussion. Compared with the roughly $100 million the company may raise, it suggests ASP has already secured a meaningful pipeline of customer demand.

Still, the risks are real. Data center development is expensive, and the company is carrying debt from the NOK 1.6 billion bond issue. Expanding from just over 43 MW toward 100 MW in Norway, and potentially past 400 MW in Finland, will require significant further capital.

The key things to watch are whether investor talks turn into formal commitments, whether ASP Eiendom finds a buyer first, and how quickly the Stavanger and Finland projects advance.