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Home/Deal Room/Hscale commits €2B to Milan AI data-center campuses

Data centers · Evidence brief

Hscale commits €2B to Milan AI data-center campuses

Hscale + Bain Capital + Aquila Clean Energy

Near-primary sourcePress release only2026-05-27
Deal structureHyperscale data-center campus acquisition / AI-ready Milan buildout
GeographyMilan metropolitan area, Lombardy, Italy
Infrastructure layersData centers + power infrastructure + cooling + financing
Disclosed scaleMore than €2B planned investment across Hscale's MXP1 and MXP2 Milan campuses, with DCD reporting 250 MW of committed power capacity and Hscale site materials showing liquid-ready 48 MW and 120 MW campus designs with secured or submitted power applications

Why it matters

The strategic read

Adds a second Milan AI-infrastructure lane beside QTS Vimercate. Hscale is pairing Bain-backed hyperscale capital, site control, secured power applications, liquid-ready design and clean-energy access around Italy's main cloud and financial hub. The project is earlier than a signed customer receipt, but the disclosed €2B-plus / 250 MW scale makes it a meaningful capacity and power-demand signal for the European AI buildout.

Source-supported terms

What was disclosed

  1. 01

    DCD reported that Bain-backed Hscale closed its second large-scale data-center campus around Milan, bringing total committed power capacity in the area to 250 MW.

  2. 02

    DCD reported Hscale plans to invest about €2B / $2.32B into the Milan projects, with ready-for-service dates in 2028.

  3. 03

    DCD said MXP1 in West Milan is due live in Q4 2027 and MXP2 in East Milan is due live in Q3 2028.

  4. 04

    DCD reported MXP1 will feature one 48 MW building, while MXP2 will total 120 MW across three buildings.

  5. 05

    Hscale's Milan page lists MXP1 as a 48 MW West Milan campus with one building, 16 MW modules, 8 MW IT per data hall, N+1 electrical topology, N+2 liquid-ready cooling infrastructure, targeted annual PUE of 1.2 and a 70 MVA STMG secured power position.

  6. 06

    Hscale's Milan page lists MXP2 as a 120 MW East Milan campus with three buildings, 36 MW per building, 12 MW modules, 6 MW IT per data hall, N+1 electrical topology, N+2 liquid-ready cooling infrastructure, targeted annual PUE of 1.2 and a 180 MVA STMG secured power position.

  7. 07

    Hscale CEO Oliver Schiebel said the Milan campuses are designed liquid-cooled-first for demanding hyperscale and AI workloads while still being able to pivot to air-cooled traditional deployments.

  8. 08

    DCD reported Hscale has a partnership with Aquila Clean Energy that provides integrated access to clean energy supplies rather than relying only on standard power purchase agreements.

  9. 09

    DCD noted Hscale launched after Bain acquired 80% of Aquila Group's AQ Compute data-center business and that Hscale claims a 1 GW development pipeline across Europe and Dubai.

  10. 10

    The Deal Room treats the July 2026 scan as surfacing an older-source gap because the May 2026 Hscale Milan receipt was not already represented in the archive.

Disclosure boundary

What is known—and what is not

Hscale primary campus page plus DCD near-primary reporting. Public materials disclose Hscale, Bain-backed ownership context, Milan campus names, planned MW designs, secured/submitted power applications, liquid-ready cooling topology, targeted PUE, target RFS timing, clean-energy partnership and DCD-reported €2B-plus / 250 MW committed-power framing. Public materials do not disclose the full land-acquisition agreements, final permitting approvals, tenant or hyperscaler commitments, lease economics, utility-service contracts, power prices, financing stack, EPC awards, cooling-vendor contracts, phase-by-phase capex draw, customer remedies, cancellation rights or whether every later-phase MW is legally committed today.