EdgeMode has signed a non-binding offer with Spark AI Foundry Holdings LLC covering its planned 300-megawatt artificial intelligence data center project in Malpica, Spain. The proposal covers the purchase of DC Estate Malpica, the special-purpose vehicle that legally owns the development, after the site reaches ready-to-build status. EdgeMode expects that milestone to be achieved by the end of 2026 or during the first quarter of 2027.
Proposed Acquisition
Under the proposed transaction, Spark AI would acquire 100% of DC Estate Malpica through a future share purchase agreement once the required development conditions have been satisfied. The offer is limited to the project’s development-to-ready-to-build phase and does not include construction or operation of the planned campus. This structure would allow EdgeMode to monetize the site before the capital-intensive construction stage begins, while giving Spark AI control of a large power-secured development.
Valuation Framework
The parties have established an indicative purchase price of €1 million for each megawatt of IT capacity permitted and certified as ready to build at closing. If all 300 megawatts qualify, the formula implies a potential transaction value of €300 million, although the final consideration may differ. The price remains subject to Spark AI’s due diligence, an independent valuation, a third-party appraisal, and any adjustments agreed in the definitive documentation.
Development and Permitting
EdgeMode said the project is already at an advanced development stage, with several requirements for ready-to-build status secured or moving through final permitting. The remaining milestones include environmental authorization, for which an application was submitted in December 2025, and a building permit dependent on completion of the environmental process. The company expects the two approvals to be obtained in a coordinated sequence, supported by an approved urban-planning compatibility report.
Strategic Rationale
The proposed sale reflects rising demand for sites capable of supporting energy-intensive artificial intelligence and high-performance computing infrastructure. EdgeMode develops AI-ready data center campuses and associated energy systems, with an emphasis on locations where power can be secured despite constraints on established electricity grids. For the Malpica project, the company is pursuing an off-grid power model intended to avoid capacity bottlenecks affecting traditional data center hubs and accelerate the delivery of computing infrastructure.
Transaction Conditions
The offer does not represent a completed acquisition, and binding agreements will only be executed after due diligence and satisfaction of the agreed conditions. Spark AI would be entitled to terminate the proposed transaction if the project fails to reach ready-to-build status by the specified long-stop date. Robert Stolpestad, chief operating officer of Spark AI, and Charlie Faulkner, chief executive officer of EdgeMode, formally signed the non-binding offer on June 24, 2026.
Execution Risks
The timetable remains dependent on regulatory approvals, administrative processing, certification of eligible capacity, and successful negotiation of a final share purchase agreement. Delays in permitting could push the project beyond EdgeMode’s current target, while valuation adjustments could reduce the amount ultimately payable for the development. Broader risks include power availability, construction costs, regulatory changes, economic conditions, and shifts in demand for artificial intelligence and high-performance computing capacity.
Spark AI’s offer gives EdgeMode a potential route to realize value from the Malpica project once it becomes ready for construction. The proposed €1 million-per-megawatt formula highlights the commercial importance of permitted, power-secured data center capacity as demand from artificial intelligence workloads expands. However, the transaction remains preliminary, and its completion, timing, and final value will depend on permitting progress, due diligence, certification, and the execution of binding agreements.