Coatue launches 'Next Frontier' venture to buy land for AI data centers, partnering with Anthropic infrastructure provider Fluidstack

Tags Infrastructure · VC · AI

Coatue Management, the ~$70B investment firm run by Philippe Laffont, launched a venture called 'Next Frontier' to buy land near large power sources for AI data centers. Next Frontier signed a joint venture with Fluidstack, a cloud infrastructure startup that previously signed a $50B deal to build data centers for Anthropic. Next Frontier is working on a project to acquire land in Indiana for a data-center campus. Coatue holds significant stakes in Anthropic, OpenAI, and xAI, and has also invested in GE Vernova (turbines) and Vistra (power production). For investors and infrastructure professionals, Coatue's move represents a new asset class — data center land speculation driven by AI compute demand — and shows how venture capital is vertically integrating into physical infrastructure to secure compute capacity.