Wealth in the Principality has always had a fondness for things you can stand inside. Property on the Rocher, a berth in Port Hercule, a painting that has outlived three owners. Lately a less glamorous kind of hard asset has been coming up in conversation among family offices along the littoral: the data centres that keep artificial intelligence running.
On2 October, a small and long dormant company on Euronext Paris announced that it wants a share of that world.
Financière Marjos SCA, which currently has no operating business at all, has set out plans to invest in acquiring, building and running data centres dedicated to AI across Europe, North America, Japan, Singapore and Australia. If shareholders agree, it will also take a new name: Future Infra SCA, keeping its ticker, FINM.
What makes the plan more than a statement of intent is the company it keeps. Financière Marjos and WhiteFiber, a Nasdaq listed developer that owns and operates its own AI data centre infrastructure, are sister companies under the common control of Bit Digital.
Through one or more joint ventures, the Paris company would lean on WhiteFiber for everything from finding sites to financing them, and would draw its first portfolio of projects from WhiteFiber's pipeline.
The plan is fronted by Sam Tabar, already the CEO of WhiteFiber and is set to become chief executive of this new renamed company. "We believe this would allow the company to position itself to take part in one of the major infrastructure opportunities of our time," he said.
Over time, Future Infra intends to build a portfolio of its own. Its stated preference is for assets with secure access to power, including old industrial sites that can be converted into campuses for AI and high performance computing.
Sophisticated investors will want to look closely before getting excited.
Nothing is final yet. The strategy depends on a ruling from France's market regulator, the AMF, confirming that no buyout offer to minority shareholders is required. Bit Digital has filed that request. The company then hopes to raise equity in early 2027, market conditions permitting.
The starting point is modest, to put it kindly. At the end of June, Financière Marjos held €21,781 in cash against roughly €1.1 million of financial debt, with negative equity of about €1.2 million. It reported net income of €24 for the first half. The company is candid that its plans will need very significant equity and debt funding, and that existing shareholders who do not take part in a raise could see their stakes heavily diluted.
Still, the logic will be familiar to anyone who has watched private capital move into infrastructure over the past decade.
Power is scarce, demand for AI computing keeps climbing, and listed vehicles giving direct exposure to the physical side of AI remain thin on the ground in Europe. Future Infra is betting it can fill that gap. The coming months, and the AMF's decision in particular, will show whether the bet has legs.
