Data center firm, I Square Capital affiliated Saragon, raises $1B to repurpose older facilities amid construction backlash, establish Phoenix HQ

9/3/2026

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Phoenix Business Journal

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• Subcategory: Industrial: Data Centers, Industrial: Flex

• Tag: Business: Insights | Economic Development | Strategy

• Additional Filters-Tags: Data Center-Carrier Hotel-Interconnection Facility-Hyperscale

Highlights
Saragon acquired 10 data center facilities from Cogent Fiber LLC to repurpose for AI inference
I Squared Capital committed up to $1 billion to fund the Phoenix-based company's operations
Arizona suspended data center tax incentives amid public pushback over power and water consumption

I Squared Capital

Kevin Crull | Global InfraTech® Fund Partner

[email protected]

(786) 693-5700