I Squared-Backed Saragon Launches as New Data Center Platform
Saragon has officially launched, backed by up to $1 billion in committed capital from I Squared Capital. The Phoenix, Arizona-based company begins operations with 10 data centers across nine strategically located U.S. markets and plans to scale rapidly through investment in its existing footprint, customer-led expansion, and additional acquisitions.
Saragon was established following I Squared’s $225 million cash acquisition of the 10 facilities from Cogent Fiber, LLC, a subsidiary of Cogent Communications Holdings, Inc. The portfolio spans Chicago, Atlanta, Phoenix, Los Angeles, Kansas City, Baltimore, Houston, Nashville, and Stockton, with approximately 53 megawatts of installed power capacity and 259,000 square feet of colocation space. All facilities are purpose-built and owned fee simple, with room for expansion.
Saragon’s facilities combine high-density-enabled power infrastructure, liquid-cooling capabilities, and dense, multi-carrier fiber connectivity, including proximity to local internet exchanges, to support AI inference and other latency-sensitive workloads.
Saragon will be led by CEO Steve Orlando, who joins from Seaborn Networks. Kevin Dalton has been appointed president, bringing more than 30 years of data center development experience, most recently serving as chief data center officer at Cumulus Data, a division of Talen Energy.
“Demand for edge capacity is accelerating across everything we do — retail, enterprise, and wholesale colocation alike — as businesses of every kind bring compute closer to their users,” said Orlando. “AI inference is the newest driver, but the same fundamentals power content delivery, hybrid cloud, and mission-critical enterprise workloads.”
The launch reflects I Squared’s broader digital infrastructure push, following its April agreement to acquire a majority stake in Elea, one of Brazil’s largest carrier-neutral data center platforms.
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