Blockfusion to Go Public in $450M SPAC Merger with Blue Acquisition Corp.  

Blockfusion, a data center operator transitioning into high-performance computing (HPC) and artificial intelligence infrastructure, announced plans to go public through a merger with Blue Acquisition Corp., a special purpose acquisition company (SPAC). The transaction values Blockfusion at approximately $450 million and will result in the combined company trading on the Nasdaq. 

“Following our IPO, and through the extensive network within the Blue Acquisition team, we evaluated numerous qualified companies throughout the sector,” said Ketan Seth, CEO of Blue Acquisition. “Blockfusion stood out immediately. In our view, it represents a compelling opportunity to develop and bring to the public markets a strategically positioned platform transitioning into a high-performance, next-generation AI data center.” 

Founded in 2019, Blockfusion operates through its subsidiary North East Data LLC in Niagara Falls, N.Y., where it currently deploys approximately 46 megawatts of Tier 1 capacity. The company plans to expand its campus to more than 100 megawatts of Tier 3 capacity, enabling support for advanced AI and HPC workloads amid surging demand for data-intensive compute environments. 

Blockfusion forecasts substantial revenue and earnings growth as it completes the transition. Management projects $128 million in gross revenue and $75 million in EBITDA in 2028, and $209 million in gross revenue and $132 million in EBITDA by 2030. 

The transaction is expected to close in the first half of 2026. 

Blue Acquisition is advised by Ellenoff Grossman & Schole as legal counsel, with BTIG and Roberts & Ryan serving as capital markets advisors. Blockfusion is represented by Winston & Strawn LLP, with ING Financial Markets LLC acting as its financial advisor.