Coatue Management, led by Philippe Laffont, has launched Next Frontier, a new venture aimed at buying land for AI data centers. The move signals the hedge fund’s intent to invest in the infrastructure that powers artificial‑intelligence firms such as Anthropic. By acquiring sites outright, Coatue seeks to lock in ground‑level access as demand for compute grows.

Next Frontier’s first project targets a sizeable parcel in Indiana, where the firm plans a campus to house AI workloads. The investment could reach tens of billions, according to insiders, aligning with the broader $7 trillion projected spend on data centers worldwide by 2030. Indiana’s land offers a strategic blend of grid access and lower cost.

Coatue already holds significant stakes in Anthropic and OpenAI, and has poured capital into data‑center suppliers like GE Vernova and Vistra. By owning land, the firm can shape facilities to meet the soaring power and cooling demands of AI training. This strategy positions Coatue to capture value as the sector’s infrastructure needs accelerate in coming.

The land‑buying boom reflects a broader rush in the to secure space for the next wave of AI workloads. Competitors such as Blackstone, Meta and Google already fund massive campuses, while investors like Kevin O’Leary eye sprawling projects in Utah. Coatue’s entry signals that even tech funds recognize infrastructure as a critical growth engine in 2026.