The development led by Edgemode in Toledo, which is expected to have a capacity of 300 MW, illustrates how data center projects focused on artificial intelligence are beginning to gain value even before construction begins.

The Spanish data center market is beginning to see specific valuation benchmarks for projects that have not yet been built but are nearing the development phase. The U.S. developer Edgemode has signed a preliminary agreement to sell its data center project in Mora, Toledo, to Spark AI Foundry Holdings for 300 million euros.

The transaction is contingent upon the asset obtaining the necessary permits to begin construction and reaching the “ready to build” phase—that is, being prepared to move from the administrative and technical development phase to the construction phase.

 

A valuation of 1 million euros per MW

The estimated cost puts the value of the project at around 1 million euros per megawatt of power. This figure provides a relevant benchmark for a rapidly expanding market, where investor interest in digital infrastructure has accelerated in the wake of demand for capacity linked to artificial intelligence.

The 300 million euros does not represent an already-built data center, but rather the value of the preliminary development: land, permits, planning, and connection agreements. Once the deal is closed, Spark AI would have to make an additional investment estimated at around 3,000 million euros to build the infrastructure, install servers and processors, and attract technology clients who would use the center to support AI applications.

 

How the operation is structured

The agreement is structured around a non-binding proposal to acquire 100% of DC Estate Malpica, the developer of the Toledo project. The transaction is subject to a due diligence review of the company, including its financial statements and contracts.

Edgemode and Spark AI have entered into a 60-day exclusive negotiation period to finalize the definitive agreements. If the process is successful, the sale will be completed once the project is ready to begin construction.

The contract also provides that the final price may be adjusted following an independent valuation. In addition, Spark AI would retain the right to renegotiate if its analysis concludes that the project does not meet the required minimum profitability.

 

Land, Permits, and Energy

The project is based on a 35-year lease agreement for 105 hectares of land in Mora, at a cost of 2,000 euros per hectare per year.

From an administrative standpoint, the development has already received a zoning permit from the Mora City Council, although it is still awaiting environmental authorization from the Spanish government. This step will be crucial before receiving final approval for construction.

The energy strategy is another key aspect of the project. The facility will use a self-generation model based on a natural gas power plant and solar panels. According to the developer, the project has already obtained permission to connect to the Enagás grid to supply the plant, as well as access to the fiber-optic network of Reintel, a subsidiary of Redeia.

According to the timeline provided by Edgemode, the project could be ready to begin construction by the end of 2026 or during the first quarter of 2027.

 

Is it a bubble or market consolidation?

The transaction comes amid strong interest in the development of data centers in Spain, but also amid debate over the risk of the market overheating. In light of these concerns, industry sources believe that DC Malpica’s valuation is reasonable, provided that the developer’s planned energy self-sufficiency initiative proceeds as expected.

Furthermore, Edgemode does not limit its activities to the Mora project. The company has four other data center projects in Spain that it also plans to transfer once it obtains the necessary permits.

 

The reading for the sector

The transaction confirms that investment in digital infrastructure in Spain is entering a new phase. The market is no longer driven solely by statements of intent or land searches, but also by specific valuations, administrative timelines, financing structures, and contractual terms.

Access to energy, land availability, connectivity, the permitting process, and the ability to attract AI-related clients will be key factors in assessing the actual viability of new projects.

These issues—funding, energy, and the future of AI infrastructure in Spain—will feature prominently on the agenda of Data Centre World Madrid, which will be held on November 4 and 5, 2026, at IFEMA Madrid.