Key Highlights

  • Blue Acquisition Corp, a SPAC, filed an updated investor presentation for its proposed Merger with Blockfusion USA, a Data Center operator pivoting toward AI computing.
  • The centerpiece is a 15-year Lease with AI cloud provider CoreWeave covering 85 megawatts of capacity, expected to generate about $2.8 billion of Revenue over the initial term.
  • The deal values Blockfusion at a $450 million pre-money Equity value, with combined ownership assuming half of Blue's public shares are redeemed.
  • The merger agreement, originally signed in November 2025, has been amended six times, most recently in September 2026, with a close targeted for November 2026.

Blue Acquisition Corp (NASDAQ:BACC), a special purpose acquisition company listed on Nasdaq, put an updated investor presentation on the public record covering its proposed merger with Blockfusion USA, a data center operator moving from crypto-style computing toward artificial intelligence and high-performance computing workloads. If the deal closes, the combined company will be called Blockfusion Digital Infrastructure and is expected to trade on Nasdaq under a new ticker.

The headline number in the new deck is a lease with CoreWeave, the AI cloud provider: a 15-year agreement covering 85 megawatts of capacity, expected to generate about $2.8 billion of revenue over the initial term, rising to roughly $5.4 billion if every renewal option is exercised. The lease is described as committed take-or-pay capacity, meaning the tenant pays for it whether or not it's used, made up of a 35MW executed lease plus a 50MW expansion agreement, with lease revenue expected to begin in February 2028.

Latest Developments

The deal terms include a $450 million pre-money equity value for Blockfusion, with pro forma equity value of about $729.7 million at an illustrative $10 per share, up to $100 million of convertible note Capital assumed to convert at $12.50 per share, and a $50 million non-recurring capital contribution from CoreWeave plus $30 million from its purchase of a warrant. Existing Blockfusion holders could also receive up to 15 million additional shares if the stock hits $13, $15 and $17 price targets.

Assuming half of Blue's public shares are redeemed, Blockfusion's owners would hold about 61.7% of the combined company, Blue's public holders about 16.5%, the sponsor and underwriter about 10.8%, and note holders about 11%. The Business combination agreement, originally signed November 19, 2025, has been amended six times, most recently September 21, 2026, though the filing does not explain each change.

Financial and Business Position

Blockfusion, founded in 2019, runs a campus in Niagara Falls, New York, with 50MW energized and operating today and a stated path to more than 300MW, drawing hydro, nuclear and renewable power at an all-in cost under six cents per kilowatt-hour. The company is led by co-founders Alex Martini, CEO, and Kant Trivedi, COO, and its pivot mirrors a wider trend of former crypto-mining sites being repurposed for AI because they already have large, cheap power connections, the scarcest input for AI data centers.

The deal still carries real risks: the presentation's own projections show negative revenue and EBITDA of about $19 million in 2027, labeled a wind-down phase, before revenue climbs to $47 million in 2028, $128 million in 2029 and $153 million in 2030, meaning the business being acquired is largely a future one.

Stock-Market Context

For a SPAC, the quality of the target's customer contracts matters more than almost anything else, because public shareholders can redeem for cash from the trust if they don't like the deal, and a long-term lease with a well-known AI cloud tenant gives Blue a concrete story to sell to holders ahead of the vote. The filing's cautionary language flags completion risk, redemptions, regulatory delays, and legal uncertainty, standard risk factors for SPAC transactions of this kind.

A Vote and a Buildout Still Ahead

Investors are watching for the Shareholder vote, with a Record Date still to be set and the deck pointing to a November 2026 close, the level of shareholder redemptions given the ownership math assumes 50% redemption, whether Blockfusion delivers capacity on the schedule the CoreWeave revenue depends on, and whether the full $100 million convertible financing gets funded.