If you’ve been following any of my posts/DD on $VIVO, you know I’ve been saying the most likely tenant is Crusoe. After digging more into it, I think it’s more likely to be Core42.
**Who Core42 is, and why it fits**
Core42 is the AI infrastructure arm of G42 (Abu Dhabi). Two things make it a fit for VIVO’s powered-shell model:
• It leases shells already(20MW in Minneapolis, 70MW+ at TeraWulf in NY). Exactly VIVO’s model.
• It’s funded and aimed at Europe right now: $550M in funding earmarked for US + Europe, with the Nordics being the most sought after region due to cheap, reliable, 100% renewable hydroelectric power, cold climate and fastest ‘time to power’ times globally.
• Recently opened a European HQ in Dublin. VIVO opened an office a month later.
• Already sourcing Norwegian capacity via Northern Data.
**The connection**
VIVO’s advisory council:
• Khadija Mustafa - former head of global partnerships for Core42. In that role she ran exactly the kind of site/capacity deals a VIVO lease would be.
Now she’s advising VIVO…
• Rachel Pether - \~a decade at Mubadala ($330B Abu Dhabi fund).
Mubadala and G42/Core42 are part of the same Saudi bloc that already back VIVO. Mubadala backs G42, G42 owns Core42, and they run JVs together (MGX, Khazna). That same bloc’s money sits in VIVO’s cap table (TAG/Emirates, GCC placements). TAG owns 23% of VIVO alone.
# The people who own Core42 already own a chunk of VIVO.
**Why Core42 over Crusoe**
Crusoe’s tie to VIVO is indirect - Mubadala invested in it, and it rents from Polar (VIVO’s seller’s network, who took a stake in VIVOA). Core42’s tie is direct - the bloc that owns it is in VIVO’s cap table and on its advisory council.
Core42 is also the only candidate that makes VIVO’s “sovereign AI” branding real. I originally dismissed a Saudi sovereign player for Norway, but I misunderstood the angle. For a Norway site, “sovereign” doesn’t mean Gulf data in the Arctic; it means European sovereign/regulated compute under EU jurisdiction. Core42 is an actual sovereign-cloud provider expanding into Europe to serve exactly that.
Norway itself fits the use case: cheap hydro (<$0.035/kWh), free cooling, \~100% renewable, fast grid. Ideal for large-scale training compute — a slot Core42’s US/UAE/Western-Europe sites don’t fill.
**Why Crusoe still stays a close second**
If you didn’t read my first post, the case for Crusoe is as follows: the seller of the Norway site, Fiorenzo Manganiello, built and sold majority of PolarDC which leases to Crusoe and CoreWeave. He took stock in VIVO as part of the Norway sale, incentivizing him to connect VIVO to his existing clients. Mubadala is one of the largest investors in Crusoe, so similar narrative as the Core42 thesis (VIVOs investors + advisors). Crusoe has actually signed to lease a Norwegian hydro shell from Polar. So Crusoe leads on track record; Core42 leads on connection and fit.
Ranking:
Given VIVOs track record, I do think the biggest risk is them missing the June 30th target. They’ve had a lot of pivots and haven’t been great with timelines. This is what makes the short trade overcrowded
The datacenter is fully acquired and operational and all the right connections are there in a time when compute is the #1 commodity. Float has been locked up and the trade is asymmetrical to the upside. I believe Core42 is a perfect fit
NFA, do your own DD. VIVA LA VIVO!!!!