Phoenix Group
UAE vertically integrated digital infrastructure and compute provider
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| Round | Amount | Valuation | Date | Source | Investor |
|---|---|---|---|---|---|
| IPO | $ 370M | -- | Nov 21, 2023 | -- | -- |
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About Phoenix Group
Phoenix Group is a UAE-headquartered Bitcoin mining and digital infrastructure company. Its business covers self-mining, hosting, and data centers for AI and high-performance computing. Its core approach is to secure cheap, stable power first, then build facilities. It currently operates over 550 MW across the UAE, US, Oman, Canada, Ethiopia, and France, with an average power cost of about 4.6 cents per kWh.
The problem it addresses: AI computing demand causes power shortages in traditional data centers, while Bitcoin mining requires very low electricity prices. Phoenix transfers its years of experience in power procurement and thermal management from mining to AI infrastructure, providing stable power supply and cooling for high-density GPU workloads.
Recent developments (roughly March to September 2026): In Q1, revenue was $23 million with a net loss of $81 million, mainly due to investment writedowns (e.g., Solana) and a Bitcoin price drop from $100k to $76k. However, self-mining gross margin stayed at 42%, and energy efficiency improved to 19.53 J/TH. During the period, Phoenix also signed a partnership with DC Max to start its first European AI data center, an 18 MW facility in Lyon, France, with plans to build over 1 GW of compute capacity across Europe and the GCC.
Key progress (Mar–Sep 2026):
Lyon AI data center (18MW) reached structural milestone, secured grid connection, construction starts Q3'26, delivery late 2027–Q1 2028; forms first step of 1GW+ Europe/GCC pipeline.
Energized 38MW Texas self-mining facility with S21 hydro miners, full capacity in Q3'26.
Bitzero stake (13.5%) valued ~$56M after NASDAQ listing; scaling Nordics AI capacity.
Network hashrate fell ~18% to ~900EH/s, improving Phoenix's share of Bitcoin rewards; mining efficiency improved to 18.81 J/TH; Q2 self-mining gross margin 43%.
Future focus:
• Expanding AI/HPC infrastructure platform across Europe and GCC, targeting >1GW capacity, with Lyon as anchor.
• Repositioning existing mining sites (US, MENA) for AI/HPC compatibility, focusing on power density, cooling, connectivity.
• Seeking hyperscale/enterprise partnerships for contracted compute revenue.
• Continuing self-mining optimization and cost reduction while capturing market share from higher-cost miners.
Co-founders and current core executives:
Munaf Ali (Co-founder & Group CEO): Over 20 years of capital markets experience, former Vice President at Citigroup (London, UAE), appointed CEO in December 2024.
Farah Zafar (Managing Director & Group CLO): 23 years of Middle East experience, former C-level executive at Omniyat, Dubai Holding, and Saudi Arabia's Public Investment Fund.
Bill Qian (Group Chief Investment Officer): Oversees the group's investment strategy and global expansion.
Bijan Alizadeh (Co-founder): Co-founded the company in 2017, served as CEO until December 2024, now major shareholder and advisor.