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The latest entrant into the AI race is an odd one, but significant nonetheless.

Private equity firm KKR corralled Nvidia, Vistra, and the Kuwait sovereign wealth fund to form a company that will serve as a one-stop shop for hyperscalers building out data centers. The new entity will be called Helix Digital Infrastructure.

KKR, together with the Kuwait Investment Authority, Nvidia, and Vistra, has launched Helix Digital Infrastructure. This new company has $10 billion to supply data centers, power, and connectivity to the biggest cloud providers.

The founding team should inspire some confidence. The company will be led by former Amazon Web Services CEO Adam Selipsky, who stepped down from that role in May 2024 (ostensibly to take this one). Helix's co-founder is Waldemar Szlezak, KKR's global head of digital infrastructure.

And each partner has their function. Nvidia will serve as a strategic partner to support deployment of its DSX AI factory-aligned infrastructure. It will focus on maximizing tokens per watt, achieving lowest total cost of ownership, and accelerating time to first token. Vistra — which operates across 18 U.S. states with a power portfolio of 50 gigawatts — will be the preferred power provider for Helix investments. While KKR's infrastructure platform will manage $100 worth of assets, including over $70 billion in digital and power assets.

The timing of this seems curious, though. The deal landed one day after Apollo and Blackstone announced a $35 billion financing platform with Broadcom — to something similar — to build out more than 20 gigawatts of AI compute capacity for frontier labs including Anthropic and OpenAI through 2028.

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These are clear examples of how AI infrastructure gets built and financed. The model where hyperscalers source data centers, power, and connectivity separately, then stitch them together is breaking down under the sheer scale of demand.

The demand for data centers is putting excessive strain on the country’s power grids and sparked a shortage of electronics components, slowing development of facilities critical to Big Tech's AI ambitions. Companies like Helix are a direct response to that need.

Helix is trying to be innovative with how it uses its resources. Take Nvidia, for example — rather than simply selling chips to whoever wins data center contracts, Nvidia is a founding investor here with certain rights such as priority or first-look rights, to provide goods or services to Helix investments.

That creates a supply-side moat: if you're a hyperscaler working through Helix, your GPU procurement is effectively pre-wired to Nvidia. Meanwhile Vistra gets a captive pipeline of power contracts at a moment when grid interconnection is the single biggest bottleneck to new builds.

Helix is available for additional institutional investors after its initial commitments close, meaning the $10 billion figure is a floor, not a ceiling. The company has not yet disclosed target sites.

The sheer amount of PE and VC capital in the utility sector is unthinkable. S&P Global Market Intelligence data shows private equity and venture capital investments in the utility sector exceeded $69.52 billion in 2025 — more than 50% above the prior year — and Q1 2026 alone hit $64.59 billion, as much as the entire amount spent last year.

Anything is possible when money is no object.