SWI Group
SWI Group is an investment group formed in 2025 by the merger of Icona Capital and Stoneweg, founded and led as CEO by Max-Hervé GeorgeMax-Hervé GeorgeMax-Hervé George is an entrepreneur and investor born in Metz, France, who founded Ultima Capital and Icona Capital and is now founder and CEO of the Euronext Amsterdam–listed SWI Group, leading its shift into data centers in Europe and the US.Open the full entry, whose holding company is listed on Euronext Amsterdam; the group has recently shifted toward digital infrastructure such as data centers, owning the European platform AiOnX and holding a controlling stake in the US-based Genesis Digital AssetsGenesis Digital AssetsGenesis Digital Assets is a bitcoin mining and digital infrastructure company that received about $1.15 billion in investment from Alameda Research and was sued over it by the FTX bankruptcy trust; the suit was dropped in June 2026, the same day SWI Group completed a $500 million stake acquisition, after which the company pivoted toward AI data centers and is being renamed SWI Digital.Open the full entry.
Contents12 sections
Key facts
November 2022Icona Capital Takes a Stake in Stoneweg
2024Acquiring Cromwell’s European Platform
In May 2024, Stoneweg signed a binding agreement to acquire Cromwell Property Group’s European fund management platform and associated co-investments for €280 million, covering about €3.9 billion of real estate assets, including a 27.8% unitholding in the Singapore-listed Cromwell European REIT.[3]
The transaction was completed in October 2024, bringing the group’s real estate assets under management to about €8 billion.[1]
March 25, 2025Merger Forms SWI Group
Icona Capital and Stoneweg announced their merger into SWI Group, with more than €10 billion in assets under management, organized into two divisions: Stoneweg Real Assets for traditional real estate and Icona Alternatives covering private equity, venture capital, private credit and other strategies.[2]
Max-Hervé George, former chairman and CEO of Icona Capital, became chairman and co-chief executive of SWI Group, and Jaume Sabater, former CEO of Stoneweg, became co-chief executive.[4]
June 30, 2025Data Center Holdings Unified as AiOnX
SWI Group renamed the holding group for its five hyperscale data center projects AiOnX; the projects are located in Kildare near Dublin, Ireland; Alcobendas near Madrid, Spain; Settino near Milan, Italy; Varde, Denmark; and near Cambridge, UK, with the UK project planned for a final capacity of 330 MW.[5]
February 19, 2026Listing on Euronext Amsterdam
The group’s holding company, SWI Capital Holding Ltd., listed on Euronext Amsterdam under the ticker SWICH; the listing consisted of 430,561,189 existing shares at an introductory price of €3.76 per share, and Arnaud de Puyfontaine became non-executive director and chairman.[6]
As of December 31, 2025, SWI Capital Holding reported a pro forma balance sheet of about €3.2 billion.[7]
February 24, 2026Agreements for a US Data Center Stake and Polarise
SWI announced that a wholly owned subsidiary had signed a binding agreement worth USD 330 million to acquire further interests in a US data center company, following its exercise on February 1, 2026 of an option to buy a private holding company with similar interests for USD 170 million; on completion of both, SWI expected to hold about 38.3% of the company’s shares.[8]
The same day, SWI announced an agreement to acquire a majority stake in Polarise, a German AI infrastructure company, with Polarise valued at €0.5 billion once the investment completes.[9]
May 2026Hyperscale Tenant for AiOnX’s Irish Campus
The full 179 MW of AiOnX’s campus in Leixlip, County Kildare, Ireland, was leased to an unnamed major US hyperscaler, with a first phase of 16 MW expected to start renting in late 2026; Stoneweg Europe Stapled Trust (SERT), managed by SWI, invested €50 million in a mandatory convertible loan issued by AiOnX.[10]
June 15, 2026Completing a $500 Million Investment in Genesis Digital Assets
SWI closed the USD 500 million acquisition of a significant shareholding in Genesis Digital Assets Limited (GDA), giving it about 38.3% of the shares and about 77.2% by value of GDA’s USD 1.124 billion liquidation preference on preferred shares. GDA holds 1.3 GW of energized and approved grid connections across 15 facilities, and SWI planned to shift it from digital asset mining to high-performance computing and AI workloads.[11][12]
The same day, SWI announced a binding agreement to acquire additional GDA shares that would give it a majority position; the company said that together with AiOnX’s 2.3 GW in Europe, the group’s AI-ready capacity would exceed 3.6 GW.[13]
October 2026€800 Million Capital Increase
As of October 2026: Business and Leadership
SWI Group describes itself as a transatlantic, vertically integrated group focused on digital infrastructure, spanning the chain from land and power to GPU-as-a-service, with brands including SWI Digital, AiOnX, Stoneweg and Icona Capital; its holding entities are based in Luxembourg and Singapore.[15]
Max-Hervé George serves as founder, CEO and executive director, Arnaud de Puyfontaine as chairman, and Jaume Sabater as executive director.[16]
Related Organizations, Websites, and Public Accounts
SWI Group: Official website: https://swi.com/ (opens in a new window)[15]
AiOnX: Official website: https://aionx.com/ (opens in a new window)[15]
SWI Digital: Official website: https://swi-digital.com/ (opens in a new window)[15]
Stoneweg: Official website: https://www.stoneweg.com/ (opens in a new window)[15]
Icona Capital: Official website: https://iconacapital.com/ (opens in a new window)[15]
Sources
- Icona Capital (opens in a new window)
- Icona Capital and Stoneweg merge to create SWI Group (opens in a new window)
- Stoneweg to acquire Cromwell’s €3.9b European platform (opens in a new window)
- Icona Capital and Stoneweg form €10bn SWI Group (opens in a new window)
- Max-Hervé George’s SWI Group expands European hyperscale strategy with fifth data centre and unified AiOnX platform (opens in a new window)
- SWI Capital Holding Ltd lists on Euronext Amsterdam (opens in a new window)
- SWI Capital Holding IPO reinforces governance framework under Max-Hervé George (opens in a new window)
- Euronext Amsterdam-listed SWI Stoneweg Icona Group expands digital footprint with agreement to acquire significant stake in US data center company (opens in a new window)
- Euronext Amsterdam-listed SWI Stoneweg Icona Group moves into AI compute with majority investment in Polarise (opens in a new window)
- AiOnX secures hyperscale tenant for Irish data center campus outside Dublin (opens in a new window)
- SWI Group Expands Transatlantic Digital Infrastructure Platform with closing of $500 Million USD Acquisition of significant shareholding in a 1.3 GW USA portfolio (opens in a new window)
- SWI Group raises €800m to turn FTX-backed bitcoin miner Genesis Digital into AI data centres (opens in a new window)
- SWI Group takes majority position in GDA, a 1.3 GW USA digital infrastructure group (opens in a new window)
- SWI raises €800 million for data center expansion (opens in a new window)
- SWI Group (opens in a new window)
- Our Executive Team (opens in a new window)