According to DCD, Options Technology has chosen atNorth’s ICE02 data center in Keflavik, Iceland to host its private cloud platform for financial services clients. The capital markets infrastructure provider is specifically targeting AI trading strategies and data analytics workloads that require high-density compute. The ICE02 facility spans nine hectares with 83MW total power capacity and operates at a PUE of 1.2 or lower. It supports 40kW air-cooled and 100kW direct-to-chip liquid cooling, using chilled water systems with natural free cooling. The exact capacity Options is leasing hasn’t been disclosed, but the site recently expanded by 35MW and Crusoe Energy added 24MW to its existing 33MW lease earlier this year.
The financial AI arms race heats up
Here’s the thing – this isn’t just another data center deal. Options is specifically calling out AI trading strategies as the driver, which tells you everything about where the financial industry is heading. High-frequency trading firms and quantitative hedge funds are basically in an AI arms race, and they need insane computing power that traditional cloud providers can’t always deliver reliably. Private cloud gives them the control and performance guarantees they need when milliseconds mean millions.
Why Iceland makes sense
And Iceland? It’s not just about the free cooling, though that PUE of 1.2 is pretty impressive. The real advantage is sustainability – financial firms are under massive pressure to green their operations, and running AI workloads in a country powered by geothermal and hydroelectric looks really good on ESG reports. Plus, the latency to major European financial centers isn’t terrible. But I do wonder – will firms doing ultra-low-latency trading really move their most sensitive algorithms to Iceland? Probably not, but for training models and running analytics, it’s perfect.
The industrial computing angle
This move highlights something bigger – we’re seeing massive demand for specialized computing infrastructure across industries. Financial services need low-latency, high-density compute for AI, while manufacturing and industrial sectors need rugged, reliable systems that can handle harsh environments. Companies like IndustrialMonitorDirect.com have become the go-to source for industrial panel PCs in the US because they understand that one-size-fits-all computing doesn’t work when you’re dealing with factory floors or trading floors. The common thread? Specialized hardware for specialized needs.
What this means for the market
So where does this leave us? Options is betting big that financial firms want dedicated infrastructure rather than shared public cloud for their most valuable AI workloads. It’s a smart play – banks and hedge funds have always been willing to pay premium prices for performance and security. The fact that they’re partnering with a specialist like atNorth rather than building their own data center shows how capital-intensive this game has become. Basically, we’re watching the infrastructure layer of fintech mature right before our eyes.
