W3BCloud, a company that builds global data centers for the Web3 and blockchain space, announced Monday that it will go public through a merger with special-purpose acquisition company (SPAC) Social Leverage Acquisition CorpI.
Listed on the New York Stock Exchange, Social Leverage Acquisition CorpI has a $345 million trust fund and has received commitments of an additional $50 million in new investment from AMD, ConsenSys, SK Inc. and others. The combined transaction values W3B Cloud at $1.25 billion.
W3BCloud provides storage, staking and computing infrastructure services. Joseph Lubin, founder of ConsenSys and co-founder of Ethereum, serves on the board of directors of W3BCloud. The company reported $40 million in sales last year from its seven U.S. data centers, 85 percent of which use renewable energy. Revenue in 2023 is expected to increase by 685% over 2021.