ACS is negotiating the acquisition of up to a 51% stake in Openchip, according to El Confidencial, the Spanish company that develops processors for artificial intelligence, supercomputing, and data centers. The deal would be part of a funding round of approximately 250 million euros that the Catalan company has open, although the final percentage could range between 40% and 45%, according to published information.
The agreement has not yet been officially announced by ACS or Openchip, so valuation, the amount invested, and the final share distribution may change. If successful, the group led by Florentino Pérez would become the main shareholder of one of Spain’s most publicly supported semiconductor projects and would add chip design to its expanding activities in data centers.
Key points about ACS’s potential entry into Openchip
- ACS negotiates to acquire up to 51% of the stake, though it might end up with between 40% and 45%.
- Openchip is seeking around 250 million euros in a new funding round.
- The SETT has authorized an investment of 115.77 million euros, roughly equivalent to a maximum of 16.54%.
- The Generalitat has converted 35 million euros into a 5% stake.
- Openchip was founded in 2021 by GTD and the Barcelona Supercomputing Center.
- The company designs RISC-V-based processors for AI, HPC, and data centers.
- Its model is fabless: designs the chips but outsources manufacturing to external foundries.
- It employs over 300 professionals and has offices across several European countries.
- ACS has positioned digital infrastructure, data centers, and semiconductors as key growth areas.
- The deal remains under negotiation, and there is currently no finalized ownership structure.
At the end of June, the government authorized the entry of Sociedad Española para la Transformación Tecnológica (SETT) with 115.77 million euros from the Next Tech facility. This contribution could represent up to 16.54% of Openchip, though the exact percentage depends on the closing of the capital increase. Additionally, the Generalitat approved converting 35 million euros into shares to acquire a 5% stake, implying an implied valuation of around 700 million euros for the company.
From building data centers to participating in processor design
The potential acquisition aligns with ACS’s shift toward the infrastructure needed for artificial intelligence. The group no longer limits itself to constructing technical buildings for third parties. It’s also involved in developing and financing large digital campuses—activities that combine land, energy, cooling systems, networks, and long-term contracts with tech operators.
In 2025, ACS and Global Infrastructure Partners, part of BlackRock, formed a 50-50 joint venture with an initial portfolio of data centers valued at 2 billion euros and an expected capacity of 1.7 GW. They are exploring additional projects exceeding 11 GW across North America, Europe, and Asia-Pacific. By then, ACS had reportedly already built over 5.5 GW of data center capacity.
This strategy was further strengthened in May 2026 with operations aiming to raise more than 2,100 million euros. Declared uses of these funds include digital infrastructure, data centers, semiconductor facilities, and other AI-related assets. Entry into Openchip would give ACS exposure to a different layer of the supply chain: the intellectual property and processor design that will be integrated into these infrastructures.
However, this relationship does not imply full integration from chip to data center. Openchip is a fabless company that designs architecture, circuits, and associated software, but relies on external companies to produce its silicon.
The company has explored options in Europe, Japan, and Taiwan, including TSMC, for manufacturing its designs. It also depends on electronic automation tools, third-party intellectual property, advanced packaging, and manufacturing processes that Openchip does not directly control.
Therefore, ACS would not acquire a factory capable of supplying processors to its own data centers. Instead, it would own an engineering firm that needs to convert its designs into silicon, validate them, develop software platforms, and find clients willing to deploy them in production.
This distinction is significant. Building a data center is capital-intensive but typically relies on well-known technologies and suppliers. Developing a competitive processor, however, requires years of design and testing, with risks that the first version may not meet performance, power, or volume expectations.
Openchip uses RISC-V, an open instruction set architecture that allows for extensions and processors tailored to specific tasks. The company focuses its designs on supercomputing, AI, and data centers, areas where energy consumption and data movement are as critical as raw computational capacity.
For ACS, this investment could offer technical insights into how systems will evolve over the next decade. Future AI campuses will depend on chip power density, cooling methods, memory bandwidth, and how to connect thousands of processors. Participating in Openchip would bring the group closer to those decisions, though it does not guarantee that its data centers will ultimately use processors from the company.
A private capital deal with a strong public presence
Openchip was established in 2021 as a collaboration between GTD and the Barcelona Supercomputing Center (BSC). Prior to recent funding rounds, GTD held approximately 53-54%, with the BSC holding the remainder, depending on the reference date. The involvement of the Generalitat, SETT, and a potential majority investor will dilute these stakes.
It’s important to distinguish Openchip’s ownership structure from that of the BSC itself. The BSC is a public consortium, with 60% owned by the Spanish Government, 30% by the Generalitat, and 10% by the Polytechnic University of Catalonia. These percentages relate to the supercomputing center as a whole, not direct holdings in Openchip.
The inclusion of SETT and Generalitat would push public ownership above 20% before finalizing the funding round. The Catalan operation includes a seat on the board and rights to prevent the company’s headquarters or main operations from relocating outside Catalonia as long as the regional government retains its shares.
A majority owned by ACS would not necessarily mean full freedom to reorganize the company. Governance would need to accommodate the new industrial investor, founding partners, SETT, and the Generalitat, alongside conditions linked to public aid received.
The figures released so far do not allow a full reconstruction of the future shareholder structure. A €250 million round, a €700 million implied valuation based on the Generalitat’s operation, and a stake of up to 51% for ACS cannot simply be added together.
To secure a majority, ACS might need to contribute more than its share in the round, purchase existing shares from GTD or BSC, or combine both new and existing shares. Different valuations, phases, and conditions could also apply. Until the specific investment amounts and valuations before and after the round are announced, the 51% figure remains a negotiation target.
Openchip has garnered significant public support. In addition to the SETT investment and the Generalitat’s contribution, previous funding from European funds and the PERTE Chip program totals around €261.7 million. This sum comprises grants and capital investments, which have different effects on ownership and financial statements.
This support underscores efforts to develop in Europe a modern processor design ecosystem. Openchip aims to reduce reliance on U.S. and Asian companies for chips, architectures, and foundries.
Already employing over 300 professionals and with teams in several European countries, the company’s comprehensive industrial plan involves nearly €500 million in investments, mainly in hiring, design tools, IP, prototypes, and manufacturing access.
What ACS would acquire and what Openchip still needs to prove
Openchip’s appeal lies in its team, intellectual property, and position within European semiconductor programs. It also offers the potential to design processors better suited to energy efficiency and data center requirements than generic components.
However, the company is still in development. A chip company is not validated after completing the logical design; it must finalize the tape-out, receive initial wafers, verify silicon functionality, fix errors, and achieve sufficient manufacturing yields.
Subsequently, it needs robust software support. Data center clients expect compilers, drivers, libraries, monitoring tools, Linux support, and compatibility with existing applications. While RISC-V enables architecture customization, it does not replace the decades of environment built around x86, Arm, or Nvidia GPUs.
Thus, ACS would take on a different technological risk than in its traditional businesses. Openchip could provide valuable insight into European computing trends if it can deliver competitive processors and develop useful software. It may also require additional funding rounds if costs, timelines, or manufacturing outcomes differ from expectations.
The deal also has an industrial dimension. ACS could help Openchip connect with data center operators, power providers, and large international clients. Conversely, Openchip would give the group an entry point into a complex activity with high technical barriers—something difficult to replicate from scratch.
This potential partnership reflects how the AI value chain is evolving. Competition now extends beyond AI models to include processors, memory, networking, power, cooling, and data access.
ACS has spent years constructing the buildings that host this infrastructure. With Openchip, it aims to approach the component that determines how these facilities must be designed. The strategic logic is clear, but the final price, capital split, and product timeline remain to be seen to determine if this operation could become a profitable industrial venture.
Frequently Asked Questions
Has ACS already acquired Openchip?
No. The deal is still under negotiation and has not been officially announced by either company.
What percentage does ACS want to acquire?
Available information suggests up to 51%, but the final agreement might leave its participation between 40% and 45%.
Does Openchip manufacture its own processors?
No. It is a fabless company that designs chips and outsources manufacturing to specialized foundries.
What participation will the government and Generalitat hold?
SETT could reach up to 16.54%, and the Generalitat has approved a 5% stake. The final percentages depend on the closing of the funding round.
