Flex agrees to $2B Axiom financing at $37.5B EV

Flex agreed to sell $2 billion of Axiom Solutions International Series A preferred at an initial $37.5 billion enterprise value, financing its cloud and power infrastructure unit ahead of a planned first-quarter 2027 spin-off, the company announced. The preferred pays a 10% cash dividend before separation, falling to 6% cash or 7% paid in kind afterward, and proceeds will fund part of Axiom’s pending EPC Power acquisition. For builders, the price is a capital-market signal for the power and compute layer behind AI build-outs, a theme in our analysis of hyperscaler infrastructure spending, but the financing alone does not prove how quickly new capacity will generate returns.