ADATA Technology led a $30M round in KONST, a Taipei-based company founded in 2024 that builds and runs data centres packed with graphics chips, then sells the computing power those sites produce by the second. The companies announced the round on 9 October as a Series B, the second large round a startup raises from institutions. Also named among the backers were the electric-vehicle components maker M Mobility and Pegatron Venture Capital, the investment arm of contract manufacturer Pegatron.
A token in artificial intelligence is a chunk of text a model reads or writes, roughly the length of a short word, and every question put to a chatbot is counted and billed in those units. KONST calls its strategy a token factory on that basis, treating its data centres as production equipment and tokens as the output coming off the line. No cryptocurrency is involved anywhere in it.
The founders came out of cryptocurrency mining, which they started in 2017, and moved their graphics cards and servers across to artificial intelligence work when crypto prices collapsed in 2022. Chang Yung-hsu, who goes by Ben Chang, chairs the company and Tsai Ming-chih is chief executive.
ADATA makes memory chips and enterprise storage drives, and it trades on the Taipei Exchange, Taiwan's second market alongside the main Taiwan Stock Exchange. It reported revenue of NT$53.1B for 2025, and it sells the parts KONST plans to build into its machines, which is why its filings frame the stake as strategic rather than purely financial.
What ADATA's Filing Shows
ADATA's board approved its own slice of the round on 13 August, eight weeks before the round was announced, and the filing it sent to the Taipei Exchange is the only regulatory document covering any of the money. It bought 2,238,806 KONST shares at $5.36 each, $12M in total, taking its holding to 12.37%.
That filing also records KONST's net asset value, the accounting worth of what the company owns once debts are counted, at NT$9.19 a share. ADATA paid about NT$172 a share at the exchange rate the document uses, or roughly 19 times that figure, for a company whose revenue, headcount and share of capacity actually in use have never been published.
ADATA led KONST's $3M Series A in March 2026 as well, and the filing puts its total investment at $14.65M, which leaves $2.65M committed before this tranche. Neither company has disclosed a valuation for the new round, and only ADATA's $12M appears in any filing, so the $30M figure rests on the press release.
From Rack To Billed Token
Konstra AI, the first of the three businesses inside KONST, picks the sites and handles construction, wiring and cooling, then tunes the chip clusters and keeps them running. Glows.ai takes that capacity and sells it as cloud computing billed by the second, offering Nvidia H100, L40S and RTX PRO 6000 machines.
Horizon AI supplies the software layer, reaching more than 50 large language models, the systems behind chatbots, through a single access key, with quotas, budget alerts, spending limits and a log of every request. KONST says it does not sell that piece on its own and offers it only inside a wider deployment. Chang put it this way in the announcement: "Buying GPUs is only the beginning."
GPU stands for graphics processing unit, the chip originally built for video games that now does most of the work in training and running AI models. KONST has been describing itself as Asia's largest token factory since the Computex trade show in Taipei in June, and chief executive Tsai framed the business there as answering "a more basic question: what drives it". Nobody outside the company has tested either claim, and no customer has been named.
42MW In A Gigawatt Market
DataCenterDynamics reported in August that KONST's network covers nine countries with 42MW either running or under construction, a single figure the company does not break down. Megawatts measure the electricity a site can draw, which is how the industry sizes data centres, and the release announcing the investment names no city, no megawatt total, no chip order and no buyer.
KONST's largest project is a lease at SMX01, a Jakarta building cooled by liquid rather than air, run as a joint venture among SM+, LG Sinar Mas and Korea Investment Real Asset Management. The $300M facility is due to open in the final quarter of this year, with a first phase of 6MW inside a 27MW total.
KONST's own website claims 15MW of leased capacity at that site. DataCenterDynamics reported the leased figure as undisclosed, and the opening phase covers 6MW. A self-operated cluster of 1,024 Nvidia B300 chips in Cyberjaya, Malaysia, is scheduled to go live in the first quarter of 2027.
Cushman & Wakefield puts the construction cost of a data centre at about $10M per megawatt before any computing equipment goes in, which prices a 100MW project near $1B. KONST tells prospective customers it can hand over a working site in four to six months, a span one of its own brands puts at six to eight months. It also says it rents graphics chips for roughly a third of what the large cloud providers charge, and neither claim has been checked outside the company.
Firmus is putting 360MW into a campus in Batam, Indonesia; BDx has 500MW planned in West Java; and Malaysia's Johor state counts 5.3GW, or 5,300MW, across sites that are operational, under construction or approved. Egypt has weighed an 80MW data centre at the Suez Canal, roughly twice KONST's entire declared footprint.
CBRE recorded $11.6B of direct investment in Asia-Pacific data centres during 2025 and expects technology firms to raise AI capital spending by 61% this year, with new builds now averaging more than 100MW. DC Byte counts 13.7GW of live capacity across the region and another 14.4GW committed, while MSCI traces nearly $70B of private equity into Asia-Pacific data centre owners and projects over the past decade, $40B of it in the last two years.
What The Release Does Not Say
ADATA appears in the announcement as lead investor and no executive of its own is quoted, in Chinese-language or English coverage. KONST has named no customer, published no revenue figure and pointed to no committed buyer for the capacity it is building, and the only quote in the announcement comes from its own chairman.
DataCenterDynamics also reported in August that KONST had set up a token business unit and a compute fund division, and that it was planning a stock market listing in 2027. No size, structure or filing has been published for any of the three. What the round establishes is that a memory maker with NT$53.1B of revenue has bought an eighth of a two-year-old data centre operator at about 19 times the accounting value of its shares, having already led the previous round.
