When we talk about artificial intelligence, we often think of the models, applications, and companies that develop them. But behind these technologies lies a less visible ecosystem encompassing data centers, energy, chips, and investments that make it possible to operate and scale AI.

This raises an important economic question: If infrastructure becomes an essential part of AI, where is economic value actually being created?

Humain’s moves can be viewed as a case that helps explain this equation.

AI Requires More Than Software

Humain plans to establish AI data centers with capacity of up to 6 gigawatts by 2034. It has also secured a commitment from Saudi Arabia’s Ministry of Energy to provide 16 gigawatts of electricity to support its projects.

At the same time, the company has signed agreements with the US government to secure supplies of AI-specific chips, along with partnerships with technology companies such as Nvidia, Qualcomm, Groq, and xAI.

These moves reveal an important aspect of the AI economy: technology does not operate on its own.

As AI applications expand, the ability to provide data centers, power, and chips becomes part of the ability to build the industry itself.

When Infrastructure Becomes Part of Value

In this case, infrastructure is not merely a cost incurred before a product is launched; it is an element that helps determine a company’s ability to scale.

This changes how investment in AI is viewed. Value is created not only by owning a model or application, but also by owning or securing the resources that enable these technologies to operate and expand.

Humain’s case clearly demonstrates this interconnection. Alongside its plans for data centers, energy, and chips, the company has invested in AI-focused startups, including Luma AI, which specializes in video generation.

Several layers therefore converge in a single industry: infrastructure, technology, and investment.

What Will the IPO Reveal About the Value of These Investments?

This is where the company’s move toward an IPO becomes significant.

Humain CEO Tareq Amin said last year at the Future Investment Initiative conference in Riyadh that Humain intends to go public within three to four years, while considering a dual listing on the Saudi Exchange and Nasdaq.

Then, in May 2026, Amin said the company was targeting a listing within three years, noting that it expects to generate significant returns on its investments.

The importance of this step lies not only in the timing of the offering, but in the question that precedes it: How can major investments in infrastructure and technology be transformed into measurable value?

The IPO thus becomes an important point of reference for understanding the relationship between investment in a new industry and the value it can generate.Who Is Building the AI Economy?

Since Humain was established by the Public Investment Fund in May 2025, the company has pursued several tracks simultaneously: building data centers, securing electricity and chips, forming technology partnerships, and investing in AI-focused startups.

This picture offers a broader lesson than the story of a single company: The AI economy is built not only on software, but on an interconnected ecosystem of infrastructure, energy, chips, capital, and technology.

For this reason, the more important question is not simply who will develop the best model, but who can build the ecosystem that makes this model scalable and turns investment in it into economic value?

If AI is one of the engines of the new economy, then owning the infrastructure that powers it and the investments that support its growth may be part of owning the engine itself.