Flex plans to spin off its Cloud and Power Infrastructure unit, known as Axiom Solutions International, into an independent public company by the first quarter of 2027. The business will focus on power and thermal management for AI data centers and is set to trade on Nasdaq under the ticker AXM.
Investors have valued Axiom at $37,5 billion following an agreement to sell $2 billion in Series A convertible preferred stock. This capital will support the acquisition of EPC Power, a deal valued at approximately $4,4 billion that was announced in September 2026.
Existing Flex shareholders will receive 88–94% of Axiom shares through a tax-free pro rata distribution, while Flex will retain a 6–12% stake. Revathi Advaithi is expected to serve as CEO of the new entity, with Bill Watkins appointed as non-executive chairman.
Axiom reported net sales of $6,614 billion for the fiscal year ending March 31, 2026. On a pro forma basis, including the acquisition of EPC Power, this figure increases to approximately $7,031 billion.
