Freedom Holding Corp. – listed on NASDAQ fintech digital ecosystem – is reaching a new level. It is planning to use the new capital raise of $300 million to accelerate the next phase of growth – expanding the telecommunications business and scaling the digital ecosystem internationally. This will lay the foundation for Freedom’s long-term ambition to enter the prestigious S&P 500.
Capital For the Next Chapter
Freedom Holding Corp. first announced plans for an ordinary share offering at its Freedom Inside 2026 corporate forum in April. The company said it expected to raise approximately $300 million. Bookbuilding commenced in mid-June, with the offering priced at $126.35 per share. Investors purchased 2,374,356 shares. The offering was conducted under Regulation S and was available exclusively to non-U.S. investors outside the United States.
The share offering proceeds are meant to support the continued expansion of Freedom’s fast-growing telecommunications business and to fund the holding’s international growth.
“We have always been a company that grows and succeeds alongside its clients. The proceeds from this offering will be invested in further business growth and the expansion of our ecosystem into international markets. I am confident that the digital infrastructure my team and I have built in Kazakhstan will be in demand and remain competitive across all the regions where we operate,” said Timur Turlov, Founder and Chief Executive Officer of Freedom Holding Corp.
Taking the Ecosystem Global
The ecosystem, built and tested in Kazakhstan, combines brokerage and banking services, insurance, telecommunications, and a range of lifestyle products, including e-commerce, event ticketing, travel services, and digital government services, all through Freedom’s mobile SuperApp. When entering new markets, Freedom starts with its core financial services — brokerage and banking — and then deploys the whole ecosystem around them. This approach allows the holding to gradually build a full-service digital platform adapted to local rules and requirements.
Turkey is one of the key markets in which Freedom Holding Corp. is pursuing this international expansion strategy. With a population of around 90 million, the country became a priority market for the group, which first launched brokerage operations and later expanded into banking by acquiring Turkish Bank. Freedom plans to invest approximately $300 million in building out its ecosystem in Turkey.
The same approach is being applied in Europe. Alongside its existing brokerage business, Freedom is preparing to enter banking and has applied for a banking license to France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR). The holding also plans to introduce its comprehensive travel services in Europe. Over the next five years, Freedom expects to invest approximately €500 million in digital banking infrastructure and ecosystem development across the region.
Beyond Europe and Turkey, Freedom continues to expand into other markets. The group has already entered Tajikistan and is preparing to enter Georgia and Armenia. It is also exploring opportunities in Pakistan. Recently, Mongolia has become another country of interest for Freedom. Beyond financial services, the holding is interested in digital solutions and technology projects in the country.
Building the Digital Backbone
In Kazakhstan, Freedom Holding is investing heavily in telecommunications infrastructure and technologies that support artificial intelligence (AI), cloud computing, and digital services.
Among the group’s latest projects is the Freedom AI Super Cluster, a large-scale GPU computing facility announced in early July, intended to provide the computing power required for modern AI workloads. Unlike traditional CPUs, graphics processing units can handle far more simultaneous operations, making them significantly more efficient for training and running advanced AI models. The project is being developed jointly by Kazakhstan’s Ministry of Artificial Intelligence and Digital Development, Citigroup, and Freedom Holding. The super cluster is intended to serve as the country’s AI hub for government, business, and scientific research.
Freedom Holding Corp. is investing in several other AI projects. In partnership with Nvidia, the company is also developing a $2 billion sovereign AI computing center in Kazakhstan with a planned capacity of 100 MW. The facility will be operated by Freedom using Nvidia’s infrastructure and technology, while the Kazakh government will provide the conditions necessary to deploy and operate large-scale AI infrastructure. The project also includes plans for an AI Academy and a research lab focused on training engineers and researchers in artificial intelligence.
In addition to its AI infrastructure projects, Freedom is also developing cloud services in partnership with Amazon Web Services (AWS). The cloud business is operated through Freedom Cloud, the division of Freedom Telecom. The company is building scalable solutions to support financial and digital services. The partnership gives businesses, startups, and the public sector in Kazakhstan access to AWS technologies and global cloud infrastructure.
Another major growth area for Freedom’s telecom business is data center development. Freedom currently operates seven data centers across Kazakhstan, while an eighth facility — Alatau — has been under construction in Almaty’s technology cluster since April 2025. The holding plans to invest roughly $337 million, in the project, which is expected to become the largest and most technologically advanced data center in the region. Another major initiative is the Akashi data center, which Freedom is building in partnership with China Mobile International. The facility is planned to become Kazakhstan’s first data center built to the highest Tier IV standards for reliability and security.
The Growth Curve
Freedom Holding Corp. enters its next stage of growth following another year of strong financial performance. In fiscal year 2026, the group reported record net revenue of $2.19 billion, compared with $2.0 billion a year earlier. Net income more than doubled to $153.3 million from $76.2 million in fiscal year 2025.
This progress has been recognized externally. Only three months after its previous review, S&P Global Ratings upgraded the ratings of Freedom Holding’s main banking and brokerage subsidiaries from B+ to BB-. The agency cited stronger operating performance, more stable profitability, and improved risk management across the group.
The next stage of growth will require additional capital to support Freedom’s expansion. The offering of ordinary shares provides funding for two key priorities: further development of the company’s telecommunications business and continued international rollout of its ecosystem. Management expects telecommunications, currently the group’s youngest business segment, to become a significant revenue generator alongside brokerage, banking, and insurance once the current investment phase is completed and to generate several billion dollars in annual revenue over the coming years. At the same time, expansion into new markets will increase the customer base, creating additional revenue streams.
This growth trajectory would move Freedom Holding Corp. closer to one of its most ambitious long-term goals: inclusion in the S&P 500 Index, the benchmark tracking 500 of the largest publicly traded companies in the United States by market capitalization. Reaching this milestone would bringing a lot of opportunities. Inclusion in the index would strengthen Freedom’s profile among global investors, support further growth in market capitalization, and potentially improve access to capital.