A consortium led by BlackRock’s Global Infrastructure Partners and the Abu Dhabi-based fund MGX has finalized its $40 billion acquisition of Aligned Data Centers. The deal, which includes a $5 billion commitment for future growth, marks the first investment for the AI Infrastructure Partnership as it scales global computing capacity.
Closing a $40 Billion Infrastructure Deal
The acquisition of Dallas-based Aligned Data Centers by a powerful investor group has officially closed, marking one of the largest private investments in the history of the digital infrastructure sector. The consortium, which includes BlackRock’s Global Infrastructure Partners (GIP) and MGX, purchased 100% of the company’s equity from Australian asset manager Macquarie Asset Management, according to Reuters. The deal is described as the largest global data center deal to date.
Beyond the $40 billion purchase price, the investors have committed an additional $5 billion in growth capital to accelerate Aligned’s expansion. The company, which builds and operates data centers for hyperscalers and cloud computing firms, currently maintains 51 campuses with more than 6.4 gigawatts of operational and planned capacity globally. The business, founded in 2013, operates facilities primarily in the U.S., with additional locations in Mexico and South America.
The AI Infrastructure Partnership Strategy
This transaction serves as the inaugural investment for the AI Infrastructure Partnership (AIP), a group established in September 2024 by BlackRock, Microsoft, Nvidia, and MGX to accelerate the development of hardware and facilities required for intensive AI workloads. Since the partnership’s launch, the Elon Musk-owned xAI, Singapore sovereign wealth fund Temasek, and the Kuwait Investment Authority have joined as members. The group also counts Cisco as a tech partner and has established agreements with GE Vernova and NextEra Energy to assist in scaling AI data center infrastructure.
The partnership aims to initially mobilize $30 billion in equity capital, with a long-term remit to support up to $100 billion in total investments including debt. The purchasers have stated they are supplying a supportive partnership model and the long-term capital required for Aligned to scale its platform while maintaining its customer and community focus and operational independence.
“With this investment in Aligned Data Centers, we further our goal of delivering the infrastructure necessary to power the future of AI, while offering our clients attractive opportunities to participate in its growth.”
Larry Fink, CEO of BlackRock and Chairman of AIP
In addition to the financial backing, the consortium members are providing strategic insights into AI technologies and experience in owning and investing in complex infrastructure at scale.
Leadership and Operational Outlook
Aligned Data Centers will continue to operate as a Dallas-headquartered entity under its existing management structure. Andrew Schaap, who has served as chief executive since 2017, will remain at the helm. Following the deal’s closure, Schaap noted in a LinkedIn post that the infusion of capital will allow the company to move quicker and build bigger than ever before.
“This milestone reflects the skill of our remarkable team and the strength of the platform we’ve built — and it stands among the largest private investments the digital infrastructure sector has ever seen … at a time when demand for what we do has never been higher.”
Andrew Schaap, CEO of Aligned Data Centers
Rising Demand for Data Center Power
The massive investment comes as the industry faces intense pressure to expand capacity for AI tools like ChatGPT. Analysts and industry bodies have projected significant increases in resource consumption. According to the National Electrical Manufacturers Association, U.S. data center electricity consumption is expected to grow 300% over the next decade, potentially accounting for 38% of the country’s net electricity consumption through 2037. A report from the Kansas Health Institute further noted that U.S. data centers’ electricity usage could more than double by 2030, while their water usage could double or quadruple by 2028.
This surge in demand has triggered regulatory responses. New York recently became the first state in the nation to implement a one-year moratorium on the construction of hyperscale-level data centers—defined as facilities using 50 megawatts or more of energy—to allow state regulators time to develop frameworks for addressing environmental and community impacts. As the AI infrastructure race continues, providers are navigating a landscape where the need for unprecedented funding and power is balanced against shifting regulatory frameworks and local resource constraints.
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