Record $45bn AI data centre bet as BlackRock-led group buys Aligned
A consortium including BlackRock, Nvidia, and Abu Dhabi's MGX has closed a $40 billion acquisition of Aligned Data Centers with a further $5 billion expansion commitment, signaling that global capital markets are treating AI computing infrastructure as a foundational, scarce asset.
A group of leading global investors has completed the largest data-centre acquisition on record, paying roughly $40 billion for Aligned Data Centers. The buyers—a consortium comprising the AI Infrastructure Partnership (AIP), MGX, and BlackRock’s Global Infrastructure Partners (GIP)—also committed an additional $5 billion in growth capital to expand the company's capacity for artificial intelligence workloads.
Macquarie Asset Management sold the Texas-based developer after owning it since 2018. Under Macquarie's ownership, Aligned grew from operating two sites with 85 megawatts of capacity to a platform spanning 51 campuses and more than 6.4 gigawatts across the US and South America. Chief executive Andrew Schaap and his management team will remain with the company.
The transaction serves as the inaugural investment for AIP, an entity formed last year by BlackRock, GIP, MGX, Microsoft, and Nvidia. The partnership is designed to raise $30 billion in equity and up to $100 billion including debt. MGX, chaired by Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan and backed by Mubadala and G42, provides the sovereign capital, having raised $49 billion for an AI fund just this month. GIP manages over $200 billion in assets.
For markets and investors, the deal underscores how AI has transformed data centres from niche real estate into the most sought-after digital infrastructure. The buyers are wagering that the sheer demand for computing power will continue to outstrip available supply. In this environment, the physical structures that guarantee reliable power and advanced cooling are viewed as exceptionally scarce resources.
Aligned's specific appeal lies in its approach to the severe energy constraints facing the sector. The company holds more than 50 patents focused on cooling technologies that reduce water and electricity consumption, a critical advantage as massive computing campuses place increasing strain on local power grids.
The $45 billion total outlay represents a staggering scale, but it is not without risk. The valuation hinges entirely on the assumption that AI adoption will continue its rapid ascent. If that demand stalls, the infrastructure becomes an expensive burden, echoing broader market concerns about a potential bubble in AI-related assets. For now, however, the world's largest tech and infrastructure investors are decisively backing their conviction with capital.
