BlackRock-Led Consortium to Acquire Aligned Data Centers in $40 Billion AI Infrastructure Deal

A consortium led by BlackRock’s Global Infrastructure Partners (GIP) — joined by Abu Dhabi’s MGX and the Artificial Intelligence Infrastructure Partnership (AIP) — plans to acquire Aligned Data Centers for approximately $40 billion. The transaction, pending regulatory approvals, would expand Aligned’s 50-campus, 5 GW platform across the Americas, targeting key land, power, and equipment bottlenecks in AI buildouts. The move underscores the rising strategic value of scalable, AI-ready data centers as core infrastructure in the global digital economy.
Oct. 16, 2025
8 min read

Key Highlights

  • The consortium plans to initially invest $30 billion in equity, with potential to scale up to $100 billion including debt, to support AI infrastructure growth.
  • Aligned Data Centers' extensive footprint of over 50 campuses and 5 GW of capacity makes it a strategic asset for hyperscale and AI customers across the Americas.
  • The deal is subject to regulatory approvals, including a CFIUS review, and will depend on power, grid upgrades, and policy considerations for successful execution.
  • The acquisition positions Aligned as a leading AI-first data center platform, capable of easing capital and power constraints for hyperscalers and AI labs.
  • Industry implications include increased consolidation, enhanced supply chain coordination, and the recognition of AI data centers as core infrastructure assets with utility-like cash flows.

A heavyweight consortium led by BlackRock’s Global Infrastructure Partners (GIP) — joined by Abu Dhabi’s MGX and the newly formed Artificial Intelligence Infrastructure Partnership (AIP), which counts Nvidia and Microsoft among its strategic participants — has agreed to acquire Aligned Data Centers at an enterprise value of roughly $40 billion. The sellers are Macquarie Asset Management and its co-investment partners. Subject to regulatory approvals, the transaction is expected to close in the first half of 2026.

Aligned Data Centers has rapidly scaled across North and Latin America, serving hyperscale, AI, and enterprise customers. In recent years, its footprint has expanded to more than 50 campuses representing over 5 GW of capacity.

Larry Fink, chairman and CEO of BlackRock and chair of AIP, said:

With this investment in Aligned Data Centers, we further our goal of delivering the infrastructure necessary to power the future of AI.

Capital Strategy and Infrastructure Readiness

The AIP consortium has outlined an initial $30 billion in equity, with potential to scale toward $100 billion including debt over time as part of a broader AI infrastructure buildout. The Aligned acquisition represents a cornerstone investment within that capital roadmap.

Aligned’s “ready-to-scale” platform - encompassing land, permits, interconnects, and power roadmaps - is far more valuable today than a patchwork of single-site developments. The consortium framed the transaction as a direct response to the global AI buildout crunch, targeting critical land, energy, and equipment bottlenecks that continue to constrain hyperscale expansion.

Platform Overview: Aligned’s Evolution and Strategic Fit

Aligned Data Centers has rapidly emerged as a scale developer and operator purpose-built for high-density, quick-turn capacity demanded by hyperscalers and AI platforms. Beyond the U.S., Aligned extended its reach across the Americas through its acquisition of ODATA in Latin America, creating a Pan-American presence that now spans more than 50 campuses and over 5 GW of capacity.

The company has repeatedly accessed both public and private capital markets, most recently securing more than $12 billion in new equity and debt financing to accelerate expansion.

Aligned’s U.S.–LATAM footprint provides geographic diversification and proximity to fast-growing AI regions. The buyer consortium’s global relationships - spanning utilities, OEMs, and sovereign-fund partners - help address power, interconnect, and supply-chain constraints, all of which are critical to sustaining growth in the AI data-center ecosystem.

Macquarie Asset Management built Aligned from a niche U.S. operator into a 5 GW-plus, multi-market platform, the kind of asset infrastructure investors covet as AI demand outpaces grid and supply-chain capacity. Its sale at this stage reflects a broader wave of industry consolidation among large-scale digital-infrastructure owners.

Since its own acquisition by BlackRock in early 2024, GIP has strengthened its position as one of the world’s top owners of long-duration, essential assets characterized by pricing power and secular growth. Pairing GIP’s infrastructure discipline with BlackRock’s distribution reach and co-investment capabilities underpins the group’s strategy to assemble multi-tens-of-billions in AI-ready data-center capacity.

Meanwhile, MGX (Abu Dhabi) and the Artificial Intelligence Infrastructure Partnership (AIP) bring sovereign and strategic technology capital, along with demand adjacency: many of their members will also be end-users of Aligned’s services. This dynamic helps de-risk multi-GW development and power procurement.

As previous DCF coverage has noted, hyperscalers account for a dominant share of Aligned’s customer base, anchoring long-term, contracted cash flows, a hallmark of infrastructure-grade investments. The ongoing AI buildout cycle adds upside potential through density upgrades (liquid cooling, higher-kW racks) and the development of next-generation campuses.

Industry and Regulatory Implications

At a $40 billion valuation, the Aligned acquisition would rank among the largest private data center transactions ever, eclipsing pre–AI-era take-privates such as Switch’s 2022 sale for $11 billion. The price reflects not only embedded growth from late-stage land and power pipelines, but also a premium for AI-grade density and the cost-of-capital advantage of a blue-chip investor group.

Regulatory and Power Considerations

Several critical factors will shape the transaction’s execution and future growth:

  • U.S. National Security / CFIUS Review:
    With sovereign and foreign capital involved in an AI-critical infrastructure platform, a Committee on Foreign Investment in the United States (CFIUS) review is expected. The deal structure will likely aim to mitigate control concerns while aligning with U.S. policy priorities around domestic AI leadership.

  • Power Interconnect Timelines:
    The critical path for Aligned’s next phase will hinge on substation and transmission schedules. Watch for early PPA announcements, grid-upgrade MOUs, or on-site generation partnerships as the consortium locks in its energization roadmap.

Strategic Implications Across the Ecosystem

  • For Hyperscalers & AI Labs:
    The acquisition creates another deep-pocketed, AI-first landlord capable of delivering multi-GW, multi-market capacity. This may ease balance-sheet pressure for major tech firms by shifting capex burden to infrastructure investors.

  • For Competitors:
    Platforms backed by DigitalBridge/Vantage, EQT/EdgeConneX, Brookfield/EYP/Origin, and private-equity regional players now face a formidably capitalized rival aligned with sovereign and strategic tech interests. Expect accelerated land banking, long-lead equipment hedging, and tighter utility/OEM/fiber coordination at campus scale.

  • For Utilities & OEMs:
    A consolidated buyer with a multi-year procurement horizon can underwrite large-scale orders for transformers, switchgear, backup generation, and liquid cooling, reducing volatility across a constrained supply chain.

  • For Capital Markets:
    The transaction reinforces the view that AI data centers are core infrastructure assets — offering utility-like cash flows with cyclical upside from AI expansion. Expect continued mega-fund formation and structured co-investment around similar platforms.

Operational and Policy Challenges

  • Grid Friction:
    Power delivery remains the gating factor; missed energization milestones can cascade into revenue deferrals and liquidated-damages disputes.

  • Policy and Local Regulation:
    Ongoing pushback over water and power use, as well as shifting siting and tax regimes, could affect project timelines. These issues will require robust community engagement, energy partnerships, and workforce strategies to sustain long-term momentum.

Outlook: Execution Will Hinge on Power, Capital, and Policy

As with any transformative transaction, the next phase for Aligned will come down to money and power - literally. The debt market must advance with financing commitments, while power announcements such as PPAs, grid-upgrade partnerships, and on-site generation projects will define near-term growth trajectories.

At the same time, progress will depend on regulatory milestones and the disclosure of a clear ownership and governance framework among GIP, MGX, and AIP participants. Together, these elements will determine how quickly the consortium can translate its $40 billion bet into operational capacity and AI infrastructure leadership across the Americas.

 

At Data Center Frontier, we talk the industry talk and walk the industry walk. In that spirit, DCF Staff members may occasionally use AI tools to assist with content. Elements of this article were created with help from OpenAI's GPT5.

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About the Author

David Chernicoff

David Chernicoff

David Chernicoff is an experienced technologist and editorial content creator with the ability to see the connections between technology and business while figuring out how to get the most from both and to explain the needs of business to IT and IT to business.
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