A consortium that includes BlackRock, Nvidia, Microsoft, and xAI has announced a $40 billion acquisition of Aligned Data Centers, one of the world’s largest data-centre operators.
The group aims to create the physical backbone for artificial intelligence by combining investment power with technological expertise to meet the surging demand for computing capacity.
The deal, marking the first major move by the AI Infrastructure Partnership (AIP), was finalised with Macquarie Asset Management, which currently owns the Texas-based operator.
AIP was established last year to mobilise up to $100 billion for developing AI-ready data infrastructure by blending resources from major technology firms and institutional investors.
Consortium to tackle global data centre shortage
Through this partnership, BlackRock and its affiliate Global Infrastructure Partners (GIP) have joined hands with Abu Dhabi fund MGX, alongside other investors such as Singapore’s Temasek and the Kuwait Investment Authority.
Major suppliers, including GE Vernova, NextEra Energy, and Cisco, are also part of the network, ensuring steady access to essential industrial materials and power systems.
The acquisition of Aligned will serve as the partnership’s first large-scale venture, enabling rapid expansion of data-centre capacity across the US and Latin America.
The consortium intends to more than double Aligned’s 50 campuses, tackling global shortages in land, power, and raw materials critical for supporting AI workloads across OpenAI, Google, Meta Platforms, and other technology firms.
The group’s financing plan includes $30 billion in equity and an additional $70 billion in debt, allowing flexibility to buy and build new facilities.
The deal reflects growing investor appetite for digital infrastructure amid the AI boom, with total demand estimated at roughly 20 gigawatts a year worldwide—half of which comes from the US market, according to MGX chief executive Ahmed Yahia Al Idrissi.
From ownership to leasing models
Instead of building their own properties, technology companies are increasingly turning to partnerships like AIP to lease high-performance data-centre capacity.
BlackRock’s chief executive, Larry Fink, said the initiative would allow AI and cloud leaders to access specialised facilities without weighing down their balance sheets, helping them maintain higher stock valuations.
This approach mirrors a broader shift in how digital infrastructure is financed.
Pension funds and sovereign wealth investors are now underwriting assets that support the world’s most advanced computing systems—providing a long-term return through leasing and service contracts rather than direct ownership.
Expanding Aligned’s global footprint
Aligned, headquartered in Texas, will retain its management team while scaling operations under its new owners.
The partnership plans to accelerate construction across existing and new campuses, tapping its deep pool of capital and semiconductor access to build facilities faster than traditional operators.
Adebayo Ogunlesi, co-founder of GIP, highlighted that the collaboration was designed to address challenges such as energy use, water management, and data-centre design efficiency.
The combined resources of investors and engineers could help establish a blueprint for AI-driven infrastructure globally.
The $40 billion takeover signals the start of a broader wave of acquisitions by the consortium.
By integrating financial strength with advanced chip technologies and sustainable energy solutions, AIP aims to position itself as a key player in the next phase of AI-focused infrastructure development.
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