A Giant Bet on Data Infrastructure

At the start of 2025, Aligned Data Centers, a relatively lesser-known infrastructure company, pulled off an astonishing $12 billion fundraise to accelerate its expansion. The goal was clear — build massive facilities to meet the surging demand created by artificial intelligence systems.

Now, just months later, Aligned is in advanced talks to be acquired by BlackRock’s Global Infrastructure Partners in a deal valued at nearly $40 billion. If finalized, this would mark one of the largest transactions of the year and potentially the biggest ever in the history of the data center industry.

Why This Deal Matters

The potential acquisition highlights the extraordinary value being assigned to companies powering the AI boom. According to Goldman Sachs, AI-related firms have already accounted for $141 billion in corporate credit issuance this year, surpassing last year’s total. With tech giants expected to spend hundreds of billions on infrastructure, the race to secure data capacity has never been hotter.

Aligned has only about 600 megawatts of active capacity today and another 700 megawatts under construction. Yet investors are clearly betting on its future expansion, which includes a plan to build 5 gigawatts of capacity — enough to power half of New York City on a peak summer day.

The Rise of Aligned Data Centers

Founded in 2013, Aligned was focusing on efficiency and sustainability long before generative AI captured global attention. Backed by Macquarie Asset Management, the company now manages or develops 78 data centers across the Americas. Its strategy has been to create custom-built facilities for clients while emphasizing sustainable practices to handle the energy-heavy demands of AI computing.

In January, its record $12 billion fundraise was pitched as a way to “seize opportunities driven by AI-ready infrastructure,” according to CEO Andrew Schaap. And with customers ranging from cloud providers like Lambda, backed by Nvidia, to multinational fintech firms, Aligned is positioning itself as a key player in the AI supply chain.

A Frenzy in AI Infrastructure

The race to build data centers is attracting record valuations. CoreWeave, a cloud company working closely with OpenAI and Nvidia, now boasts a $65 billion market value. Real estate players like Fermi Inc. are also drawing billions from investors despite little or no revenue, proving just how hot the market has become.

Analysts estimate that if Aligned charged the industry standard of $210 per kilowatt per month, its live and under-construction capacity could generate more than $3 billion in annual revenue. For BlackRock, the acquisition represents not just a bet on Aligned’s current business, but on the global explosion in AI infrastructure demand.

What This Means Going Forward

As governments, cloud providers, and enterprises push deeper into AI adoption, the demand for physical infrastructure will only grow. Power supply, sustainability, and scale will be critical, and firms like Aligned could become essential players in shaping how the next wave of AI technology is delivered.

This deal shows that data centers are no longer just background infrastructure. They are now strategic assets at the heart of the AI revolution.

 

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