Aligned Data Centers was sold for $40 billion in a record-setting transaction.
On Tuesday, a consortium of some of the most influential investors globally completed the acquisition of a relatively unknown company. The significant price sheds light on its importance.
The largest data-center transaction ever
The AI Infrastructure Partnership, MGX, and BlackRock’s Global Infrastructure Partners finalized their purchase of all equity in Aligned Data Centers. This agreement values the Texas-based developer at approximately $40 billion, marking the largest data-center acquisition in history.
The seller, Macquarie Asset Management, had owned Aligned since 2018, when it operated two sites with 85 megawatts of capacity. Today, the company encompasses 51 campuses and over 6.4 gigawatts of live or planned capacity across the United States and South America.
Then another $5 billion
The completion of the deal was just the beginning of the investment. The consortium also pledged an additional $5 billion in growth capital to enhance Aligned’s AI-capable capacity, according to Bloomberg.
This is the crux of the endeavor. The buyers are banking on the idea that the demand for computing power will continue to outstrip supply, making ownership of the facilities that provide power and cooling a valuable asset.
Who is making the purchase
The investor lineup includes top-tier capital sources. The AIP was established in 2024 by BlackRock, GIP, MGX, Microsoft, and Nvidia. This marks its inaugural deal, serving as a preliminary investment toward a goal of raising $30 billion in equity and potentially up to $100 billion when including debt.
MGX contributes sovereign wealth, led by Sheikh Tahnoon bin Zayed Al Nahyan of Abu Dhabi, supported by Mubadala and G42. This month, MGX raised $49 billion for one of the most significant AI funds ever. GIP, a segment of BlackRock, manages assets exceeding $200 billion.
The land grab
This deal culminates a surge of activity. Companies ranging from KKR to Brookfield have heavily invested in digital infrastructure, with Blackstone purchasing QTS for about $10 billion in 2021. The demand generated by AI has made data centers some of the most coveted assets in the finance sector.
Aligned’s selling point is efficiency: boasting over 50 patents related to cooling technologies that reduce water and power consumption, a growing concern as expansive campuses stress local electrical grids. CEO Andrew Schaap and his team will remain in place.
The larger gamble
The scale of this acquisition is remarkable, yet it relies on a critical assumption. If the demand for AI continues to increase, $45 billion may appear reasonable for 6.4 gigawatts. However, if the demand falters, these same assets could represent a costly gamble, echoing warning signs that the boom might come to an end. For the moment, financial backing shows strong support in the form of investments.
Published July 21, 2026 - 5:09 pm UTC
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Aligned Data Centers was sold for $40 billion in a record-setting transaction.
A consortium formed by BlackRock and MGX has finalized its $40 billion acquisition of Aligned Data Centers, marking the largest deal in history, and subsequently invested an additional $5 billion to enhance AI capabilities.
