• Investment consortium including BlackRock, Microsoft and Nvidia agrees to $40bn Aligned acquisition.
• The deal signals an intensifying focus on AI infrastructure amid broader data centre market expansion.
What happened: a landmark acquisition in infrastructure markets
Aligned Data Centers, a major U.S. data centre operator, is set to be acquired by an investment consortium at a valuation of approximately $40 billion—one of the largest transactions in the data centre sector’s history. The deal was announced in late 2025 and is expected to close in the first half of 2026, subject to regulatory approvals.
The consortium comprises heavyweight investors and technology partners, including BlackRock, Global Infrastructure Partners (GIP), Microsoft, Nvidia, xAI, and others. Under the arrangement, the group plans to deploy about $30 billion in equity capital initially, with the potential to leverage up to $100 billion including debt financing.
Aligned, headquartered in Dallas, Texas, operates around 50 data centre campuses with roughly 5 GW of capacity under operation and development, serving hyperscalers, cloud companies, and enterprise customers. Its portfolio spans locations in the U.S. and Latin America, including Northern Virginia, Chicago, Phoenix, Sao Paulo and Santiago.
This acquisition comes as part of the newly formed Artificial Intelligence Infrastructure Partnership (AIP), created to channel large pools of private capital into data centre expansion to meet rising demand from AI, cloud computing, and digital services.
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Why it’s important:
The Aligned deal highlights several strategic trends reshaping tech infrastructure markets:
1. Escalating infrastructure demand for AI and cloud economies— As AI workloads proliferate, data centres are becoming critical nodes in economic and digital strategy. Providers of computing capacity and connectivity are increasingly central to global technology ecosystems.
2. Strategic deployment of private capital—The scale of investment shows how private markets are mobilizing to build and scale physical infrastructure that underpins digital services. Combining financial scale with operational expertise from partners like Microsoft and Nvidia suggests a new model for infrastructure investment.
3. Competitive pressures in the data center industry—Large acquisitions concentrate capacity in fewer hands, potentially intensifying competition among remaining independent operators such as Equinix, Digital Realty Trust, and Vantage Data Centers.
However, questions remain about the broader consequences of such capital concentration. Will increased scale benefit customers through better services and pricing? Or will it reduce competition and flexibility, especially for smaller enterprises and regional operators? Regulators and industry observers will be watching closely as the transaction progresses.
