BlackRock's GIP Eyes $40 Billion Acquisition of Aligned Data Centers in AI Infrastructure Push
BlackRock Inc.’s Global Infrastructure Partners (GIP) is reportedly in advanced talks to acquire Aligned Data Centers, a move that signals a major investment in the infrastructure supporting the artificial intelligence boom. The deal, potentially valued at around $40 billion, would position GIP as a key player in meeting the surging demand for data centers driven by AI applications and cloud computing.
The Deal and Its Players
Sources familiar with the matter indicate that the agreement could be finalized within days. The transaction also involves MGX, an AI investment firm affiliated with Mubadala Investment Co., which would invest independently as part of the deal. Aligned Data Centers, currently backed by Macquarie, operates extensively across the United States and South America. Representatives for BlackRock, Aligned, Macquarie and Mubadala have not yet commented.
Strategic Importance of Data Centers in the AI Era
This potential acquisition highlights the growing importance of data centers as essential infrastructure for the AI revolution. Since the emergence of ChatGPT, investors have been vying for exposure to companies that power AI, including semiconductor giants like Nvidia and SK Hynix, as well as burgeoning startups like OpenAI and Anthropic. Data centers, with their high-density computing capabilities, form the backbone required to support the immense processing needs of AI models.
The Rise of Digital Infrastructure Investments
The surge in valuations in the data center sector has prompted some industry observers to caution about a potential bubble. Bryan Yeo, group CIO of GIC Pte, stated at the Milken Institute Asia Summit that the market risks "inflating into a bubble" if the technology doesn't deliver returns commensurate with the high expectations priced in. Despite these concerns, digital infrastructure has become a favorite for global investors seeking steady returns paired with long-term growth potential.
BlackRock's Expanding Infrastructure Portfolio
BlackRock's interest in Aligned Data Centers underscores its broader strategy of expanding its footprint in the infrastructure sector. BlackRock acquired GIP in 2023 for approximately $12.5 billion. GIP already owns CyrusOne, a Dallas-based data center company, which it took private with KKR & Co. in 2021 for around $15 billion. This potential acquisition of Aligned Data Centers would further solidify BlackRock's position as a major player in the digital infrastructure landscape. As of this report, BlackRock's stock is up 13% year-to-date, with a market capitalization nearing $189 billion.
Aligned Data Centers: A Key Player
Headquartered in Plano, Texas, Aligned Data Centers manages and develops 78 data centers across 50 campuses. In January 2025, the company secured over $12 billion in equity and debt commitments, led by investors including Macquarie Asset Management, to accelerate its construction and meet the surging demand from hyperscale cloud providers and AI-driven workloads. Furthermore, Aligned has been involved in policy discussions with the Trump administration regarding AI development and infrastructure, reflecting the critical role of robust digital infrastructure in advancing AI innovation.
Market Dynamics and the Future Outlook
The potential $40 billion deal highlights the significant capital flowing into AI infrastructure. While concerns about valuations persist, the structural demand for data centers, semiconductors, and AI-capable hardware continues to expand. For investors, this signals that digital infrastructure is increasingly viewed as both a defensive play for steady returns and a growth engine tied to the transformative power of AI. The deal could potentially rank among the top five largest global M&A transactions of 2025.
