An investor group led by BlackRock and Nvidia announced Wednesday a $40 billion deal to acquire Aligned Data Centers from Macquarie Asset Management (MQG.AX), marking one of the largest transactions in the intensifying race to expand AI infrastructure. The acquisition underscores how companies rush to secure the costly, supply-constrained infrastructure required to develop artificial intelligence technology and build sophisticated AI models.
The transaction follows a slew of mega-deals focused on securing coveted compute capacity. ChatGPT creator OpenAI unveiled in recent weeks agreements totaling roughly 26 gigawatts of computing capacity, enough to power approximately 20 million U.S. homes. This latest deal signals the expansion powers driving unprecedented capital flows into the sector as demand for data centers continues growing.
Investment Consortium Deploys Massive Capital
The investment consortium, dubbed the Artificial Intelligence Infrastructure Partnership (AIP), has an initial target of deploying $30 billion in equity capital. The partnership’s potential includes reaching $100 billion, including debt, making this Aligned acquisition its first investment. The transaction is expected to close in the first half of 2026, delivering the infrastructure necessary to power the future of AI.
Larry Fink, CEO of BlackRock and chairman of AIP, emphasized the goal of further expanding capabilities. “With this investment in Aligned Data Centers, we further our goal of delivering the infrastructure necessary to power the future of AI,” Fink stated Wednesday. The consortium includes xAI and Microsoft (MSFT.O), along with the Kuwait Investment Authority and Singapore’s state-owned investor Temasek as anchor investors.
Aligned’s Extensive Portfolio Spans Americas
Aligned designs, builds, and operates data centers for hyperscalers, neoclouds, and enterprises across multiple markets. The company’s portfolio includes 50 campuses and more than 5 gigawatts of operational and planned capacity, including assets under development located across the U.S. and Latin America. This extensive footprint positions the company to meet growing demand from big tech companies and startups alike.
Aligned will remain headquartered in Dallas, Texas, and continue to be led by CEO Andrew Schaap. The company’s earlier $12 billion fundraising this year was one of the largest private capital injections into a data center company, demonstrating the massive scale of financing required to keep pace with demand. The capital-intensive undertaking of expanding AI infrastructure has attracted hundreds of billions of dollars in investment from private equity and infrastructure funds.
OpenAI Unveils Parallel Computing Agreements
OpenAI last week unveiled a 6-gigawatt AI chip supply deal with AMD that includes an option to buy a stake in the chipmaker. Days after disclosing this agreement, Nvidia plans to invest up to $100 billion in the startup and provide data center systems with at least 10 gigawatts of capacity. These parallel deals highlight how OpenAI secures multiple pathways to obtain the computing capacity needed for developing advanced models.
The rapid succession of agreements demonstrates the intensifying race among companies to secure infrastructure before competitors. Morgan Stanley estimates that big cloud companies, including Alphabet (GOOGL.O), Amazon.com, Meta, Microsoft, and Coreweave, are on track to spend $400 billion on AI infrastructure this year alone.
Big Tech Pledges Despite Investor Concerns
Despite investor concerns about returns from these hefty investments, Big Tech has pledged to spend more on boosting data center capacity. The capital-intensive nature of AI infrastructure expansion requires sustained commitment from major players who dominate the graphics processor industry and related sectors. Companies continue deploying resources to expand their operational capabilities and maintain competitive advantages.
A recent spike in interconnected investments in the AI industry has raised questions over the circularity of the market. Nvidia, one of the key investors in recent AI deals, is also one of the biggest suppliers to the market, dominating the graphics processor industry. This dual role creates a unique dynamic where the company both funds and supplies critical components for AI infrastructure development across the sector.
