Global Infrastructure Partners, the BlackRock-owned investment firm, is in advanced talks to acquire Aligned Data Centers in a deal that could value the Texas-based operator at about $40 billion, according to people familiar with the matter. The potential transaction would mark one of the largest private data center acquisitions ever, underscoring the scramble for digital infrastructure powering the artificial intelligence boom.
The negotiations, which also involve Abu Dhabi's AI investment company MGX, have not been finalized, and the terms could still shift or collapse, the sources said. Bloomberg first reported the talks on Thursday. MGX, a joint venture between Mubadala Investment Co. and G42, is expected to invest independently as part of the deal, reflecting its existing minority stake in Aligned.
Founded in Plano, Texas, Aligned operates 78 data centers across 50 campuses in the U.S. and South America, with over 5 gigawatts of capacity in operation or development. The company, backed by Macquarie Asset Management, raised more than $12 billion in equity and debt commitments earlier this year to accelerate expansion. Its clients include hyperscale cloud providers and AI firms such as Lambda.
Aligned's growth has positioned it as a key player in the escalating demand for computing power. OpenAI, SoftBank, Oracle, and MGX are all backing Stargate, a proposed $500 billion supercomputer project, and consulting firm McKinsey estimates that AI-related infrastructure investment could total $6.7 trillion globally by 2030.
For BlackRock and GIP, the acquisition would significantly expand their digital infrastructure portfolio. In 2021, GIP and KKR & Co. acquired Dallas-based CyrusOne in a $15 billion deal. Buying Aligned at nearly triple that valuation would cement BlackRock's foothold in one of the fastest-growing corners of technology.
Investor enthusiasm is matched by pressure on the sector. The Associated Builders and Contractors said members now face an 8.5-month backlog on data center projects amid a historic labor shortage. The National Association of Manufacturers projects the U.S. construction industry will need nearly 500,000 additional workers in 2025, with a broader 1.9 million-worker shortfall by 2033. These shortages threaten to delay construction even as demand for AI infrastructure accelerates.
Markets have responded to the AI surge with major capital flows into BlackRock's exchange-traded funds. The iShares S&P 100 ETF saw $3.4 billion in inflows in September, while nearly $1.4 billion was redirected from the iShares U.S. Technology ETF into BlackRock's AI Innovation and Tech Active ETF. Portfolio managers have pointed to U.S. earnings growth of 11% over the past year, far outpacing 2% abroad, as a driver of the shift.
