In a landmark transaction that reshapes the digital infrastructure landscape, Aligned Data Centers is being acquired by a consortium including investment giants BlackRock and MGX in a record-breaking $40 billion deal. This acquisition represents the largest ever in the data center industry, surpassing previous benchmarks by a significant margin and highlighting the strategic importance of digital infrastructure assets in today’s technology-driven economy.
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Deal Structure and Timeline
The acquisition consortium comprises the AI Infrastructure Partnership (AIP), MGX, and BlackRock-owned Global Infrastructure Partners (GIP), who are purchasing Aligned from current owner Macquarie Asset Management. The transaction is expected to finalize in the first half of 2026, following regulatory approvals and customary closing conditions. This massive valuation dwarfs the previous record of $16.6 billion paid for APAC operator AirTrunk in 2024, which coincidentally also involved Macquarie Group as the seller.
Strategic Importance in AI Infrastructure
The timing and scale of this acquisition reflect the critical role data centers play in supporting the explosive growth of artificial intelligence workloads and digital transformation initiatives. As organizations increasingly rely on sophisticated AI models and data-intensive applications, the demand for advanced data center capacity has surged dramatically. This trend is further evidenced by recent technological developments, including Intel’s new data center GPU architecture designed specifically for AI workloads.
Aligned’s Growth Trajectory and Leadership
Under CEO Andrew Schaap’s leadership, Aligned has experienced remarkable expansion, growing from just two locations to approximately 50 campuses across key markets in just seven years. “The Aligned story is one of genuine partnership and foresight, and we appreciate the incredible collaboration with Macquarie Asset Management on our growth journey,” Schaap commented. “We are proud of what we have achieved together in expanding our footprint and bringing our innovative solutions to our core customers, and we are excited about our next chapter in fueling AI expansion.”
Geographic Footprint and Expansion Plans
Texas-based Aligned maintains a substantial presence across major North American markets, with established campuses in Chicago, Dallas, Salt Lake City, Phoenix, and Northern Virginia. The company has additional development sites underway in Maryland, Ohio, Illinois, and Virginia, positioning it to capture growing demand in both established and emerging data center markets. This expansion occurs against a backdrop of evolving consumer expectations for digital services and connectivity.
Investment Consortium Composition
The acquiring group represents a powerful combination of financial and strategic investors with deep expertise in infrastructure and technology. Global Infrastructure Partners, now owned by BlackRock, brings substantial infrastructure investment experience managing over $100 billion in client assets. MGX, an AI-focused investment vehicle owned by Abu Dhabi’s Mubadala Investment Company, is notably involved in Stargate, OpenAI’s ambitious data center project targeting 50GW of capacity for AI research.
Market Context and Economic Implications
This record-breaking transaction occurs during a period of significant market transformation, where digital infrastructure has become increasingly recognized as essential economic infrastructure. The deal’s timing coincides with broader market recalibrations as investors assess global economic conditions and technological trends. Ben Way, Head of Macquarie Asset Management, emphasized the strategic nature of the investment: “This transaction underscores Macquarie Asset Management’s ability to consistently identify key thematics early and find opportunities that create value for our clients and partners.”
Future Outlook and Industry Impact
The acquisition signals a new era for digital infrastructure investment, with specialized AI infrastructure becoming increasingly distinct from traditional data center assets. As AI workloads demand more sophisticated cooling solutions, power density capabilities, and computational resources, operators like Aligned are positioned to capture significant value. The involvement of strategic partners like Microsoft and Kuwait Investment Authority in the AIP consortium further validates the strategic importance of AI-ready data infrastructure in the global technology ecosystem.
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Historical Context and Market Evolution
Macquarie’s initial investment in Aligned in 2018 marked the beginning of a period of rapid transformation in the data center industry. The subsequent growth of cloud computing, edge computing, and now artificial intelligence has dramatically increased the strategic value of scalable, efficient data center platforms. This transaction represents the culmination of that evolution, establishing new valuation benchmarks for digital infrastructure assets and setting the stage for continued consolidation and investment in the sector.
