BlackRock’s GIP Eyes $40B Aligned Data Centers Deal Amid AI Boom

BlackRock’s Global Infrastructure Partners (GIP) is reportedly in advanced talks to acquire Aligned Data Centers, a Texas-based operator owned by Macquarie Asset Management, in a deal that could value the company at nearly $40 billion, according to multiple people familiar with the discussions. The transaction, which could be finalized as early as next week, underscores how the AI boom is reshaping global investment in data center infrastructure.

If completed, the acquisition would mark one of the largest data center deals to date, highlighting the increasing convergence between digital infrastructure and traditional energy investment. GIP – now part of BlackRock following a $12.5 billion acquisition earlier this year – has been aggressively expanding its portfolio to capture demand from AI-driven workloads that require massive power and cooling resources.

Aligned Data Centers, headquartered in Plano, Texas, operates 78 data centers across 48 campuses in the United States, Canada, and South America. The company has positioned itself as a sustainability-focused operator, offering adaptive data center solutions designed for hyperscalers, cloud providers, and large enterprises. Earlier this year, Aligned Data Centers raised $7 billion in debt and $5 billion in equity from Macquarie-managed funds to accelerate expansion and platform innovation, further cementing its role as a major player in North America’s fast-growing digital infrastructure market.

The deal could also involve MGX, an AI investment vehicle founded by Abu Dhabi’s Mubadala Investment Company, which may participate as an independent co-investor. Mubadala, which already holds stakes in Aligned, has been active in global AI and digital infrastructure investments, particularly those that integrate data processing and sustainable power generation.

AI, Cloud, and Energy Assets Converge

For GIP, the move aligns with its broader strategy of pairing energy and digital infrastructure assets. The firm, which also owns stakes in Gatwick Airport and pipeline networks across the U.S. and Middle East, has reportedly been in separate talks to acquire utility giant AES Corp in a $38 billion deal that would bolster its energy portfolio to support AI-related demand.

The acquisition of Aligned Data Centers would continue a wave of large-scale data center transactions this year as investors seek exposure to assets positioned at the intersection of AI, cloud computing, and power infrastructure.

Rising electricity consumption and the growing need for resilient, scalable facilities have driven valuations sharply higher, with hyperscale demand transforming data centers from niche real estate assets into core infrastructure investments.

Sources emphasized that the GIP-Aligned talks are ongoing, and no final agreement has been reached. Deal terms could still shift, or negotiations could end without a transaction. However, if completed, the acquisition would rank among the largest infrastructure deals of 2025, reflecting how AI is accelerating consolidation across the global data center sector.