BlackRock’s $40B Data Center Deal Signals Infrastructure Shift

The consortium of BlackRock, GIP, MGX, Microsoft, NVIDIA, and xAI buys Aligned Data Centers in a landmark $40 billion deal—defining the next phase of AI’s physical economy

Key Takeaways

• The AI Infrastructure Partnership (AIP), backed by BlackRock, Global Infrastructure Partners, and MGX, has agreed to acquire 100% of Aligned Data Centers in a deal implying a $40 billion enterprise value, marking the consortium’s inaugural investment.
• Founded in September 2024 by BlackRock, GIP, MGX, Microsoft, and NVIDIA—with xAI joining in March 2025—AIP targets $30 billion in equity commitments, potentially scaling to $100 billion including debt, to fund AI-ready data centers.
• Microsoft and NVIDIA, as founding members, provide strategic and technical guidance, enabling tailored infrastructure for hyperscalers and AI innovators, while the open platform fosters broad ecosystem collaboration.

Introduction

A consortium led by BlackRock’s AI Infrastructure Partnership has struck a transformative deal to acquire Aligned Data Centers, valuing the provider at approximately $40 billion—an emblematic step in channeling private capital toward the physical foundations of artificial intelligence. The transaction, announced today, sees AIP alongside MGX and Global Infrastructure Partners (GIP, a BlackRock affiliate) purchasing full equity from Macquarie Asset Management and its co-investors, with closure anticipated in the first half of 2026 pending approvals. This move not only accelerates AIP’s ambition to mobilize up to $100 billion for digital infrastructure but also underscores the surging imperative for scalable compute capacity amid AI’s proliferation.

Launched in September 2024, AIP unites financial heavyweights with technology pioneers to address a foundational bottleneck: the scarcity of adaptable data centers optimized for AI workloads. By integrating Microsoft’s cloud orchestration prowess, NVIDIA’s accelerated computing expertise, and xAI’s frontier AI innovations, the partnership positions itself as a linchpin in the AI value chain—bridging investment capital with deployment-ready assets.

Key Developments

AIP’s genesis reflects a deliberate convergence of sectors poised to underpin AI’s economic ascent. BlackRock and GIP anchor the financial framework, leveraging their $10 trillion-plus in assets under management to attract institutional equity, while MGX— the UAE’s sovereign wealth vehicle—brings sovereign-grade scale and a focus on transformative technologies. Microsoft, a founding member, contributes its Azure ecosystem and enterprise AI deployment experience, ensuring infrastructure aligns with hyperscale demands. NVIDIA, similarly foundational, serves as technical advisor, guiding the integration of its GPU architectures and “AI factory” designs to maximize computational efficiency.

The addition of xAI in March 2025 amplified this technological core. As Elon Musk’s AI venture, xAI infuses cutting-edge model development insights, complementing the platform’s open-architecture ethos that invites non-exclusive partnerships. This expansion, alongside anchors like the Kuwait Investment Authority and Temasek, has propelled AIP toward its $30 billion equity goal, with debt unlocking further leverage.

The Aligned acquisition crystallizes these capabilities. Headquartered in Dallas and led by CEO Andrew Schaap, Aligned operates 50 campuses across key U.S. and Latin American hubs—Northern Virginia, Chicago, Dallas, Ohio, Phoenix, Salt Lake City, São Paulo, Querétaro, and Santiago—delivering over 5 gigawatts of operational and planned capacity. Its patented cooling innovations support high-density AI setups, catering to hyperscalers, neocloud providers, and enterprises. Post-deal, Aligned will retain its leadership and customer base, empowered by AIP’s resources to expand footprints and innovate for denser workloads.

Market Impact

At $40 billion, this transaction ranks among the largest in data center history, signaling private capital’s dominance in AI infrastructure amid public markets’ constraints. For BlackRock, it extends its infrastructure playbook—already spanning airports and utilities—into digital realms, offering clients diversified exposure to AI’s tailwinds. The deal validates a maturing asset class: data centers as yield-generating staples, with projected internal rates of return rivaling traditional real estate.

Broader ripples extend to the tech ecosystem. Microsoft’s deepened stake bolsters its supply chain for Azure expansions, mitigating capacity bottlenecks that have constrained AI rollouts. NVIDIA benefits from accelerated adoption of its hardware in purpose-built facilities, reinforcing its moat in the GPU market. The open model, eschewing exclusivity, could democratize access, spurring competition while distributing risks across a widening investor pool. As AI capex surges—hyperscalers alone earmarking hundreds of billions annually—this infusion arrives at a pivot, where infrastructure lags threaten to cap innovation’s velocity.

Strategic Insights

In an AI paradigm, control over compute infrastructure equates to leverage in the intelligence economy. AIP’s structure—melding capital deployment with technical vetting—positions participants to capture outsized value, much as early telecom backbones defined the internet era. Microsoft’s involvement ensures seamless interoperability with enterprise workflows, while NVIDIA’s advisory role tailors sites for next-gen accelerators, from Blackwell chips to bespoke clusters.

The Aligned bet highlights geographic pragmatism: Tier I gateways in the U.S. and select Latin American nodes capitalize on regulatory stability and latency advantages, sidestepping the frictions of fragmented global regimes. xAI’s entry adds a forward tilt, embedding real-time AI evolution into planning—anticipating needs for exascale processing that could redefine sectors from drug discovery to autonomous systems. Yet challenges persist: integrating acquired assets without disrupting operations, and navigating talent scarcities in a hyper-competitive labor market. AIP’s collaborative bent, evidenced by tech allies like Cisco, mitigates these by fostering shared standards.

Expert Opinions and Data

Executives frame the deal as a catalyst for AI’s maturation. Larry Fink, BlackRock Chairman and AIP head, emphasized: “This partnership is bringing together leading companies and mobilizing private capital to accelerate AI innovation and drive global economic growth and productivity.” Ahmed Yahia Al Idrissi of MGX echoed: “Compute infrastructure at scale will be foundational to that progress,” underscoring the UAE’s stake in diversified tech bets. Bayo Ogunlesi, GIP Chairman, added: “By combining Aligned’s scalable platform with AIP’s capital and capabilities, we will build the infrastructure to support innovation at scale.” From the tech side, Microsoft’s Satya Nadella noted in March:

AI infrastructure will play an increasingly critical role in driving economic growth across every industry.

NVIDIA’s deepened advisory ties, per the partnership’s evolution, align with its ecosystem strategy, while xAI’s integration signals Musk’s push for hardware-software symbiosis. Analysts peg Aligned’s capacity as pivotal, potentially powering 10% of U.S. AI compute by 2030, with AIP’s $100 billion horizon rivaling sovereign funds’ infra outlays.

Conclusion

The Aligned acquisition cements AIP as a vanguard in AI infrastructure, fusing $40 billion in firepower with unparalleled expertise from Microsoft, NVIDIA, and xAI. By prioritizing adaptable, high-capacity assets, the consortium addresses a supply-demand chasm that could otherwise throttle AI’s promise.

As private actors eclipse public initiatives in speed and scope, this deal sketches a blueprint for sustained investment—unlocking productivity waves while rewarding early stewards. For markets and policymakers, it portends a rewired economy, where silicon and capital converge to fuel intelligence at scale.