Aligned Data Centers sold to BlackRock and MGX in record-breaking $40bn deal

Aligned Data Centers Acquired in Historic $40 Billion Digital Infrastructure Deal

Record-Breaking Acquisition Reshapes Data Center Landscape

In a landmark transaction that sets new precedents for the digital infrastructure sector, Aligned Data Centers is being sold to a consortium including BlackRock and MGX in a record-shattering $40 billion deal. This acquisition, as detailed in comprehensive coverage from industry monitors, represents the largest ever purchase of a data center company, dwarfing previous benchmarks in the rapidly expanding digital infrastructure market.

The monumental transaction sees current owner Macquarie Asset Management selling the colocation firm to a sophisticated investor group comprising the AI Infrastructure Partnership (AIP), MGX, and BlackRock-owned Global Infrastructure Partners (GIP). With expected closure scheduled for the first half of 2026, this deal underscores the extraordinary valuation growth in data center assets amid soaring demand for computational resources.

Unprecedented Scale in Digital Infrastructure M&A

The $40 billion valuation establishes a new high-water mark for data center acquisitions, significantly surpassing the previous record of $16.6 billion that Blackstone and partners paid for APAC operator AirTrunk earlier this year. Notably, Macquarie also served as the seller in that previous landmark transaction, highlighting the firm’s strategic positioning within the digital infrastructure investment landscape.

This massive deal occurs against a backdrop of complex market dynamics and economic signals that continue to shape investment decisions across technology sectors. The sheer scale of the Aligned acquisition demonstrates institutional confidence in the long-term growth trajectory of data infrastructure, particularly as artificial intelligence workloads demand increasingly sophisticated facilities.

Strategic Vision and Expansion Trajectory

“The Aligned story is one of genuine partnership and foresight, and we appreciate the incredible collaboration with Macquarie Asset Management on our growth journey,” stated Andrew Schaap, CEO of Aligned Data Centers. “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.”

Texas-based Aligned has established a significant North American presence with campuses in strategic markets including Chicago, Illinois; Dallas, Texas; Salt Lake City, Utah; Phoenix, Arizona; and the critical Northern Virginia hub. The company maintains an aggressive development pipeline with additional sites underway in Maryland, Ohio, Illinois, and Virginia, positioning it to capitalize on the expanding connectivity infrastructure that enables next-generation digital services.

Investment Rationale and Market Positioning

Ben Way, Head of Macquarie Asset Management, emphasized the strategic success behind the transaction: “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. The scaling of Aligned Data Centers from two locations to 50 in seven years is representative of our approach to working with great companies and teams to support their rapid growth and deliver positive impact.”

Macquarie’s initial investment in Aligned dates to 2018, demonstrating the firm’s prescient recognition of data center infrastructure’s strategic importance years before the current AI boom accelerated demand.

Buyer Consortium Composition and Strategic Alignment

The acquiring consortium brings together formidable expertise across infrastructure investment and artificial intelligence development:

Global Infrastructure Partners (GIP): A BlackRock-owned entity managing over $100 billion in client assets across infrastructure equity and debt, with focused investments in energy, transport, water and waste, and digital sectors. GIP’s digital portfolio includes significant positions in data center firm CyrusOne and Vodafone tower company Vantage Towers, alongside previous lending to data center operator Vantage.
MGX: An AI-focused investment vehicle owned by Abu Dhabi’s sovereign wealth fund Mubadala Investment Company, currently partnered in Stargate—OpenAI’s ambitious data center build-out program targeting 50GW of capacity to support advanced AI research and development.
AI Infrastructure Partnership (AIP): A strategic investment consortium established in September of last year that notably includes both BlackRock and MGX among its participants, with additional backing from Microsoft and Kuwait’s sovereign wealth fund, the Kuwait Investment Authority.

The convergence of these sophisticated investors reflects the growing recognition that artificial intelligence development requires unprecedented infrastructure investment, with data centers serving as the fundamental physical layer enabling computational advancement.

Industry Implications and Future Outlook

This historic transaction signals several critical trends for the digital infrastructure sector:

Valuation Escalation: The premium valuation reflects intense competition for quality data center assets with scalable capacity and strategic geographic positioning.
AI-Driven Demand: The specific involvement of AI-focused investors like MGX underscores how artificial intelligence workloads are reshaping data center requirements and investment priorities.
Sovereign Wealth Participation: The inclusion of Middle Eastern sovereign wealth funds highlights global capital’s increasing allocation to digital infrastructure as a core asset class.
Vertical Integration: BlackRock’s expanding data center portfolio, which includes European operator Mainova Webhouse, demonstrates strategic positioning across multiple geographic markets and service segments.

As the digital infrastructure sector continues its rapid evolution, the Aligned acquisition establishes new benchmarks for valuation, investor composition, and strategic importance within the broader technology ecosystem. The transaction’s completion in 2026 will likely catalyze further consolidation and investment across the data center industry as demand for computational resources continues its exponential growth trajectory.

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