TLDR
- BlackRock’s GIP division negotiating $40 billion purchase of Aligned Data Centers
- Mubadala-backed MGX to invest independently in the transaction
- Aligned owns 50 campuses and 78 data centers in US and South America
- Deal could close within days, ranking among 2025’s largest transactions
- GIP separately considering $38 billion AES Corp acquisition
BlackRock’s Global Infrastructure Partners division is pursuing one of the largest deals of 2025. The investment giant is in advanced negotiations to acquire Aligned Data Centers for approximately $40 billion.
The transaction represents a major bet on artificial intelligence infrastructure. Aligned Data Centers operates facilities that support AI applications and cloud computing services.
Mubadala Investment’s MGX company will participate in the deal. MGX, focused on AI investments, plans to invest independently as part of the transaction.
Aligned Data Centers is currently owned by Macquarie Group. The Plano, Texas-based company manages an extensive portfolio of facilities.
The data center operator controls 50 campuses across the United States and South America. Under its management and development pipeline, Aligned oversees 78 data centers total.
Understanding the Deal Structure
Sources familiar with the negotiations say an announcement could come within days. However, talks remain ongoing and terms could still change.
BlackRock representatives declined to comment on the potential acquisition. Aligned Data Centers, Macquarie, and Mubadala did not respond to requests for comment.
Global Infrastructure Partners already has experience in the data center sector. The firm partnered with KKR to acquire CyrusOne in 2021 for $15 billion.
BlackRock purchased GIP last year in a $12.5 billion transaction. The acquisition expanded BlackRock’s infrastructure investment capabilities.
Recent Funding and Market Activity
Aligned Data Centers raised over $12 billion in January 2025. The funding came from equity and debt commitments from Macquarie Asset Management and other investors.
The company participated in White House meetings last month. Discussions focused on accelerating AI infrastructure development with Trump administration officials.
GIP is exploring additional acquisitions beyond Aligned. The firm has expressed interest in purchasing AES Corp, an energy company.
AES carries an enterprise value of $38 billion including debt. Power companies are attracting investor attention due to growing electricity demands from AI data centers.
The data center market has seen multiple large transactions recently. Meta Platforms raised $29 billion for a Louisiana data center facility.
Oracle secured $18 billion in bond financing to build infrastructure for OpenAI. These deals reflect the capital intensity of AI infrastructure development.
MGX is reportedly seeking to raise up to $25 billion for AI infrastructure projects. Mubadala maintains a strategic partnership with BlackRock on various investments.
At $40 billion, the Aligned acquisition would rank among the top five global deals in 2025. The transaction underscores continued investor confidence in data center assets.
Data center valuations have surged since ChatGPT’s launch in late 2022. Investors are positioning themselves for long-term AI infrastructure growth.
GIC’s chief investment officer Bryan Yeo cautioned about potential market overvaluation. Speaking at the Milken Institute Asia Summit, Yeo warned of bubble risks if AI adoption lags behind market expectations.
BlackRock shares have risen 13 percent this year. The company’s market capitalization stands at approximately $189 billion.
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