In a Bet on AI, Blackrock is Nearing a $40 Billion Data Center Deal

Global Infrastructure Partners (GIP) is reportedly in advanced talks to acquire Aligned Data Centers in a transaction that could be valued around $40 billion. While no final agreement has been reached and discussions may still fall through, the deal would be among the largest transactions globally this year, according to Bloomberg data.

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A spokesperson for BlackRock, which acquired GIP in 2023, declined to comment. Representatives for Aligned, Macquarie, and Mubadala did not respond to requests for comment outside regular business hours.

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The proposed acquisition underscores the accelerating wave of mega-deals tied to artificial intelligence since the launch of ChatGPT ignited global interest in the sector. Investors have been racing to secure stakes in companies powering the AI revolution whether in semiconductors through giants like Nvidia and SK Hynix, fast-growing startups such as OpenAI and Anthropic, or equipment and infrastructure providers building the backbone of the AI ecosystem.

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This flood of capital has pushed valuations higher at a pace rarely seen in traditional sectors. However, some analysts warn that soaring prices may be outpacing the technology’s near-term revenue potential. While data center construction and spending are ramping up quickly, AI services remain in the early stages of commercialization.

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“If the technology doesn’t catch up with the lofty expectations already priced in, the market risks inflating into a bubble,” said Bryan Yeo, group CIO of GIC Pte, during the Milken Institute Asia Summit in Singapore.

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In recent years, digital infrastructure has become a favorite for global investors seeking reliable returns paired with long-term growth potential. Data centers, in particular, are now among the most actively traded assets in large-scale dealmaking, despite concerns that new capacity may eventually outpace actual demand.

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If completed, GIP’s potential $40 billion deal for Aligned would rank as one of the five largest M&A transactions worldwide in 2025. The move also reflects GIP’s ongoing strategy of expanding in the data center space. The firm already owns Dallas-based CyrusOne, which it and KKR & Co. took private in 2021 in a deal valued at roughly $15 billion.

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BlackRock’s Expanding Footprint

BlackRock, the world’s largest asset manager, acquired GIP for approximately $12.5 billion in 2023, strengthening its foothold in infrastructure investment. Since the acquisition, BlackRock shares have climbed around 13% year-to-date, giving the firm a market capitalization near $189 billion.

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This alignment with GIP’s strategy highlights BlackRock’s broader ambitions in high-growth, stable-return sectors like data centers, renewable energy, and logistics.

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Headquartered in Plano, Texas, Aligned Data Centers has rapidly expanded its footprint across the U.S. and South America. According to the company’s website, it manages and develops 78 data centers across 50 campuses, positioning itself as a major player in the global infrastructure race.

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Aligned has also secured substantial financial backing to fuel its growth. In January, it announced more than $12 billion in equity and debt commitments, led by investors including Macquarie Asset Management. That infusion gave the company the firepower to accelerate construction and meet surging demand from hyperscale cloud providers and AI-driven workloads.

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Beyond financial support, Aligned is actively engaging in policy discussions around AI. Just last month, the company was among several firms represented in meetings with Trump administration officials, focused on accelerating AI development and the infrastructure required to sustain it.

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This reflects a broader recognition at both the corporate and government level: building out robust digital infrastructure is critical to supporting the next phase of AI innovation.

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The potential $40 billion GIP-Aligned deal highlights the massive capital flows chasing AI infrastructure. While valuations remain a concern, the structural demand for data centers, semiconductors, and AI-capable hardware continues to expand.

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For investors, the takeaway is twofold: digital infrastructure is increasingly viewed as both a defensive play for steady returns and a growth engine tied to one of the most transformative technologies of the decade. But with valuations climbing rapidly, selectivity and timing will be crucial.

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