GIP Nears $40 Billion Aligned Data Centers Deal Amid AI Infrastructure Race

GIP, backed by BlackRock, is in advanced-stage talks to acquire Aligned, a data-center firm focused on AI workloads, according to a report by Reuters. The deal may also involve MGX, an AI investment vehicle based in Abu Dhabi co-founded by Mubadala and G42, which could invest alongside or as part of the transaction. Mubadala already holds a minority stake in Aligned. Aligned, headquartered in Texas, operates or is developing nearly 80 data centers with a total capacity exceeding 5 gigawatts. Its customer base includes hyperscale cloud providers and AI firms, making it well-positioned to benefit from surging demand for compute infrastructure.

The interest in Aligned’s assets reflects investor conviction that data centers, particularly those built for AI and high-performance computing are becoming critical infrastructure. With the rise of generative AI, more firms are investing heavily in compute and memory, driving up demand for specialized facilities.

The timing of this potential deal is noteworthy. Over the past year, investments in digital infrastructure have surged as companies and governments compete to build out the backbone for AI, cloud, and high-throughput services. McKinsey estimates that global investment in AI-related infrastructure could reach $6.7 trillion by 2030. That figure helps frame the scale of demand that buyers and operators of data centers are anticipating.

In parallel, GIP is reported to be in late-stage talks to acquire the utility company AES Corporation in a separate transaction potentially valued above $40 billion. That suggests GIP is aiming to expand its infrastructure footprint across multiple sectors, including both energy and digital backbone assets.

Aligned’s specialization in AI workloads gives it differentiation versus traditional colocation or cloud data centers. The power, cooling, networking, and latency demands of large model training and inference require more sophisticated facilities. Acquiring Aligned could give GIP and its backers closer exposure to that high-growth niche. However, deals of this magnitude carry risks, regulatory scrutiny, integration challenges, capital intensity, and shifting technology standards. Whether GIP can negotiate favorable terms, manage the transition, and extract the expected synergies remains to be seen.

By combining infrastructure capital through GIP with operational assets such as Aligned, the buyer could seek operational efficiencies, negotiate power contracts at scale, and optimize resource allocation. Such control over both the physical and financial aspects of digital infrastructure could help improve margins and resilience.

The trajectory of compute demand also presents uncertainty. Rapid developments in chip design, distributed computing, or energy-efficiency innovations could change the economics of large-scale data centers. Overbuilding capacity is a risk if demand growth slows or shifts toward alternative models. In addition, the construction and maintenance of hyperscale facilities require massive up-front capital and secure power contracts. Rising interest rates or energy prices could compress returns and prolong the payback period for investors.

Should the acquisition close, GIP would significantly expand its position in the global data-center sector and gain deeper exposure to AI infrastructure. The transaction would also reinforce a broader trend: infrastructure investors increasingly view digital assets such as data centers, fiber networks, and AI compute hubs as core strategic holdings, comparable to utilities and transport assets.

For the broader data-center industry, consolidation could accelerate. Smaller operators may face pressure to scale or be acquired, as the capital and complexity required to compete continue to rise. On the user side, the increased scale and financial backing of firms like GIP could translate into improved reliability and capacity, possibly resulting in more efficient services for enterprise clients and AI developers. From a macro-investment perspective, the potential deal signals how the definition of infrastructure itself is evolving. The next wave of global infrastructure investment will not only concern roads, ports, and pipelines, but also the invisible digital systems that power the world’s data-driven economies.