MGX, AIP and BlackRock’s GIP Close $40 Billion Aligned Deal

A Major Digital Infrastructure Transaction

The acquisition was originally announced in October 2025 and was expected to close during the first half of 2026, subject to regulatory approvals and customary conditions.

Aligned operates a portfolio of 51 data center campuses with more than 6.4 gigawatts of operational and planned capacity across the Americas. Its facilities and development pipeline are concentrated in established data center markets including Northern Virginia, Chicago, Dallas, Ohio, Phoenix and Salt Lake City, alongside locations in São Paulo, Querétaro and Santiago.

The company develops infrastructure for hyperscale technology businesses, cloud providers and other customers whose computing requirements can exceed the capacity available in conventional enterprise data centers. Those requirements have grown as companies train and operate increasingly complex AI models, placing pressure on available power, cooling systems, land and grid connections.

Macquarie first invested in Aligned in 2018, when the company had two operational facilities and approximately 85 megawatts of critical capacity. During Macquarie’s ownership, the platform expanded across North and South America and increased its operational and planned capacity to more than 6.4 gigawatts, according to the asset manager.

The sale therefore represents more than a change in ownership. It places an established data center platform under a group of investors formed specifically to finance large-scale AI infrastructure, while giving Macquarie an exit from an asset it helped expand over eight years.

Aligned Chief Executive Andrew Schaap and the existing management team will remain in place following the acquisition. The company will also continue to be headquartered in Dallas, limiting immediate operational disruption as its new owners begin deploying additional capital.

AIP Makes Its First Investment

The transaction is the first investment completed by the Artificial Intelligence Infrastructure Partnership, known as AIP. The partnership was established in 2024 by BlackRock, Global Infrastructure Partners, Microsoft and MGX to channel institutional capital into data centers, energy systems and other infrastructure required to support AI development.

AIP initially set a target of mobilizing and deploying $30 billion in equity. With debt financing included, the partnership has said its total investment capacity could eventually reach $100 billion.

The $5 billion committed at closing is intended to finance Aligned’s continued expansion and the addition of AI-ready capacity. The companies have not publicly provided a detailed schedule showing which campuses will receive the capital, how quickly it will be deployed or what portion will be used for new construction rather than upgrades to existing sites.

MGX’s participation also extends Abu Dhabi’s role in the international financing of AI infrastructure. The investment company was established to focus on sectors including semiconductors, computing infrastructure, software, life sciences and technology-enabled services.

Global Infrastructure Partners brings experience in owning and managing large infrastructure assets and has operated as part of BlackRock since the investment manager completed its acquisition of GIP in 2024. BlackRock’s infrastructure platform spans energy, transportation, water and waste systems, as well as digital assets.

The composition of the consortium reflects the increasingly interconnected nature of AI investment. Building computing capacity now involves more than purchasing processors or constructing data halls. Developers must secure long-term access to electricity, cooling infrastructure, suitable land, fiber connectivity and financing, often years before a facility begins serving customers.

Expansion Opens the Next Phase of Growth

Aligned’s enlarged portfolio gives the consortium an established operating platform across major data center markets, reducing the need to build a new infrastructure business from the ground up. The next phase will center on converting planned capacity into active facilities as demand for cloud computing and artificial intelligence infrastructure continues to expand.

The company’s 6.4-gigawatt portfolio includes both operational sites and projects under development or planning. While not all of that capacity is currently in service, the figure highlights the scale of Aligned’s pipeline and the consortium’s ability to support future growth across multiple markets.

Access to electricity, land and construction capacity will remain important as new campuses move forward. Aligned’s existing footprint, development experience and presence in established data center hubs may give the new owners a stronger starting point than investors entering the sector through newly formed platforms.

Cooling technology is also expected to play a larger role as AI workloads increase the density of computing equipment inside data halls. Aligned says it holds more than 50 patents related to cooling and has developed systems designed to support higher-density infrastructure while limiting water use.

The additional $5 billion committed by the consortium is intended to support the company’s expansion, although the buyers have not yet provided a detailed breakdown of how the capital will be allocated.

The acquisition gives AIP, MGX and GIP control of a sizable data center platform at a time when computing infrastructure is becoming increasingly important to technology companies, investors and governments.