Aligned Data Centers is being sold to BlackRock and MGX in a deal worth $40 billion, the biggest ever acquisition in the digital infrastructure space.

Macquarie Asset Management, which currently owns colo firm Aligned, is selling it to a group comprising the AI Infrastructure Partnership (AIP), MGX, and BlackRock-owned Global Infrastructure Partners (GIP). The deal is expected to close in the first half of 2026.

News that Aligned could be sold was first reported earlier this month. The $40bn valuation makes the deal by far the biggest ever acquisition of a data center company, beating the $16.6bn Blackstone and its partners paid for APAC operator AirTrunk in 2024. On that occasion, the seller was also Macquarie.

"The Aligned story is one of genuine partnership and foresight, and we appreciate the incredible collaboration with Macquarie Asset Management on our growth journey,” said 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.”

Larry Fink, chairman and CEO of BlackRock and chairman of AIP, said: “AIP is positioned to meet the growing demand for the infrastructure required as AI continues to reshape the global economy. This partnership is bringing together leading companies and mobilizing private capital to accelerate AI innovation and drive global economic growth and productivity. With this investment in Aligned Data Centers, we further our goal of delivering the infrastructure necessary to power the future of AI, while offering our clients attractive opportunities to participate in its growth.”

Texas-based Aligned has campuses in Chicago, Illinois; Dallas, Texas; Salt Lake City, Utah; Phoenix, Arizona; and Northern Virginia. The company has further sites in development in Maryland, Ohio, Illinois, and Virginia, as well as across Latin America. In total, its active and planned capacity is 5GW.

Macquarie first invested in the company in 2018.

“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,” said Ben Way, head of Macquarie Asset Management.  “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.”

Founded in 2006, GIP manages more than $100bn in client assets across infrastructure equity and debt, with a focus on energy, transport, water and waste, and digital sectors. BlackRock acquired GIP last year.

The company’s digital investments include data center firm CyrusOne and Vodafone tower company Vantage Towers (both in partnership with KKR). The firm has also previously provided loans to data center firm Vantage (unaffiliated with the tower company).

BlackRock also owns European data center operator Mainova Webhouse.

MGX is an AI investment vehicle owned by Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company. It is a partner in Stargate, OpenAI’s sprawling data center build-out that is looking to add 50GW of capacity to support the AI lab’s work.

Rather confusingly, AIP is a group of investors that also includes BlackRock and MGX. Founded in September last year, it is also backed by the likes of Microsoft and Kuwait’s sovereign wealth fund, the Kuwait Investment Authority.