Reuters reported that on October 15, 2025, an investor group led by BlackRock, Microsoft and Nvidia agreed to buy Aligned Data Centers (which currently operates ~80 data-centre campuses and has ~5 GW of current and planned capacity) from Macquarie Asset Management in a transaction valued around $40 billion.

The acquisition is noteworthy because it moves AI companies and large asset-owners further into owning the physical infrastructure underpinning compute—land, power, cooling, real-estate—not just chips. Analysts estimate that global AI infrastructure spending could hit $400 billion this year alone.

Aligned will remain headquartered in Dallas and the consortium plans to leverage the company’s land portfolio, power-capacity access and scale to meet AI demand from hyperscalers and cloud providers.

Key Highlights

• Acquisition of Aligned Data Centers by a consortium including BlackRock, Microsoft and Nvidia — deal value approx $40 billion.
• Aligned currently operates roughly 80 data-centre campuses with ~5 GW of capacity.
• Inflection point: AI infrastructure is no longer just hardware and models but includes the full stack of real estate, power and networks.
• Global AI infrastructure spending now reaching hundreds of billions.

Why This Matters

1. Compute real-estate is strategic: Owning the sites, power access and cooling infrastructure gives long-term advantage in the AI arms race.

2. Vertical integration across infrastructure layers: From chip to system to site — companies are ensuring control over every layer.

3. Barrier to entry increases: With incumbents controlling not just compute but the physical footprint, new entrants may face steeper hurdles.

4. Asset re-definition: What used to be “utility real estate” is now “AI compute infrastructure” — changing valuations, investment models and risk profiles.