BlackRock's $40 Billion Bet on Aligned Data Centers: A Strategic Play in the AI Infrastructure Gold Rush

The global economy is undergoing a seismic shift driven by artificial intelligence (AI). At the heart of this transformation lies a critical but often overlooked asset: the infrastructure that powers AI's insatiable demand for computing power. BlackRock's Global Infrastructure Partners (GIP), the investment arm of the world's largest asset manager, has placed a bold bet on this reality. In a deal valued at approximately $40 billion, GIP is in advanced negotiations to acquire Aligned Data Centers, a Texas-based firm operating 78 data centers across the U.S. and South America with a combined capacity exceeding 5 gigawatts, according to Cryptopolitan. This acquisition, if finalized, would not only be one of the largest in the private data center sector but also a clear signal of where capital is flowing in the AI-driven future.

The Case for Aligned: Undervalued Infrastructure in a High-Growth Sector

Aligned's appeal lies in its strategic alignment with the AI infrastructure boom. The firm has already raised over $12 billion in funding-$5 billion in equity and $7 billion in debt-to accelerate its expansion, led by investors such as Macquarie Asset Management, as Aligned announced. Yet, its financial metrics remain modest. For instance, 2024 revenue estimates range from $3.8 million to $76.3 million, depending on the source, according to Compworth. These figures starkly contrast with the $40 billion valuation being negotiated, raising questions about whether Aligned is overhyped or simply ahead of its time.

The answer lies in the broader industry dynamics. AI infrastructure spending is projected to surge from $35.42 billion in 2023 to $223.45 billion by 2030, growing at a compound annual rate of 30.4%, according to Grand View Research. Data centers like Aligned's are not just passive repositories for servers; they are the lifeblood of AI, requiring specialized cooling, energy efficiency, and proximity to high-speed networks. As McKinsey notes, AI infrastructure investments could reach $6.7 trillion by 2030. In this context, Aligned's 5 gigawatt capacity-enough to power over 4 million homes-positions it as a critical node in the AI supply chain.

Valuation Multiples and the AI Premium

The $40 billion valuation for Aligned may seem exorbitant, but it aligns with the aggressive multiples being applied to AI infrastructure. In 2025, AI M&A deals have averaged revenue multiples of 25.8x, with top-tier firms commanding 40x–50x, according to Aventis Advisors. For comparison, traditional data center firms trade at 10x–15x revenue. Aligned's valuation reflects its unique role in serving AI's "infrastructure bottleneck," a term coined by analysts to describe the lag between AI's computational demands and the availability of supporting infrastructure.

Consider the math: If Aligned's revenue in 2025 is conservatively estimated at $1 billion (a 13x multiple of its 2024 $76.3 million figure), a 40x multiple would justify a $40 billion valuation. This assumes rapid growth driven by AI's expansion, which is precisely what the market is betting on. Moreover, Aligned's recent capital raise-led by global investors-demonstrates confidence in its ability to scale. The firm plans to deploy the $12 billion to build out 5 gigawatts of new capacity, directly addressing the looming shortage of AI-ready infrastructure, as reported by Data Center Dynamics.

Strategic Synergies and the Role of MGX

The deal also highlights the growing convergence of institutional capital and sovereign wealth in the AI race. Abu Dhabi's MGX, an AI-focused investment firm, is reportedly involved in the transaction, signaling a strategic alignment with Middle Eastern interests in securing AI infrastructure, according to LinkedIn. This partnership is not incidental. As AI becomes a geopolitical asset, access to data centers-particularly those with energy-efficient designs and reliable power sources-will determine competitive advantage. Aligned's U.S. and South American footprint, combined with MGX's capital, creates a hybrid model of private and state-backed infrastructure development.

BlackRock's GIP, meanwhile, has a track record of capitalizing on infrastructure megatrends. Its 2021 acquisition of CyrusOne for $15 billion and ongoing discussions to buy AES Corp. for $38 billion underscore a strategy of consolidating assets in high-growth sectors. The Aligned deal fits this pattern, offering GIP a direct stake in the AI revolution while diversifying its portfolio into a sector with long-term tailwinds.

Risks and the Road Ahead

No investment is without risk. Aligned's valuation hinges on the assumption that AI adoption will continue to accelerate, a bet that could sour if regulatory headwinds or technological stagnation emerge. Additionally, the firm's reliance on debt financing-$7 billion of its $12 billion raise was debt-exposes it to interest rate volatility. However, given the current trajectory of AI growth and the scarcity of purpose-built infrastructure, these risks appear manageable.

For investors, the key takeaway is clear: The AI revolution is not just about algorithms and data. It is about the physical infrastructure that makes these technologies viable at scale. Aligned, with its strategic assets and institutional backing, represents a rare opportunity to invest in a sector where demand is outpacing supply. BlackRock's $40 billion allocation is not a gamble-it is a calculated move to secure a dominant position in the next industrial revolution.