BlackRock's GIP Close to Acquiring Aligned Data Centers in a $40 Billion Deal: Strategic and Financial Implications for Infrastructure Investors

The impending $40 billion acquisition of Aligned Data Centers by BlackRock's Global Infrastructure Partners (GIP) represents a seismic shift in the infrastructure and AI landscapes. If finalized, this deal-nearly triple the size of GIP's 2021 CyrusOne acquisition-would cement BlackRock's dominance in AI-ready infrastructure while reshaping competitive dynamics for investors.

Strategic Rationale: AI as the New Infrastructure Megatrend

The transaction aligns with a broader industry pivot toward AI-driven infrastructure. According to a Yahoo Finance report, Aligned operates 78 data centers across 50 campuses in the U.S. and South America, positioning it as a critical player in meeting surging demand for AI workloads. This acquisition follows BlackRock's co-founding of the AI Infrastructure Partnership (AIP) in 2025, a $30 billion initiative with Microsoft and Mubadala's MGX to develop AI data centers and energy infrastructure, as noted in a FA-Mag report. The AIP's total investment potential, including debt, could reach $100 billion, underscoring the scale of capital flows into this sector (FA-Mag).

For GIP, the deal accelerates its transition from traditional infrastructure to high-growth digital assets. As noted by a CBRE IM report, Aligned's existing $12 billion capital raise-comprising $5 billion in equity and $7 billion in debt-demonstrates robust investor confidence in its AI-focused expansion. This aligns with BlackRock's broader thesis that AI will drive productivity gains and offset inflationary pressures, as highlighted in the FA-Mag article.

Financial Structure and Leverage: Balancing Risk and Reward

While specific terms of the GIP-Aligned deal remain undisclosed, historical patterns suggest a leveraged approach. GIP's 2021 CyrusOne acquisition, valued at $15 billion, relied on a mix of equity and debt (see the Yahoo Finance report). BlackRock's current debt-to-equity ratio of 1.97 (as of June 2025), according to Macrotrends data, indicates a relatively aggressive capital structure compared to the industry average of 1.32. However, the firm's access to institutional capital-such as Macquarie Asset Management's participation in Aligned's prior funding-mitigates some risk (CBRE IM).

The involvement of MGX, Mubadala's AI-focused arm, adds another layer of financial flexibility. MGX's independent investment in the deal signals strong institutional backing, per AllAboutAI data. This structure mirrors the AIP's model, where private equity and debt financing combine to scale infrastructure projects (FA-Mag). For infrastructure investors, the deal highlights the sector's shift toward hybrid funding models, blending private capital with public debt to manage leverage ratios (Macrotrends).

Sector Implications: Pricing Power and Energy Challenges

The acquisition's timing coincides with a transformative phase in the data center sector. CBRE's H1 2025 report notes that AI-ready data centers in the U.S. now account for 33% of total facilities, with Northern Virginia's 8,155 MW capacity and 1.6% vacancy rate underscoring regional concentration. Pricing trends further validate this momentum: wholesale colocation rates in key markets like Silicon Valley rose 19% year-over-year in 2025, driven by demand for high-power-density AI infrastructure (CBRE H1 report).

However, energy constraints remain a critical challenge. The AIP's collaboration with GE Vernova and NextEra Energy to develop renewable energy solutions for data centers illustrates the sector's need to address its carbon footprint (FA-Mag). For investors, this means evaluating not just capex but also the long-term viability of energy partnerships-a factor Aligned's existing cooling innovations may already address (CBRE IM).

Investor Takeaways: Growth vs. Volatility

The deal offers both opportunities and risks. On the upside, AI infrastructure is projected to grow at a 33% CAGR, with global spending surpassing $200 billion by 2030, according to AllAboutAI data. BlackRock's infrastructure funds, which outperformed equities in 2024, position the firm to capitalize on this trend (CBRE IM). Yet, the sector's reliance on debt-exemplified by BlackRock's 1.97 debt-to-equity ratio-introduces vulnerability to interest rate fluctuations (Macrotrends).

For infrastructure investors, the Aligned acquisition underscores the importance of diversification. While AI-focused assets offer high growth, traditional infrastructure (e.g., transportation, utilities) retains defensive characteristics. As noted by CBRE, the latter provided a safe haven during 2024's market volatility (CBRE IM).

Conclusion

BlackRock's near-finalization of the Aligned deal marks a pivotal moment in the AI infrastructure race. By leveraging its capital markets expertise and strategic partnerships, GIP is poised to dominate a sector experiencing exponential growth. However, investors must balance the allure of AI-driven returns with the risks of over-leveraging and energy dependency. As the deal nears announcement, the focus will shift to execution: Can Aligned's AI-ready campuses deliver the scalability and efficiency promised? For now, the $40 billion bet signals one thing-AI infrastructure is no longer a niche play but the bedrock of the next economic era.