The infrastructure supporting Artificial Intelligence is no longer solely the domain of engineers and data center operators; it has become a major front in global investment. BlackRock, the world’s largest asset manager, has announced it has already raised $12.5 billion for its AI infrastructure investment alliance alongside Microsoft and MGX, a vehicle designed to finance data centers and, importantly, energy: the bottleneck that threatens to limit the sector’s growth.
BlackRock’s CEO, Larry Fink, provided this figure during the presentation of the Q4 2025 earnings on January 15, 2026. He emphasized that the partnership continues to attract significant capital, with the funds raised coming from both founders and clients. Beyond the headline, the core trend is clear: AI demand is translating into increased need for real estate, megawatts, and networks—an opportunity size that major funds want to capture before the market matures.
An ambitious goal: $30 billion in equity and up to $70 billion in debt
The alliance—known as Global AI Infrastructure Investment Partnership (AIP)—was set up with a clear target: raise $30 billion in equity and mobilize up to $70 billion in debt financing, aiming for an investment capacity comparable to large-scale infrastructure programs. The declared focus is twofold: developing and acquiring data center platforms, and building the energy infrastructure essential to power them reliably.
In practice, this approach acknowledges a key reality the sector has been repeating for months: available electrical capacity and connection timelines matter just as much as GPU availability. Therefore, investments extend beyond buildings and white rooms; they include projects related to generation, grid infrastructure, substations, cooling, and efficiency—areas increasingly determining who can deploy large-scale computing and who cannot.
Who’s involved (and why it matters)
In addition to Microsoft and MGX, the scheme has attracted names highlighting its “strategic” nature. Nvidia and xAI are among participants, reinforcing the idea that the AI value chain—from silicon to data centers—is being structured through hybrid alliances: technological, financial, and sometimes geopolitical.
MGX plays a notable role: backed from Abu Dhabi, it has gained prominence as a financier of technology and infrastructure projects. Concurrently, the alliance has attracted other institutional investors; for example, in 2025, the Kuwait Investment Authority was reported as the first non-founding anchor investor. Overall, this landscape depicts a global capital club with a clear interest in assets once viewed as relatively stable “digital infrastructure,” but not necessarily as the epicenter of economic growth.
A defining deal: Aligned Data Centers and the $40 billion milestone
The alliance has not only raised capital but also demonstrated execution capability through one of the largest sector transactions. In October 2025, a consortium including BlackRock, Microsoft, and Nvidia announced the acquisition of Aligned Data Centers for $40 billion. This move was seen as a market inflection point in digital infrastructure.
This deal focused on a straightforward argument: securing “AI-ready” data center capacity has become so critical that major players prefer to buy complete platforms rather than compete project-by-project. Reuters described Aligned as a significant operator with a substantial footprint in data center campuses, with closing expected in the first half of 2026. Beyond the price, the move signaled that AI is redefining acquisition scale—from building individual structures to capturing pipelines and future capacity.
Europe joins the scene: ACS and GIP seal a €2 billion platform
Simultaneously, BlackRock has expanded its exposure to data centers outside the U.S. via GIP (Global Infrastructure Partners), its infrastructure arm. In November 2025, ACS and GIP announced a joint venture valued at €2 billion to develop and operate data centers, with an initial pipeline of 1.7 GW across North America, Europe, Asia, and Australia, according to corporate sources and subsequent coverage.
The agreement includes an initial payment and performance-based components tied to commercialization milestones, with a 50/50 ownership split. Crucially, it emphasizes the concept of a platform—a sort of industrial machinery to accelerate projects and standardize deployments across multiple regions, especially as permits, electrical interconnection, and land availability have become the true constraints.
Key figures in the AI and data center investment push
| Initiative / Operation | What it is | Target amount / value | Known status | Main focus |
|---|---|---|---|---|
| AIP (BlackRock + Microsoft + MGX) | Global AI infrastructure investment vehicle | $30 billion in equity + up to $70 billion in debt | $12.5 billion raised as of 01/15/2026 | Data centers + energy for AI |
| Acquisition of Aligned Data Centers | Data center platform purchase | $40 billion | Announced October 2025; closing planned for H1 2026 | “AI-ready” capacity at scale |
| JV ACS + GIP (BlackRock) | Development and operational platform | €2 billion | Announced November 2025 | Global pipeline; 1.7 GW initial |
A clear thesis: AI needs patient capital and secured megawatts
For the market, BlackRock’s move confirms that AI infrastructure is establishing itself as a distinct category: long-term projects, capital-intensive, with regulatory and energy risks. At the same time, it offers an attractive opportunity for investors seeking exposure to megatrends beyond just tech stocks.
The key lies in the combo of data centers + energy. Building computing capacity without resolving power supply issues is like constructing a shell—futile. That’s why, alongside major corporate deals, the sector closely watches investments and stakes in ecosystem components: cooling specialists, regional campus developers, and semiconductor companies linked to watts per dollar performance. In BlackRock’s case, DatacenterDynamics has noted recent moves in cooling, UK developers, and chip companies, highlighting a portfolio strategy that aims to cover several critical links.
Frequently Asked Questions
What exactly is the BlackRock AIP with Microsoft and MGX?
It’s an investment alliance focused on AI infrastructure, targeting data centers and energy assets, designed to mobilize tens of billions in capital and debt.
Why does an AI fund invest heavily in energy and not just data centers?
Because power availability and connection timelines directly impact real deployment capacity. Without firm megawatts, data centers risk underutilization or delays in operation.
What does the $40 billion acquisition of Aligned Data Centers mean for the market?
It signals consolidation: securing complete platforms and future pipelines may be more efficient than competing for individual projects in a demand-driven AI market.
What’s the significance of the ACS-GIP joint venture for Europe?
It underscores the trend of creating pan-European and global platforms with industrial-scale capacity to develop large data centers, especially as permits, land, and electricity grid constraints become key factors.
via: datacenterdynamics