TLDR
- BlackRock, Nvidia, Microsoft, and xAI buy Aligned Data Centers for $40B.
- Aligned operates 50 data centers across the Americas.
- The deal emphasizes the growing demand for AI-driven data center infrastructure.
- Crypto miners are repurposing data-center space for high-performance computing.
A group of prominent investors, including BlackRock, Nvidia, Microsoft, and Elon Musk’s xAI, has reached an agreement to acquire Aligned Data Centers in a transaction valued at $40 billion. This deal underscores the growing demand for data-center capacity, particularly in the wake of advances in artificial intelligence (AI). Aligned, which specializes in building and operating large campuses for cloud and enterprise clients, operates about 50 sites across the Americas, with more than 5 gigawatts of current and planned capacity.
The Significance of the Deal
The acquisition highlights the rising importance of AI infrastructure and its intersection with the data center industry. Aligned’s facilities will remain headquartered in Dallas, Texas, and will continue to be led by CEO Andrew Schaap. The sale is expected to close in the first half of 2026, pending regulatory approvals. The buyers are part of the Artificial Intelligence Infrastructure Partnership, a consortium formed by BlackRock and MGX last year. This partnership aims to invest tens of billions of dollars into AI-compute projects.
Notably, this deal marks a further merging of AI and traditional sectors, as firms focus on creating infrastructure to support the growing needs of AI technologies. Aligned’s data centers will help provide the necessary capacity for this rapidly expanding market. The deal is expected to provide ample infrastructure for AI-driven growth while securing the future of the data center industry.
Impact on the Cryptocurrency Industry
For crypto investors, the acquisition signals a shift in how energy-dense infrastructure—previously a domain dominated by bitcoin miners—is now being integrated into AI infrastructure. VanEck’s Matthew Sigel highlighted that the $40 billion price tag reflects a valuation of approximately $8 million per megawatt (MW) of capacity. This is considerably higher than the typical $3 million per MW valuation seen for publicly listed mining companies like Iris Energy, Riot Platforms, Cipher Mining, and Hut 8.
Sigel noted that, if miners gain access to project financing, they could see significant equity upside, ranging from 150% to 500%. This growing valuation gap—roughly 160% higher on a per-megawatt basis—demonstrates the increasing convergence between AI data centers and bitcoin mining. As a result, several firms, including Galaxy Digital, Bitfarms, and Canaan, are already repurposing their mining assets and data-center spaces to accommodate high-performance computing.
Shifting Dynamics in Data Centers
As demand for both AI infrastructure and mining operations continues to surge, several companies are adapting their strategies. By repurposing mining equipment for high-performance computing, they are leveraging existing assets to capitalize on the rapidly evolving data center space. This shift in focus illustrates how traditional sectors and cryptocurrency firms are converging, as both industries recognize the need for robust data infrastructure to support their growth.
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