On Tuesday, a group of the world’s most powerful investors finished buying a company most people have never heard of. The price tag explains why it matters.

The largest data-centre deal ever

The AI Infrastructure Partnership, MGX, and BlackRock’s Global Infrastructure Partners completed their purchase of all the equity in Aligned Data Centers. The deal values the Texas developer at about $40 billion, the largest data-centre acquisition on record.

The seller, Macquarie Asset Management, had owned Aligned since 2018. Back then it ran two sites and 85 megawatts of capacity. Today it spans 51 campuses and more than 6.4 gigawatts, live or planned, across the US and South America.

Then another $5 billion