Macquarie Asset Management’s announcement of the $40 billion sale of Aligned Data Centers made headlines—and for good reason. It’s not just the size of the the deal that’s striking; it’s what Macquarie says about its future direction in AI and data infrastructure that matters.
The Deal at a Glance
- Macquarie is selling its stake in Aligned Data Centers to a consortium including the AI Infrastructure Partnership (AIP), MGX, and BlackRock’s Global Infrastructure Partners.
- The enterprise value is placed at about $40 billion, making it one of the largest deals ever in the data centre sector.
- Under Macquarie’s stewardship, Aligned grew from two operating data centre sites (with ~85 MW capacity) to a platform managing or planning over 5 GW of capacity across North and Latin America.
- The deal is expected to close in the first half of 2026, pending regulatory approvals.
Why Macquarie Is Selling—But Still Betting on the Theme
On the surface, it may seem odd to sell a high-growth asset in a booming sector—but Macquarie frames this as a tactical exit, not a retreat.
- Perfect timing. Macquerie’s leadership noted that after seven years of holding Aligned, the valuation is strong and the market conditions allow a clean exit.
- Stick with the thesis. The sale isn’t a vote of no confidence in AI or digital infrastructure. To the contrary, Macquarie plans to invest up to $5 billion in partnership with Applied Digital to build high-performance computing data centres.
- Portfolio flexibility. Macquarie retains exposure to several other data centre or infrastructure investments globally (e.g. Bohao, Hanam, VIRTUS).
- Capital recycling. Exiting Aligned frees up substantial capital to reallocate into new opportunities—especially those more tailored to the next wave of AI infrastructure demands.
Thus, the move signals a shift from owning a massive data centre operator to more nimble, targeted investments in cutting-edge infrastructure.
Reading the Market Signals
What does this say about where AI and data infrastructure are heading?
1. Data centres remain in overdrive mode
Even as Macquarie exits Aligned, its confidence in “the data centre boom” remains steady. The firm sees global digitalisation and AI expansion as still very early innings.
Major tech firms are projected to invest hundreds of billions in AI infrastructure, keeping demand ultra-strong.
2. High-performance computing (HPC) is the next frontier
Macquarie’s pivot into HPC data centres points to growing recognition that future AI workloads demand more than general data centre capacity—they need specialized, high-density, high-efficiency facilities.
3. Asset ownership is being rethought
Rather than owning and operating massive platforms, financial players may increasingly prefer to fund, design, or lease infrastructure built for AI workloads—and harvest returns via capital deployment rather than operator profits.
4. Infrastructure is strategic, not just “boring”
Deals like this show data centres are now central to global tech power. Infrastructure isn’t just utility; it’s a battleground for influence in AI, cloud, and computing dominance.
What This Means for Stakeholders
For investors
Macquarie’s move suggests strong conviction in the underlying thesis. For cautious investors, it’s a signal to look at parts of the stack: HPC, cooling, power systems, edge infrastructure, sustainable energy solutions.
For data centre operators & builders
Expect more competition for cutting-edge projects. The bar for efficiency, sustainability, and specialization will only rise.
For AI/cloud providers
More capital flow into infrastructure means potential for faster deployment, cost innovation, and scale. But it also means the infrastructure layer will matter even more—performance, latency, power, cooling, and location will all become battlegrounds.
Risks & Wild Cards
- Regulatory risk. Large infrastructure deals often come under antitrust and foreign investment scrutiny. The Aligned sale will face approvals before it closes.
- Execution risk in HPC. Building world-class high-performance data centres is harder than general colocation. The technical demands and costs are steep.
- Valuation froth. The huge valuations in recent deals may face correction if growth slows or capital costs rise.
- Energy & sustainability constraints. As AI and data centres scale, their power demands will stress grids and regulatory frameworks.
Bottom Line
Macquarie’s decision to sell Aligned Data Centers for $40 billion doesn’t reflect hesitation—it reflects sophistication. They’re stepping back from being the operator of one giant asset, to being an investor in the rising nodes of AI infrastructure.
Yes, they’re cashing in. But they’re not exiting the party—they’re redeploying. And for those watching AI and data infrastructure, it’s a sharp reminder: the relationships between capital, power, compute, cooling, and latency are becoming the new terrain for competitive advantage.
