BlackRock 領導聯盟以 400 億美元收購 Aligned Data Centers，創 AI 基礎設施交易紀錄

Published:
  Lastmod: 2025-10-22
隨手記
by Ernest Chiang

Post Title Image (圖說：Aligned Data Centers。圖片來源：Aligned Data Centers。)

✳️ tl;dr

  • AIP、MGX 和 GIP 組成聯盟，以 400 億美元 ($40B) 收購 Aligned Data Centers 12
  • 這是 AIP = AI Infrastructure Partnership 成立以來的首筆投資
  • AIP 由 BlackRock、Microsoft、NVIDIA、MGX 於 2024 年 9 月創立 3
  • AIP 目標動員 300 億美元股權資本，包含債務融資後有潛力達到 1000 億美元規模
  • Aligned 擁有 50 個園區、超過 5 GW 運營及規劃容量，橫跨美國與拉丁美洲關鍵數位樞紐
  • 超大規模資料中心市場預計 2025 年達 1673 億美元，
  • 以 23.58% CAGR 增長至 2030 年的 6024 億美元 4
  • 全球資料中心用電量預計從 2024 年的 415 TWh 翻倍至 2030 年的 945 TWh，占全球用電量 3% 5
  • Aligned 持有超過 50 項專利冷卻技術，包括空氣、液體和混合冷卻系統，專為高密度 AI 工作負載設計 16
  • NVIDIA 最新 GB200 晶片每機架功率密度可達 120 千瓦，液冷成為 20 千瓦以上機架的必要技術 78
  • 科威特投資局和新加坡淡馬錫作為 AIP 錨定投資者，顯示主權財富基金對 AI 基礎設施的長期承諾 23
  • 值得注意的是 Macquarie (麥格理資產管理公司) 在 2018 年首次投資 Aligned，7 年內將其從 2 個設施擴展至 50 個園區，實現約 400 億美元估值退出 910
  • 主要科技公司預計 2025 年在 AI 基礎設施上投入 4000 億美元，OpenAI 的 Stargate 計劃單獨就達 5000 億美元 211
  • 美國資料中心功率需求預計從 2024 年的 35 GW 翻倍至 2035 年的 78 GW，平均每小時用電量將增長三倍 12
  • 身為管理者的你：麥格理 在 2018 年入手投資（不只一家資料中心公司）， 7 年後退出。即將面對 2026 年的各位，有開啟雷達定位 3~5 年標的了嗎？

✳️ 知識圖譜

(更多關於知識圖譜…)

%%{init: {'theme':'default'}}%%
graph LR
    AIP[AI Infrastructure Partnership]:::instance
    BlackRock[BlackRock]:::instance
    MGX[MGX]:::instance
    GIP[Global Infrastructure Partners]:::instance
    Microsoft[Microsoft]:::instance
    NVIDIA[NVIDIA]:::instance
    Aligned[Aligned Data Centers]:::instance
    Macquarie[Macquarie Asset Management]:::instance
    KIA[Kuwait Investment Authority]:::instance
    Temasek[Temasek]:::instance
    OpenAI[OpenAI]:::instance
    xAI[xAI]:::instance
    
    AIInfra[AI Infrastructure]:::concept
    DataCenter[Data Centers]:::concept
    Cooling[Cooling Technology]:::concept
    PrivateEquity[Private Equity]:::concept
    Computing[Computing Capacity]:::concept
    CloudInfra[Cloud Infrastructure]:::concept
    AssetMgmt[Asset Management]:::concept
    Energy[Energy Enablement]:::concept
    
    BlackRock -->|co-founded in 2024| AIP
    MGX -->|co-founded in 2024| AIP
    Microsoft -->|co-founded in 2024| AIP
    NVIDIA -->|co-founded in 2024| AIP
    GIP -->|part of| BlackRock
    GIP -->|co-founded in 2024| AIP
    
    KIA -->|anchor investor| AIP
    Temasek -->|anchor investor| AIP
    xAI -->|backed by| AIP
    
    Macquarie -->|owned 2018-2025| Aligned
    Macquarie -->|sells for $40B| AIP
    AIP -->|acquires for $40B| Aligned
    
    Aligned -->|operates 50 campuses| DataCenter
    Aligned -->|implements 50+ patents| Cooling
    Aligned -->|provides 5+ GW| Computing
    
    AIP -->|first investment in| AIInfra
    DataCenter -->|supports| AIInfra
    Cooling -->|enables high-density| Computing
    Energy -->|powers| DataCenter
    
    Microsoft -->|requires| CloudInfra
    NVIDIA -->|provides GPUs for| Computing
    OpenAI -->|consumes 26 GW of| Computing
    
    Macquarie -->|manages $588B via| AssetMgmt
    AIP -->|deploys $30B| PrivateEquity
    
    CloudInfra -->|runs on| DataCenter
    AIInfra -->|depends on| DataCenter
    
    classDef concept fill:#FF8000,stroke:#333,stroke-width:2px,color:#000
    classDef instance fill:#0080FF,stroke:#333,stroke-width:2px,color:#fff

%%{init: {'theme':'default'}}%%
graph TD
    AIP[AIP Initial Target: $30B Equity Capital]
    
    Debt[Plus Debt Financing]
    
    Total[Total Potential: $100B]
    
    First[First Investment: Aligned Acquisition $40B Enterprise Value]
    
    Anchors[Anchor Investors: Kuwait Investment Authority Temasek]
    
    Founders[Founding Partners: BlackRock, GIP, MGX Microsoft, NVIDIA]
    
    Tech[Technology Partners: Cisco, GE Vernova NextEra Energy]
    
    Founders --> AIP
    Anchors --> AIP
    Tech -.supports.-> AIP
    AIP --> Debt
    AIP --> Total
    AIP --> First
    
    style AIP fill:#0080FF,color:#fff
    style Total fill:#FF8000
    style First fill:#FFD700

%%{init: {'theme':'default'}}%%
graph LR
    Aligned[Aligned Data Centers Founded 2013]
    
    Capacity[Total Capacity: 5+ Gigawatts]
    
    Campus[50 Campuses ~80 Facilities]
    
    US[US Locations: Northern Virginia Chicago, Dallas Phoenix, Salt Lake City]
    
    LATAM[Latin America: Sao Paulo Brazil Queretaro Mexico Santiago Chile]
    
    Tech[Technology: 50+ Patents Air/Liquid/Hybrid Cooling]
    
    Customers[Customers: Hyperscalers Nutanix, Datto]
    
    Aligned --> Capacity
    Aligned --> Campus
    Campus --> US
    Campus --> LATAM
    Aligned --> Tech
    Aligned --> Customers
    
    style Aligned fill:#0080FF,color:#fff
    style Capacity fill:#FF8000
    style Tech fill:#90EE90

%%{init: {'theme':'default'}}%%
graph TD
    Market[AI Infrastructure Market $400B spending 2025]
    
    Tech[Big Tech Investors: Alphabet, Amazon Meta, Microsoft CoreWeave]
    
    OpenAI_Deal[OpenAI Deals: 26 GW Capacity $1T+ Cost Nvidia, AMD, Broadcom]
    
    Meta_DC[Meta Data Centers: Prometheus 2026 Hyperion 5 GW]
    
    Aligned_Acq[Aligned Acquisition: $40B Deal 5 GW Capacity]
    
    Competitors[Public Competitors: Applied Digital 400%+ stock growth]
    
    Market --> Tech
    Market --> OpenAI_Deal
    Market --> Meta_DC
    Market --> Aligned_Acq
    Market --> Competitors
    
    style Market fill:#FF8000
    style OpenAI_Deal fill:#FFD700
    style Meta_DC fill:#87CEEB
    style Aligned_Acq fill:#90EE90

✳️ 延伸閱讀

  1. https://www.businesswire.com/news/home/20251014427963/en/ ↩︎ ↩︎

  2. https://www.reuters.com/legal/transactional/blackrock-nvidia-buy-aligned-data-centers-40-billion-deal-2025-10-15/ ↩︎ ↩︎ ↩︎

  3. https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/ai-infrastructure-partnership ↩︎ ↩︎

  4. https://www.mordorintelligence.com/industry-reports/hyperscale-datacenter-market ↩︎

  5. https://www.iea.org/reports/energy-and-ai/energy-demand-from-ai ↩︎

  6. https://blog.stulz-usa.com/hybrid-data-center-cooling ↩︎

  7. https://www.networkworld.com/article/3978673/liquid-cooling-becoming-essential-as-ai-servers-proliferate.html ↩︎

  8. https://blog.se.com/datacenter/2025/10/17/schneider-electric-delivers-as-liquid-cooling-takes-center-stage-in-ai-data-centers/ ↩︎

  9. https://www.businesswire.com/news/home/20251015016099/en/ ↩︎

  10. https://www.macquarie.com/us/en/insights/accelerating-the-growth-of-aligned-data-centres-a-market-leading-data-centre-platform-in-the-americas.html ↩︎

  11. https://www.technologyreview.com/2025/05/20/1116327/ai-energy-usage-climate-footprint-big-tech/ ↩︎

  12. https://about.bnef.com/insights/commodities/power-for-ai-easier-said-than-built/ ↩︎