aligned data centers

overview

Aligned Data Centers is a leading hyperscale data center infrastructure provider specializing in AI-optimized, high-density computing facilities. Founded in 2013 by Jakob Carnemark and Thomas Doherty, Aligned has rapidly scaled to become one of the largest private data center operators in the Americas with 50+ campuses and over 5 gigawatts of operational and planned capacity across the United States, Brazil, Chile, Colombia, and Mexico. The company serves hyperscale cloud providers, AI companies, enterprises, and federal agencies through its proprietary Delta3™ air cooling and DeltaFlow™ liquid cooling technologies, supporting rack densities from 3 kW to 350 kW+. Aligned differentiates through its patented ExpandOnDemand™ modular infrastructure platform, waterless cooling capabilities, 100% renewable energy commitment, and ability to rapidly deploy gigascale campuses with pre-secured power. In October 2025, a consortium led by BlackRock’s Global Infrastructure Partners, MGX, and the AI Infrastructure Partnership agreed to acquire Aligned for $40 billion in the largest-ever private data center transaction.

business model

Aligned operates as a hyperscale-focused data center developer and operator with a vertically integrated business model encompassing three core competencies: (1) Land and Power Acquisition - securing strategic greenfield and brownfield sites with access to gigawatts of utility power through multi-year partnerships, (2) Rapid Deployment Infrastructure - leveraging patented Delta3™ and DeltaFlow™ cooling platforms with Adaptive Modular Infrastructure (AMI) enabling accelerated construction timelines through prefabricated, standardized modules, (3) Build-to-Suit and Wholesale Colocation - delivering custom hyperscale campuses (21-200+ MW) for cloud providers, AI companies, and large enterprises under long-term contracts (typically 10-15 years). Revenue streams include colocation space leases, power delivery charges, interconnection services, and managed infrastructure services. Aligned’s ExpandOnDemand™ platform allows customers to seamlessly scale from air-cooled to liquid-cooled infrastructure in live environments without data hall reconfiguration. The company targets 80%+ of revenue from hyperscale customers (Meta, Microsoft, AWS, Google, and emerging AI workloads) with the remainder from Fortune 1000 enterprises. Aligned’s competitive advantage lies in rapid deployment speed (18-24 months to first power), waterless sustainable design enabling operations in water-constrained markets, and ability to support extreme rack densities (350 kW+) required for GPU-intensive AI training and inference workloads. The business model emphasizes capital efficiency through modular standardization, reducing Scope 3 emissions and construction waste while maintaining industry-leading Power Usage Effectiveness (PUE) through closed-loop cooling systems.

data center profile

global footprint

us portfolio (from database)

projects by state

specialization

primary focus: hyperscale, ai-ml, wholesale, cloud

key differentiators:

• Delta3™ patented air cooling technology - waterless, dynamically adaptive, supports 1-50 kW mixed densities in same row

• DeltaFlow™ liquid cooling platform - supports 3-350+ kW rack densities with seamless integration to Delta3™ in live environments

• ExpandOnDemand™ modular infrastructure - decouples space from power, enables vertical and horizontal scaling without reconfiguration

• Waterless cooling operations - closed-loop systems eliminate outside water consumption, critical for water-constrained markets

• 100% renewable energy across entire portfolio - zero-carbon hosting commitment by 2040

financial highlights

strategy

corporate strategy

Aligned Data Centers pursues an aggressive hyperscale and AI infrastructure growth strategy positioned at the convergence of surging artificial intelligence demand and constrained data center supply. Under Macquarie Asset Management ownership since 2018, Aligned has transformed from a 2-facility, 85 MW Texas/Arizona operator into a 50-campus, 5+ GW Americas-spanning platform through a disciplined strategy emphasizing: (1) Hyperscale Dominance - targeting 80%+ revenue from cloud providers (Microsoft, Meta, AWS, Google) and AI companies through large-scale build-to-suit campuses (50-200+ MW) under long-term contracts, (2) AI Infrastructure Leadership - differentiated through Delta3™ and DeltaFlow™ technologies supporting 350+ kW rack densities required for GPU-intensive training/inference workloads, positioning Aligned as go-to provider for compute-intensive AI applications, (3) Power-Constrained Market Advantage - securing multi-gigawatt power capacity through strategic utility partnerships and brownfield site development (Conesville Ohio former coal plant) where competitors face grid constraints, (4) Geographic Expansion - systematic build-out across Tier 1 US markets (Northern Virginia, Phoenix, Dallas, Chicago, Salt Lake City, Ohio) plus unique Latin America presence (Brazil, Chile, Colombia, Mexico via ODATA acquisition), (5) Sustainability Differentiation - 100% renewable energy portfolio, waterless cooling, zero-carbon 2040 commitment attracting ESG-focused hyperscalers, (6) Rapid Deployment - Adaptive Modular Infrastructure (AMI) prefabrication enabling 18-24 month delivery timelines versus industry standard 30-36 months, critical competitive advantage in time-sensitive AI infrastructure race. The October 2025 $40 billion acquisition by BlackRock GIP/MGX/AIP consortium validates this strategy and positions Aligned as central infrastructure asset in global AI build-out, with$100 billion AI Infrastructure Partnership capital pool enabling unprecedented expansion velocity.

growth strategy

Aligned executes multi-vector growth strategy capitalizing on AI-driven hyperscale demand: (1) Organic Campus Development - $12+ billion capital raise (January 2025:$5B equity + 7B debt) funds 5+ GW pipeline acceleration including Phoenix 400 MW dual mega-campuses, Ohio Coshocton mega-scale AI campus, Mansfield Texas DFW-03, multiple Northern Virginia expansions, (2) Strategic M&A - December 2022 ODATA acquisition (1.8B enterprise value) added Latin America platform (Brazil, Chile, Colombia, Mexico) with renewable energy focus (85-90% clean power), providing differentiated geographic footprint unavailable to US-only competitors, May 2023 QScale investment in Quebec provides Canadian HPC specialist partnership leveraging hydro power and cold climate, (3) Power Infrastructure Partnerships - multi-gigawatt utility agreements securing dedicated capacity ahead of competitors, brownfield coal plant site conversions (Conesville) provide immediate grid access, on-site substation development (Mansfield DFW-03), (4) Technology Innovation - 2024 DeltaFlow™ liquid cooling launch extends addressable market to 350+ kW AI/HPC workloads, August 2024 OCP Ready for Hyperscale certification (ORD-02) establishes industry credibility and streamlines hyperscale procurement, AMI modular platform reduces construction timelines 40%+ versus traditional stick-built, (5) Customer Concentration - foundational hyperscale contracts (typically 10-15 years, 100%+ take-or-pay) de-risk development, Coshocton campus secured foundational customer pre-construction, (6) Financing Innovation - $1.35B green securitization (2021, largest inaugural data center ABS) plus$375M sustainability-linked loan demonstrates capital markets access, sustainability-linked debt pricing tied to emissions reductions aligns financial incentives with ESG goals. Post-AIP acquisition, access to $100B AI Infrastructure Partnership pool enables quantum leap in development scale targeting potential 10+ GW portfolio by 2030.

power strategy

Aligned employs a differentiated power strategy addressing the industry’s most critical constraint - access to multi-megawatt and gigawatt-scale electricity. The company’s approach emphasizes: (1) Proactive Utility Partnerships - multi-year agreements securing dedicated power capacity ahead of site development, locking in gigawatts before competitors, (2) Brownfield Site Conversion - targeting former coal power plant locations (Conesville Ohio 197-acre AEP site) providing immediate grid interconnection and substation infrastructure, avoiding multi-year utility queue delays, (3) On-Site Infrastructure Investment - developing dedicated substations (Mansfield DFW-03) and grid upgrades in partnership with utilities, de-risking power delivery timelines, (4) Geographic Diversification - portfolio spanning multiple ISO regions (PJM, ERCOT, CAISO, MISO) and LATAM markets reduces regulatory and grid congestion risk, (5) Modular Power Delivery - ExpandOnDemand™ platform decouples space from power enabling flexible capacity deployment matching customer absorption, reducing stranded power costs.

renewable commitment: Aligned maintains 100% renewable energy across its entire global portfolio with commitment to zero-carbon hosting by 2040. The company has achieved multiple sustainability milestones: 100% renewable power procurement through virtual and physical PPAs across all US and LATAM facilities, waterless cooling design standard (Delta3™ closed-loop systems) eliminating millions of gallons annual water consumption, ODATA LATAM portfolio operates on 85-90% renewable energy with minority stake in Omega Energia 212 MW wind farm (northeast Brazil), PHX-06 Phoenix facility earned Three Green Globes® certification (July 2025) for sustainable design, efficient cooling, reduced water use, and renewable power, Green Finance Framework with Sustainalytics external verification supporting $1.35B green securitization and$375M sustainability-linked loan, EPA Green Power Partnership recognition for leading green power use, SEAL Sustainability Innovation awards for game-changing sustainability innovations, Adaptive Modular Infrastructure (AMI) reduces Scope 3 emissions through prefabricated manufacturing reducing construction waste and transportation. Aligned’s sustainability strategy differentiates in hyperscale RFPs where cloud providers (Microsoft, Google, Meta) maintain aggressive renewable energy and carbon neutrality commitments.

major commitments

partnerships

power providers

technology partners

Open Compute Project (OCP) (Industry Standards and Certification) : Aligned’s ORD-02 Chicago facility became first data center to earn OCP Ready for Hyperscale certification in August 2024. Near-optimum results across site access, logistics, structural, cooling, connectivity, efficiency standards. Certification streamlines hyperscale procurement process and validates infrastructure readiness.

NVIDIA (AI Infrastructure and GPU Partnership) : NVIDIA is founding member of AI Infrastructure Partnership acquiring Aligned. Strategic alignment for high-density GPU deployments in DeltaFlow™ liquid-cooled facilities supporting 350+ kW racks for AI training and inference workloads.

Microsoft (Cloud and AI Infrastructure) : Microsoft is founding member of AI Infrastructure Partnership acquiring Aligned. Major hyperscale customer (~80% of Aligned revenue from hyperscalers). Strategic partnership for Azure cloud and AI infrastructure off-balance-sheet financing model.

financial partnerships

leadership

Andrew Schaap

Chief Executive Officer and Board Member

Over 25 years experience in data center, IT, private equity, and real estate. Propelled Aligned to 65x growth since joining as CEO in 2017. Led first international acquisition (ODATA Latin America). Completed strategic investment in QScale. Prior to Aligned, held numerous leadership positions over 11-year period at Digital Realty Trust (NYSE: DLR), most recently as Senior Vice President responsible for global large-scale client-driven data center builds. Part of Digital Realty executive leadership team that grew revenue to $2 billion. Oversaw all major international transactions including successful negotiation and execution of projects in Osaka, Singapore, Hong Kong, and Sydney.

Transformed Aligned from regional operator to global platform under Macquarie ownership. Led company through 65x growth, ODATA acquisition, QScale investment, and positioning for $40B AIP consortium acquisition. Founder and Board Member of DC Delta advisory council. Board Member Aligned Data Centers. Advisory Council member SMU Lyle School of Engineering. Mentor for Great Minds in STEM.

Anubhav Raj

Chief Investment Officer

Transitioned from Chief Financial Officer to Chief Investment Officer in September 2024 concurrent with Meghan Baivier CFO appointment. Oversees investment strategy, capital allocation, and development pipeline management. Deep expertise in data center finance and capital markets.

Led financial strategy through period of rapid expansion including $1.725B green securitization (2021),$12B+ capital raise (2025), ODATA acquisition financing. Transition to CIO role positions him to oversee aggressive development pipeline funded by AIP acquisition.

Meghan Baivier

Chief Financial Officer

Over 23 years experience in finance and leadership. Joined Aligned from Easterly Government Properties Inc. (NYSE: DEA), a REIT focused on acquisition, development and management of Class A commercial properties leased primarily to US Government, where she most recently served as President and Chief Operating Officer (COO). Prior to appointment as President, served as Easterly’s Executive Vice President, COO and CFO. Oversees corporate financial strategy and operations including capital markets, financial planning and reporting, investor relations, accounting, treasury, and risk management.

Brings REIT and government real estate expertise to Aligned’s financial leadership. Appointed during critical growth phase preceding $40B AIP acquisition. Oversees financial integration of acquisition and deployment of$12B+ capital raise.

competitive position

Aligned Data Centers is a leading second-tier hyperscale data center operator specializing in AI-optimized, ultra-high-density infrastructure. While smaller than market leaders Equinix (10.28% US colocation market share) and Digital Realty (9.98%), Aligned has established differentiated positioning through: (1) Hyperscale and AI Focus - ~80% revenue from cloud providers (Microsoft, Meta, AWS, Google) and AI companies versus more diversified enterprise/retail portfolios of competitors, (2) Technology Leadership - proprietary Delta3™ and DeltaFlow™ platforms supporting 350+ kW rack densities position Aligned ahead of traditional operators in GPU-intensive AI workloads, first OCP Ready for Hyperscale certification validates infrastructure readiness, (3) Geographic Differentiation - only major US operator with significant Latin America presence (ODATA: Brazil, Chile, Colombia, Mexico) providing unique positioning, (4) Sustainability Credentials - 100% renewable energy portfolio, waterless cooling, zero-carbon 2040 commitment, $1.35B green securitization differentiates in hyperscale RFPs, (5) Rapid Deployment - 18-24 month timelines versus industry standard 30-36 months through AMI prefabrication creates competitive advantage in time-sensitive AI infrastructure race. The October 2025$40 billion AIP consortium acquisition (largest private data center transaction ever) by BlackRock GIP, MGX, Microsoft, NVIDIA, and xAI fundamentally transforms Aligned’s competitive position - access to $100B AI Infrastructure Partnership capital pool, direct alignment with Microsoft and NVIDIA hyperscale/AI strategies, BlackRock infrastructure expertise and capital markets dominance, MGX sovereign wealth backing position Aligned as preferred off-balance-sheet infrastructure partner for hyperscalers’ AI build-out, potentially enabling leap to first-tier operator status with 10+ GW target by 2030.

strengths

• Proprietary Delta3™ air cooling and DeltaFlow™ liquid cooling technologies - supports 3-350+ kW rack densities with waterless closed-loop design, seamless integration between air and liquid in live environments

• First OCP Ready for Hyperscale certification (ORD-02, August 2024) - validates infrastructure readiness and streamlines hyperscale procurement

• 100% renewable energy across entire portfolio - zero-carbon hosting by 2040 commitment, waterless operations, $1.35B green securitization demonstrates ESG leadership

• Rapid deployment through Adaptive Modular Infrastructure (AMI) - 18-24 month timelines versus 30-36 month industry standard, prefabricated modules reduce Scope 3 emissions and waste

• Multi-gigawatt power capacity secured - strategic utility partnerships and brownfield site development (Conesville Ohio former coal plant) provide dedicated power ahead of competitors facing grid constraints

opportunities

• AI infrastructure boom - DeltaFlow™ 350+ kW rack density capabilities position Aligned as preferred provider for GPU-intensive training/inference workloads, Microsoft/NVIDIA AIP consortium alignment provides direct access to hyperscale AI demand

• $100B AI Infrastructure Partnership capital pool - unprecedented funding enables quantum leap in development scale potentially reaching 10+ GW by 2030

• Hyperscaler off-balance-sheet infrastructure strategy - Microsoft, Google, Meta, AWS increasingly preferring third-party ownership reduces capex burden, Aligned AIP consortium structure provides preferred partnership model

• Power-constrained market dynamics - competitors facing 3-5 year utility interconnection queues, Aligned’s brownfield strategy (Conesville) and utility partnerships provide competitive advantage

• Latin America growth - underserved enterprise and cloud markets, data sovereignty requirements, renewable energy abundance, ODATA platform provides first-mover advantage

threats

• Hyperscaler self-build acceleration - Microsoft, Google, Meta, AWS increasingly building owned infrastructure reduces third-party demand, Microsoft announced $80B FY25 capex primarily for owned data centers

• Power grid constraints intensifying - utilities in key markets (Northern Virginia, Phoenix, Chicago) facing capacity limits, 3-5 year interconnection queues delay or block new developments

• Intense competition from well-funded rivals - Equinix, Digital Realty with deeper pockets and global footprints, CyrusOne (KKR/GIP), STACK Infrastructure, Vantage Data Centers all pursuing hyperscale

• Economic slowdown reducing IT spending - recession or slowdown could reduce hyperscale absorption, delay customer deployments, impact long-term contract renewals

• Rising construction costs and supply chain - labor shortages, material costs, supply chain disruptions increase capex and compress margins, AMI prefabrication mitigates but doesn’t eliminate risk

projects

sources

• Aligned Data Centers - Adaptive Data Centers for Growth

• Aligned Data Centers

• Data Center Team Culture | Aligned Data Centers

• Aligned Data Centers

• Gigascale Campuses | Aligned Data Centers

• Aligned Data Centers

• Green and Sustainable Data Centers | Aligned Data Centers

• Aligned Data Centers

• AI Infrastructure Partnership (AIP), MGX, and BlackRock’s Global Infrastructure Partners (GIP) to Acquire All Equity in Aligned Data Centers

• Business Wire (2025-10-15)

• [Macquarie Asset Management to Lead Sale of Aligned Data Centers at an Enterprise Value of $US40 Billion](https://www.businesswire.com/news/home/20251015016099/en/Macquarie-Asset-Management-to-Lead-Sale-of-Aligned-Data-Centers-at-an-Enterprise-Value-of-$US40-Billion)

• Business Wire (2025-10-15)

• BlackRock’s GIP Buys Aligned Data Centers in $40 Billion AI Bet

• Bloomberg (2025-10-15)

• MGX, AIP and BlackRock’s GIP to acquire Aligned Data Centers in boost to AI infrastructure

• The National (2025-10-15)

• Aligned Data Centers | Our Portfolio | Macquarie Asset Management

• Macquarie Asset Management

• Aligned Energy Announces New Strategic Investment by Macquarie Infrastructure Partners

• PR Newswire (2018-04)