Nvidia, Microsoft, BlackRock and Elon Musk’s xAI are part of a consortium of investors that has agreed to purchase Aligned Data Centers for $40 billion, the companies announced on Wednesday.

Aligned designs and operates data centers and data campuses across North and South America, and is owned by Macquarie Asset Management.

Abu Dhabi’s MGX, BlackRock’s Global Infrastructure Partners and members of Artificial Intelligence Infrastructure Partnership, or AIP, will acquire 100% of the company’s equity, in what will be the largest global data center deal to date, according to a release.

AIP was created by BlackRock, MGX, Microsoft and Nvidia in September 2024 to accelerate investment in AI infrastructure. The Kuwait Investment Authority, xAI and Temasek have joined as additional participants.

The Aligned deal marks AIP’s first investment and is a step toward the group’s goal of deploying $30 billion of equity capital.

“With this investment in Aligned Data Centers, we further our goal of delivering the infrastructure necessary to power the future of AI, while offering our clients attractive opportunities to participate in its growth,” Larry Fink, the CEO of BlackRock and Chairman of AIP said in a statement.

AI companies have been racing to build out the infrastructure they believe they will need to meet growing demand for the technology.

Companies including OpenAI, Nvidia, CoreWeave and Oracle are striking ambitious data center and computing deals that will require unprecedented amounts of funding and power.

Data centers are the large facilities that house the hardware and equipment needed to run large AI workloads and train models. Aligned currently operates 50 campuses and has more than 5 gigawatts of operational and planned capacity.

The Aligned transaction is expected to close late next year, and it is still subject to regulatory approvals and other standard closing conditions.

WATCH: Nvidia CEO Huang: AI needs much bigger computers, entire data centers are one big computer