KKR is reportedly taking in billions from investors to launch a new artificial intelligence company targeting data center development.

The private equity firm has secured more than $10B to launch a company designed to develop and operate AI infrastructure, sources familiar with the deal told Bloomberg.

The new company will be known as Helix Digital Infrastructure.

Former Amazon Web Services CEO Adam Selipsky, now a KKR senior adviser, will act as CEO of Helix. The private equity giant's global head of digital infrastructure, Waldemar Szlezak, will act as chief investment officer.

The company will partner with large-scale cloud providers to design, own and run its own data centers, power generation and transmission.

For this new venture, the firm has secured commitments from large investors, including sovereign wealth funds and two strategic partners. The company also plans to raise new capital.

KKR already co-owns data center developer CyrusOne with Global Infrastructure Partners, which is negotiating with the U.S. Army to construct a data center in Utah.

Private equity firms invested more than $108B in data center deals in 2024 alone, and investment could reach $635B by 2028, according to Georgetown University. It will cost some $7T to meet demand for data centers by 2030, according to McKinsey & Co.

KKR isn’t the only private equity player with plans to launch ventures devoted to the data center sector.

In March, Blackstone announced plans to launch a public company with the sole purpose of acquiring data centers. The company would buy already built data centers and lease them for projects under development. The firm is raising money from a sovereign wealth fund and investors.

Blackstone also took over QTS Realty Trust in a $10B deal in 2021. The company has since expanded, with a $70B portfolio and a $100B prospective data center pipeline as of 2024.