BlackRock is preparing to place another big bet on data centers with an acquisition that could become one of the largest deals of any kind this year.

BlackRock's Global Infrastructure Partners is in advanced talks to acquire data center infrastructure company Aligned Data Centers in a deal that could be valued at $40B, Bloomberg reported, citing anonymous sources.

United Arab Emirates-backed artificial intelligence fund MGX is also planning to independently invest as part of the transaction, Bloomberg reported, adding that the acquisition would rank among the five largest deals in the world this year.

BlackRock declined to comment to Bisnow, and Aligned didn't respond to a request for comment.

AI investment has been on the rise, with BlackRock and other major investors pouring billions into the technology and necessary data center infrastructure. The technology is expected to drive trillions of dollars into the industry over the next decade.

The deal would accelerate BlackRock's rapid growth in the data center sector.

The investment giant acquired GIP, a data center infrastructure investor, in early 2024 for $12.5B. Along with partner KKR, GIP acquired data center developer CyrusOne for $15B in late 2021.

BlackRock partnered with Microsoft in September 2024 to launch a $30B fund for AI data center development that plans to leverage its investment to spend as much as $100B on building out new data centers and infrastructure.

Last month, the investment giant committed to spend $700M on data center investments across the UK. That investment announcement came during President Donald Trump's UK trip, alongside similar investments from OpenAI and Blackstone.

Aligned has become a major data center provider in North America, focused on build-to-suit facilities for large-scale providers, including technology and social media companies. It has 50 campuses and 78 data centers under management or in its development pipeline across the U.S. and South America, including its headquarters in Plano, Texas.

At the beginning of this year, Aligned raised $12B in equity and debt commitments, led by Sydney-based Macquarie Asset Management.

"There is currently a large infusion of capital into the data center industry," Aligned CEO Andrew Schaap told Bisnow in a 2022 interview. "The key is accessing the right capital. In my opinion, organizations with access to sophisticated, fluid and long-term capital will be the ultimate winners in this climate."