Welcome to the Summer/Fall edition of Building the Future. Over the past five months, the U.S. data center landscape has shifted quickly – major acquisitions, huge hyperscale campus announcements, and a wave of power and cooling innovations aimed at the continued development of AI infrastructure.
Below are some of the most important developments, although given the scale and frequency of new announcements in such a dynamic industry, this only touches the surface.
Major Acquisitions
Aligned Data Centers Acquired for $40 Billion by BlackRock, MGX, and AIP
Aligned Data Centers has been acquired for around $40 Billion by a consortium led by BlackRock‘s Global Infrastructure Partners (GIP), MGX, and AIP Asset Management – one of the largest private infrastructure transactions ever completed.
The deal gives Aligned access to long-term capital and global partners at a time when demand for data center capacity is soaring. The company operates or is building more than 2 GW of capacity across key U.S. markets including Northern Virginia, Phoenix, Salt Lake City, Chicago, and Dallas.
Macquarie Asset Management, an existing investor in Aligned since 2020, will remain a minority shareholder and continue to support the company’s expansion strategy across North America.
Andrew Schaap, CEO & Board Member at Aligned, reflected:
“This partnership marks a new chapter for Aligned as we scale to meet the incredible demand for AI and digital infrastructure. With the support of BlackRock, MGX, and AIP, we’re ready to move faster and build bigger than ever before.”
Ali Osman, Chief Investment Officer at MGX, added:
“Investing in AI infrastructure is no longer optional — it’s essential.”
The deal positions Aligned to expand rapidly in markets where power and land are increasingly scarce.
Apollo Funds Acquire Majority Stake in Stream Data Centers
Apollo Global Management, Inc.-managed funds have completed the acquisition of a majority interest in Stream Data Centers, a U.S.-based hyperscale data center platform with more than 4 GW of active and planned development across major U.S. markets.
Joseph Jackson and Trevor Mills, Partners at Apollo, commented:
“Stream is an essential part of Apollo’s strategy to scale our presence in digital infrastructure and support the explosive growth of AI and cloud demand.”
Michael Lahoud and Paul Moser, Co-Managing Partners of Stream Data Centers, emphasized:
“With Apollo Funds’ and Principal’s support, SDC is now equipped to scale faster and more strategically than ever before. As demand for AI and hyperscale infrastructure continues to surge, we’re proud to operate from a position of strength and look forward to delivering transformative capacity where it’s needed most.”
The deal gives Stream access to deep, long-term capital and positions the company to move aggressively in power-constrained and high-demand markets across North America.
Data Center Developments
OpenAI X NVIDIA Partnership Deploying 10 GW, Including Vantage Wisconsin Campus
OpenAI and NVIDIA announced a strategic partnership to deploy at least 10GW of NVIDIA systems for OpenAI’s next-generation infrastructure. As part of that build-out, Vantage Data Centers and Oracle disclosed a new campus in Port Washington, Wisconsin – offering “close to a gigawatt” of capacity across four data center buildings, scheduled for completion in 2028.
Dana Adams, President, North America at Vantage Data Centers, commented:
“As demand for data centers expands beyond traditional hubs, the upper Midwest has become a critical and strategic market for Vantage Data Centers and our customers. Our investment in Wisconsin reflects the area’s strong foundation for digital growth.”
Sam Altman, Co-Founder & CEO of OpenAI, added:
“Compute infrastructure will be the basis for the economy of the future, and we will utilise what we’re building with NVIDIA to both create new AI breakthroughs and empower people and businesses with them at scale.”
The first construction phase in Wisconsin will be developed by The Whiting-Turner Contracting Company, The Weitz Company, and a joint venture of Turner Construction Company & McCarthy Building Companies, Inc., with Michels Corporation handling site work.
Related Digital to Build 1GW Stargate Campus in Saline Township, Michigan
Related Digital, OpenAI, and Oracle announced plans for a >1GW Stargate data center campus in Saline Township, Michigan, part of the broader Stargate rollout. The project will be built on about 250 acres and is expected to begin construction in early 2026.
Jeff Blau, CEO of Related Companies and Chairman of Related Digital, said:
“We are proud to be developing this critical project exclusively for Oracle and contributing to keeping our nation competitive in the global AI race.”
Peter Hopper, Managing Director at Primary Digital Infrastructure (Macquarie Asset Management), added:
“The scale of AI infrastructure now being built requires patient, long-term capital. We’re proud to support the next phase of U.S. hyperscale growth alongside world-class development partners.”
Walbridge, the Detroit-based construction firm, has been confirmed as general contractor for Phase 1, responsible for the build-out of three 550,000 SQ FT single-story buildings on the site.
Meta Announces $27 Billion Hyperion AI Campus JV with Blue Owl Capital
Meta Platforms and Blue Owl Capital have entered into a joint venture to finance and develop their largest-ever data center campus, known as “Hyperion,” in Richland Parish, Louisiana. The project is valued at approximately $27 Billion.
Doug Ostrover and Marc Lipschultz, Co-CEOs of Blue Owl Capital, discussed the partnership:
“We’re proud that our funds are partnering with Meta on the development of the Hyperion data center campus — an ambitious project that reflects the scale and speed required to power the next generation of AI infrastructure.”
Susan Li, CFO of Meta Platforms, added:
“Our AI ambitions will be realised through our ability to deliver the infrastructure to support it. Our partnership with Blue Owl Capital is a bold step forward—combining Meta’s deep expertise in building and operating world-class data centers with Blue Owl’s strength in infrastructure investment.”
The venture will be owned 80% by funds managed by Blue Owl and 20% by Meta, while Meta will contribute land and construction-in-progress assets as part of its equity stake.
Power Delivery
Applied Digital Signs $5 Billion AI Factory Lease and Energises First Phase
Applied Digital announced a $5 Billion AI factory lease agreement with an undisclosed hyperscale customer, marking one of the largest single-tenant deals in U.S. history. Phase 1 of the 400MW Polaris Forge facility in North Dakota is now fully energised.
Wes Cummins, Founder and CEO of Applied Digital, commented:
“This lease demonstrates the growing need for high-performance data centers built specifically for AI workloads. Applied Digital is positioned to deliver capacity at an unprecedented scale — and this is only the beginning.”
Babcock & Wilcox (B&W) will design and install 1GW of on-site power using advanced natural-gas technology.
Kenneth Young, Chairman and CEO of B&W, said:
“Our solutions for AI data centers utilise natural gas efficiently while providing reliable, redundant and readily available power faster than combined-cycle or simple-cycle plants. This approach leverages the core strengths of Babcock & Wilcox and represents an ideal solution to power data centers.”
Bechtel and Kiewit Partner on $550 Billion U.S.–Japan AI Infrastructure Initiative
U.S. Commerce Secretary Howard Lutnick (left) and Bechtel Chairman & CEO Brendan Bechtel (right).
Bechtel Corporation and Kiewit, alongside major Japanese industrial partners, have launched a $550 Billion U.S.-Japan initiative focused on building next-generation data centers, power generation, and advanced cooling projects.
Craig Albert, President and COO of Bechtel, stated:
“We’re entering a new era where the digital economy and the energy transition intersect. This partnership allows us to build infrastructure faster, smarter and more sustainably than ever before.”
Kiewit added:
“The demand for AI infrastructure has grown beyond anything we’ve seen before. By working alongside Bechtel and our international partners, we’re making sure the capacity needed for this new digital economy can actually be built.”
The alliance will focus on multi-gigawatt campuses that combine compute, cooling and power delivery under one coordinated construction strategy.
Fermi Secures Approval for 6 GW Power Campus in Amarillo, Texas
Fermi Data Centers received preliminary approval to develop a 6GW natural-gas generation facility to support an 11GW data center campus in Amarillo, Texas.
Toby Neugebauer, Co-Founder and CEO of Fermi America, said:
“Like generations of entrepreneurs and workforces before us from this very region, we are delivering on energy promises made so that America can win again.”
The project reinforces Texas’s position as a national leader in large-scale digital infrastructure and ties into the wave of multi-billion-dollar AI campus developments currently underway.
Liquid Cooling
Liquid Cooling Sees Major Investments and Acquisitions
The growing demand for AI and high-density computing is prompting major investment in liquid cooling; turning what was a niche technology into a must-have for large-scale data centers.
Eaton is acquiring Boyd‘s Thermal Division, expanding its capability to offer integrated power and cooling solutions.
Heath Monesmith, President and COO of Eaton Industrial Sector, said:
“The demand for AI and high-performance computing is transforming what’s required from power and cooling systems. Boyd’s technology positions us to help customers scale efficiently while reducing energy use.”
Vertiv is acquiring PurgeRite, a specialist in fluid management for direct-to-chip cooling.
Giordano Albertazzi, CEO of Vertiv, made the following statement:
“Liquid cooling is no longer a niche — it’s the foundation of how next-generation data centers will be built and operated.”
Daikin Applied Americas has acquired Chilldyne, a U.S.-based pioneer in negative-pressure liquid cooling systems, enabling global expansion of its cooling solutions.
Yu Nishiwaki, COO of Daikin Applied Americas, commented:
“By acquiring Chilldyne, Daikin Applied is poised to deliver a comprehensive suite of data center cooling solutions that address the evolving needs of our customers.”
Dr. Steve Harrington, CEO of Chilldyne, added:
“Joining Daikin Applied allows us to rapidly scale our second-generation liquid cooling ecosystem for global adoption.”
These deals show how liquid cooling has evolved from a specialized option to a core part of running large-scale data centers efficiently – enabling higher density workloads while reducing energy and operational risks.
Spotlight: DCAC 2025 – The Dawn of the Data Center Gold Rush
(From Left to Right) Joe Lever, Lucas Chadwick, Liam Whelan & Johnathan Brierley.
Metric Geo had a team of 5 specialists from our Data Center Division attend DCAC Live 2025. The conference proved to be a huge success. David Isaac, CDCP, Kirk Offel and the OVERWATCH team did an exceptional job as always.
We were privileged to meet with and listen to guest speakers including:
- Wade Vinson, Chief Data Center Distinguished Engineer – NVIDIA
- Chris Crosby, Founder & CEO – Compass Datacenters
- Alfonso Portillo, Senior Vice President, Design & Innovation – Beale Infrastructure
- Lindsey Bruner, Chief Operating Officer – CleanArc Data Centers
- Douglas Mouton, Senior Advisor – Global Infrastructure Partners
- David Ferdman, President, Managing Director – Primary Digital Infrastructure
- Matthew O’Hare, Managing Director – Power Construction
- Chris Dolan, Chief Data Center Officer – Crusoe
- Samuel Huckaby, DBIA, SVP, Data Center Infrastructure – Oracle
- Laramie Dorris, Senior Vice President, Global Data Center Design & Construction – Prologis
& a special mention to Mike Sarraille, Chief Talent Officer at Overwatch, for an incredibly captivating talk on building high-performance teams.
We hosted two events with 275+ Data Center Executives, in partnership with Cattie Khoury of CKBD, autoLOTO INC., Cumulus, & Avicado. Thanks to all who attended.
We look forward to next year being even bigger and better!
