Investors Buy Data Centers for AI

The main update is that the story now includes fresh execution details: the Cogent deal has a reported third-quarter 2026 closing target, and the Aligned transaction is now framed around a larger operational footprint with 51 campuses across the Americas. The broader framing also shifts toward resource constraints such as grid access, cooling, and deployment speed.

The story broadened from a single Cogent asset sale into a larger wave of AI infrastructure investment, highlighted by the completed Aligned acquisition and fresh expansion capital. The new framing is that investors are not just buying existing capacity, but actively scaling AI-ready platforms across multiple markets.

• Aligned Data Centers acquisition closed for roughly $40 billion.
• AIP, MGX and BlackRock GIP committed $5 billion more for expansion.
• Aligned platform has more than 6.4 gigawatts of capacity.
• Story now includes Northern Virginia, Dallas, São Paulo, Querétaro and Santiago.
• Transaction framing shifted to operating platforms with end-user proximity.

The updated version strips out some detail but does not materially change the core story: I Squared is still buying Cogent facilities to build an AI inference-focused platform, while Cogent uses the sale to reduce leverage. The biggest shift is a reframing toward constrained-market, high-density colocation rather than a broader expansion narrative.

I Squared Capital is buying 10 Cogent data centers for $225 million and using them as the base for a new U.S. platform focused on high-density AI inference infrastructure. The deal adds about 53 megawatts of power capacity across nine U.S. markets, with a stated plan to invest another $1 billion in upgrades, expansion, and additional acquisitions. Cogent says the sale supports leverage reduction and leaves it with a smaller remaining portfolio of facilities it may continue to sell.