Aligned Taps $2.6B Credit Facility for Data Center Expansion

March 30, 2026

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The financing will support later-stage developments at sites in three key markets.

An Aligned Data Centers property in Ashburn, Va. one of several Northern Virginia data center campuses owned and operated by Aligned Data Centers. — An Aligned Data Centers property in Ashburn, Va., one of the several Northern Virginia data center campuses owned and operated by the firm. Aligned has closed on a nearly $3 billion credit facility to support later-stage development at several U.S. sites. *Image courtesy of Aligned Data Centers*

Aligned Data Centers has closed on a $2.6 billion credit facility funded by insurance, pension fund and other institutional investors that will support later-stage development as the company continues to expand its U.S. data center portfolio.

The revolving credit facility is supported by six data center facilities in the existing portfolio in Dallas, Phoenix and Northern Virginia. The facility features an initial term of three years, with two one-year extension options. PGIM confirmed to Bloomberg that it was an anchor lender for the facility. The other lenders were not identified.

“It is optimized to finance later-stage development assets—projects that are more advanced in both leasing and capital expenditure, which is particularly attractive to this lender base,” Meghan Baivier, Aligned CFO, told Commercial Property Executive. “This new revolving facility diversifies Aligned’s funding sources by tapping non-bank institutional capital and adds a new tool to Aligned’s financial ‘toolkit.’ ’’

While noting that the facility can be used primarily for the development of the collateral properties, Baivier added the pool of assets can change over time as the company adds and removes properties. Aligned currently operates more than 50 data campuses around the world and more than 5 gigawatts in contracted and available capacity.

“The facility deepens our overall access to development capital,” she told CPE. “Injecting institutional debt at this phase of our projects opens another important pool of capital, which will allow us to continue growing the platform and executing on new opportunities in the market.”

Funding accelerates AI, cloud hubs

The new funding will help the company accelerate its U.S. expansion, enabling it to rapidly add capacity in key cloud and artificial intelligence hubs where demand for GPU-dense, high-density infrastructure continues to outstrip supply. The financing is designed to help support large-scale campuses for hyperscale, neocloud and AI-native customers, as well as global enterprises.

Meghan Baivier, CFO of Aligned Data Centers. *Image courtesy of Aligned Data Centers*

Baivier said in a prepared statement the strong response from the lending community and the company’s ability to successfully establish the debt facility reflects the fundamental strength of Aligned’s business and the market’s belief in its growth. By leveraging the institutional capital markets for later-stage development assets, the company continues to diversify its funding sources while preserving equity and optimizing its capital structure.

Early last year, Aligned brought in more than $5 billion of primary equity and over $7 billion of debt commitments to fund growth and innovation. The privately held company is currently owned by Macquarie Asset Management. Artificial Intelligence Infrastructure Partnership, a consortium of investors including BlackRock, Global Infrastructure Partners, MGX, Microsoft and NVIDIA, plan to acquire all equity in Aligned this year for about $40 billion.

In March 2024, Blackstone Credit & Insurance, a Blackstone entity, provided an initial $600 million senior secured credit facility to Aligned for the development of SLC-02, a data center campus near Salt Lake City. It was the first financing deal as part of a strategic partnership between BXCI and Aligned.

Earlier this month, Aligned topped out a 72-megawatt project in Frederick, Md., known as IAD-06. The project, which broke ground late last year, is a 450,000-square-foot development that will be part of a planned four-building, 75-acre hyperscale campus. Upon full buildout, the campus’ capacity could reach 264 megawatts.