Aligned Data Centers raises $2.58 billion for U.S. data center expansion

Aligned Data Centers has raised $2.58 billion through a revolving credit facility to accelerate the expansion of its data center network in the US. For the AI infrastructure market, this is yet another signal: major institutional money continues to flow into facilities that must handle increasingly heavy cloud and AI workloads.

How the Deal Works

The company closed a new revolving credit line, which the company calls the Devco Facility. The facility is secured by an initial pool of six already-advanced assets in Aligned's US portfolio. The term is three years, plus two one-year extension options.

This structure gives the operator more flexibility than a standard one-time loan: funds can be drawn as construction and facilities come online, then reallocated to subsequent development stages. The financing came not from a single bank, but from a broader circle of institutional investors—insurance companies, pension funds, and other long-term capital holders. For data centers, this is an important signal: AI infrastructure is now perceived as a sufficiently clear and scalable asset class to support multi-billion-dollar credit structures.

Aligned CFO Megan Beaver directly called this line a tool that opens up additional debt capacity for the company.

"This structure gives us more flexibility as we scale," said

Aligned CFO Megan Beaver.

Why This Matters for Aligned

Aligned operates in the hyperscale and build-to-scale segment: the company designs and builds facilities for major cloud, enterprise, and AI workloads, where not only racks and megawatts matter, but also the speed of bringing a facility to market. At the time of the deal, the operator already had campuses in Chicago, Dallas, Salt Lake City, Phoenix, and Northern Virginia, with new facilities under development in Maryland, Ohio, Illinois, Pennsylvania, and Virginia. For this type of business, access to long-term, flexible capital is critical: demand can grow faster than new buildings, substations, and cooling systems can be deployed.

Aligned is betting on infrastructure for high-density AI and HPC clusters and separately promoting its own cooling technologies. According to the company, its platforms are designed for both air and liquid cooling and should support denser server configurations without a complete facility redesign. For large customers, this is an important argument: you can enter a facility now and increase density later without restarting the entire project from scratch.

Why the Market Is Watching

The deal fits into a broader trend: amid the generative AI boom, investors are willing to finance not just chips and models, but the entire physical infrastructure without which these models cannot operate. Aligned has raised large sums before: in March 2024, Blackstone Credit & Insurance provided the company with a secured credit facility of $600 million for campus development in Utah, and in 2025, the company announced more than $5 billion in new equity capital and $7 billion in debt obligations as part of a larger round. Right now, what matters is not just the $2.58 billion itself, but the deal parameters:

• the credit line is revolving, not a one-time debt
• the facility is secured by a pool of six assets in the US
• base term is three years with two one-year extensions
• insurance, pension, and other institutional investors are participating in the financing
• Aligned directly states it wants to increase the available capacity of this line over time

This shows that the data center market is increasingly operating according to the logic of infrastructure assets: if an operator has land, power, construction at an advanced stage, and clear demand from hyperscale and neocloud customers, it can assemble genuinely large debt packages. For the US, it is also a matter of pace: whoever secures facilities and capacity fastest will win the next wave of AI deployments.

What This Means

For Aligned, this line is a way to build faster and more flexibly. For the market, it is confirmation that the race for AI data centers is no longer just between technology companies, but also between capital providers willing to finance the next layer of infrastructure.