BlackRock Inc. is looking to sell more than $12 billion of bonds to help finance a data center campus in El Paso, Texas, the latest in a string of debt deals funding tech companies' massive AI investments. Global Infrastructure Partners (GIP) is in advanced talks to acquire Aligned Data Centers in a transaction valued around $40 billion, which would rank among the largest deals globally this year. BlackRock, which acquired GIP for $12.5 billion in 2023, declined to comment.

The proposed acquisition underscores the accelerating wave of mega-deals tied to artificial intelligence since ChatGPT ignited global interest. Investors are racing to secure stakes in companies powering the AI revolution, from semiconductors like Nvidia to startups such as OpenAI and infrastructure providers. However, analysts warn soaring prices may outpace near-term revenue potential. "If the technology doesn't catch up with the lofty expectations already priced in, the market risks inflating into a bubble," said Bryan Yeo, group CIO of GIC Pte.

Aligned, headquartered in Plano, Texas, manages 78 data centers across 50 campuses and secured over $12 billion in equity and debt commitments in January. The firm recently engaged with Trump administration officials on accelerating AI infrastructure development. BlackRock shares have climbed ~13% year-to-date, giving it a market cap near $189 billion, reflecting its expanding footprint in high-growth infrastructure sectors.