Unrelenting demand for computing power has investors looking for chances to own the physical infrastructure behind AI. America's data-center developers are ready to cash in on the AI boom. Data-center builders and operators across the U.S. are working with bankers to sell majority equity stakes worth tens of billions of dollars in their companies this summer, according to people familiar with the efforts.

Bankers are working to sell stakes in firms including Netrality Data Centers, Data Bank, Edged, Edge Core Digital Infrastructure and others with properties located from Phoenix to Atlanta. They are pitching private-equity firms on a hot asset class benefiting from unrelenting demand for computing power. Sales of data-center operators are on the rise as owners seek exits and investor interest in owning the physical infrastructure behind advanced artificial intelligence grows.

A massive backlog of demand for server capacity pushed companies to pursue novel strategies to secure more of it. Shortages of everything from electricians and plumbers to gas turbines and memory chips have driven the cost of building new data centers ever higher. Nvidia Chief Executive Jensen Huang recently estimated the cost of building a gigawatt of new computing power using his company's architecture could soon reach $80 billion to $100 billion.

Some operators have been forced to seek deeper-pocketed backers to fund their next phase of expansion. Among the largest potential deals is the sale of a majority stake in Dallas-based Data Bank, which could reach as much as $25 billion, according to people with knowledge of the process. Data Bank is owned by a consortium led by Digital Bridge that also includes Swiss Life, EDF Invest and Australian pension fund Australian Super.