Macquarie’s $40 Billion Aligned Data Centers Sale Not Sign of Data Center Market Peak, Says MAM Chief

Published: 17 Oct 2025

Author: Precedence Research

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Sydney (Reuters) – The head of Macquarie Asset Management (MAM) emphasized that the recent $40 billion sale of Aligned Data Centers does not signal the end of the global data center expansion, amid growing interest in AI and digital infrastructure.

Ben Way, the Global Head of MAM, clarified that the decision to divest Aligned, one of the world’s leading data center operators was driven by timing and opportunity, rather than any loss of confidence in the sector’s long-term outlook.

“We don’t hold businesses indefinitely. After seven years, this was simply the right time to exit,” Way explained in a phone interview with Reuters, pointing to strong buyer demand as proof of the sector’s continued momentum. The buyer group includes BlackRock, Microsoft, and NVIDIA, further underlining investor confidence in high-performance computing and AI infrastructure.

During MAM’s ownership, Aligned Data Centers rapidly scaled, reaching a combined 5 GW of active and planned capacity. The $40 billion valuation represents its enterprise value, though MAM did not disclose the breakdown between equity and debt involved in the deal.

This sale marks Macquarie’s largest private equity exit to date. MAM held roughly 50% of Aligned, with co-investors owning an additional 20%.
Despite the exit, MAM remains deeply involved in the digital infrastructure sector. Just days before the announcement, the firm revealed plans to invest up to $5 billion in a partnership with Applied Digital to back the company’s first two high-performance computing data center projects.

“It’s not that we’re moving away from the theme. We still believe in the sector’s strength and profitability,” Way noted.
Concerns have emerged across financial circles that the surge in data center investments—fueled by increasing AI adoption and demand for advanced chips—could lead to a market bubble. However, Way’s comments suggest MAM sees ongoing growth potential, not overvaluation.

MAM continues to hold investments in various data infrastructure companies globally, including:

• Bohao Internet Data Service
• Hanam Data Centre
• Netrality Data Centers
• VIRTUS (with assets in the U.S., UK, China, and South Korea)

Following the sale news, Macquarie Group’s shares surged 5.13%, closing at A$229, the highest level since July—significantly outperforming the 0.9% gain in the S&P/ASX 200 index that day.