Colo Roundup: Aligned, Applied Digital, Macquarie, H5, Novacap, STACK

This has been a big week for data center builders in the financial markets. Four data center development companies separately tapped into big money for expansion:

Aligned Data Centers pulled down an amazing $5B in primary equity and $7B in new debt commitments, with a big chunk coming from Macquarie Asset Management. They’ll be using the new funding to accelerate more than 5GW of planned future capacity across the Americas. I’m sure we’ll be hearing about those soon enough.

Applied Digital has also raised as much as $5B to drive growth, and here it is also Macquarie Asset Management flexing its wallet. The deal starts with $900M that will go toward Applied Digital’s new Ellendale HPC Campus. Beyond that, the agreement gives MAM the right to invest another $4.1B in future projects. The investment will give MAM a 15% common equity stake in the company and an 85% ownership stake in existing and future HPC assets.

H5 and Novacap have teamed up to form a new joint venture. The new JV will focus on developing and repositioning data center facilities to meet the need for scalable, high-quality colo space. No details were provided yet on actual projects the JV will target, but there’s plenty of time left for those announcements as we move into 2025.

And STACK Infrastructure has raised $900M in green financing. The new cash will be enough to complete their NVA05 campus in Manassas in northern Virginia, which will feature some 200MW of capacity on 62 acres of land. Also this week, STACK announced a new 220MW campus in southeast Asia, specifically in Johor Bahur, Malaysia. There they have some 10.8 hectares of space upon which they’ll be building out 1M square feet.

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Categories: Datacenter · Financials