All the fundraising deals in the data center market (from Q1 2025 to Q1 2026)
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The data center market just went through one of its most intense fundraising periods on record, with nearly $45 billion raised across 19 disclosed deals between Q1 2025 and Q1 2026.
Most of that capital went into a small number of very large platforms, while early 2026 started to show a different pattern: money flowing into the cooling, power, and modular infrastructure that makes those big campuses actually work.
The data center market is no longer just about owning land and buildings; it is increasingly about who can solve the power and cooling bottlenecks that are slowing down AI deployments.
And if you want to better understand this new industry, you can download our pitch covering the data center market.
Insights
- Q4 2025 alone accounted for roughly $23.9 billion, or about 53% of all capital raised in the data center market across the five quarters, driven almost entirely by the $21 billion Aligned Data Centers acquisition.
- Stonepeak backed three separate data center deals across Q1 2025, Q2 2025, and Q3 2025, making it the most active infrastructure investor in this dataset by deal count.
- Hyperscale and wholesale operators captured about 89% of total disclosed funding in the data center market, leaving colocation and AI-factory operators to split the remaining 11% between them.
- In Q1 2026, the data center market mix shifted visibly toward facility infrastructure vendors: four of the five deals went to cooling, modular deployment, and power-path companies rather than operators.
- Latin America attracted two separate platform launches in this period, Omnia (backed by Patria) and TERRANOVA (backed by Actis), totaling $2.5 billion in planned investment, signaling that regional data center buildout is accelerating.
- The average data center deal size in Q4 2025 was roughly $7.96 billion, more than five times the Q1 2025 average of $1.62 billion, largely because M&A activity inflated the quarter.
- Despite the volume of capital, zero deals in any quarter fell below $50 million, which tells you that the data center market is essentially closed to very early or very small operators at this stage of the cycle.
- The top single deal in each quarter accounted for between 44% and 89% of that quarter's total, a concentration level that signals investor conviction is high but very selective.
- APAC saw active deal flow across the full period, with Digital Edge, GreenSquareDC, Princeton Digital Group, and DayOne all raising in the region, reflecting persistent hyperscale demand outside North America.
- Q1 2026 had the most diverse deal mix by category, with power (C2i, DG Matrix), cooling (Accelsius), and modular infrastructure (EPG) all raising in the same quarter for the first time in this dataset.
In our data center market deck, we will give you useful market maps and grids
Summary table of the funding deals in the data center market (last 5 quarters)
We define the data center market as the market for delivering and operating physical data center capacity (space, power, and cooling) used to host computing equipment.
We include colocation providers and hyperscale facilities (owned or leased) and the facility infrastructure required to power and cool IT loads.
We exclude the IT equipment and software inside the facility (servers/GPUs, storage, networking, and cloud services revenue).
You can also read our detailed analysis to understand how funding activity in the data center market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the data center market.
| Name | What they do | Amount | Quarter | Source(s) |
|---|---|---|---|---|
| Digital Edge | Builds and operates interconnection and hyperscale-edge data centers across Asia-Pacific. | $1,600M | Q1 2025 | Digital Edge | Stonepeak |
| Applied Digital | Develops large-scale HPC and AI-ready data center campuses in the United States. | $900M | Q1 2025 | Macquarie |
| Aligned Data Centers | Designs and operates adaptive hyperscale data centers with advanced cooling across North America. | $5,000M | Q1 2025 | Aligned DC | DCD |
| Gulf Data Hub | Operates carrier-neutral data center capacity for hyperscale customers across the Gulf region. | $1,000M | Q1 2025 | KKR | BusinessWire |
| DataBank | Runs US colocation, interconnection, and edge data center facilities for enterprise and hyperscale customers. | $850M | Q1 2025 | PR Newswire |
| GreenSquareDC | Builds and operates large-scale sustainable hyperscale data centers in Australia. | $759M | Q1 2025 | GreenSquareDC | DCD |
| Khazna Data Centers | Designs and operates hyperscale data centers across the UAE and broader MENA region. | $2,200M | Q1 2025 | e& | DCD |
| Montera Infrastructure | Develops and operates turnkey, build-to-suit hyperscale data centers in North America. | $1,500M | Q2 2025 | Stonepeak | DCD |
| Omnia | Develops renewable-powered hyperscale data centers in Latin America, focused on Brazil, Mexico, and Chile. | $1,000M | Q2 2025 | ESG Today | DCD |
| Princeton Digital Group | Operates hyperscale and enterprise data centers across Asia-Pacific markets. | $1,300M | Q3 2025 | Princeton DG | Stonepeak |
| Chindata | Operates hyperscale data centers serving China's largest cloud and internet demand centers. | $4,000M | Q3 2025 | Bain Capital | DCD |
| Aligned Data Centers (acquisition) | Hyperscale physical capacity platform acquired by AIP, MGX, and BlackRock's GIP consortium. | $21,000M | Q4 2025 | Aligned DC | Macquarie |
| Crusoe | Builds vertically integrated AI data center capacity with a focus on North America. | $1,375M | Q4 2025 | Crusoe | DCD |
| TERRANOVA | New Latin American hyperscale data center platform building energy-efficient campuses for AI and cloud workloads. | $1,500M | Q4 2025 | Actis | DCD |
| DayOne | Develops and operates hyperscale data centers across Asia-Pacific and Europe. | $2,000M | Q1 2026 | DayOne | DCD |
| Accelsius | Builds two-phase direct-to-chip liquid cooling systems for AI and HPC data center facilities. | $65M | Q1 2026 | Accelsius | BusinessWire |
| EPG | Makes modular and prefabricated data center infrastructure integrating power, IT, and cooling systems. | $100M | Q1 2026 | PR Newswire | DCD |
| C2i | Builds power architecture that reduces losses between the grid and GPU racks in AI data centers. | $15M | Q1 2026 | TechCrunch |
| DG Matrix | Makes solid-state transformer systems that route power inside AI-era data center environments. | $60M | Q1 2026 | TechCrunch | BusinessWire |
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How has funding activity in the data center market changed over time?
Q4 2025 was by far the most active quarter for the data center market, with roughly $23.9 billion raised, but that number is almost entirely explained by the $21 billion all-equity acquisition of Aligned Data Centers by AIP, MGX, and GIP.
Q2 2025 was the quietest quarter in this dataset, with only two deals totaling $2.5 billion, both of which were new platform launches rather than growth rounds for established players.
Comparing Q1 2026 to Q4 2025, total capital dropped by about 91%, from roughly $23.9 billion down to $2.2 billion; compared to Q1 2025 one year earlier, Q1 2026 raised about 80% less, though that earlier quarter benefited from the outsized Aligned equity tranche.
If you strip out the largest deal each quarter, the remaining data center market activity looks much more stable, with most quarters producing between $2 billion and $3 billion in deals, and the infrastructure vendor deals in Q1 2026 suggest the market is broadening rather than cooling.
| Quarter | Number of deals | Total raised | Comment |
|---|---|---|---|
| Q1 2025 | 7 | $11.3B | Busy quarter led by the $5B Aligned equity tranche and a broad geographic spread including APAC, GCC, US, and Australia. |
| Q2 2025 | 2 | $2.5B | Quietest quarter by deal count; both deals were new platform launches targeting hyperscale capacity in North America and Latin America. |
| Q3 2025 | 2 | $5.3B | Only two deals but a high total driven by the $4B Chindata strategic sale, the largest single M&A event in the dataset outside Q4. |
| Q4 2025 | 3 | $23.9B | Record quarter almost entirely due to the $21B Aligned acquisition; without it, the quarter would have ranked among the smallest. |
| Q1 2026 | 5 | $2.2B | Mix shifted toward facility infrastructure vendors (cooling, power, modular) alongside one large operator round from DayOne. |
| All quarters | 19 | $45.3B | Total across Q1 2025 to Q1 2026; heavily skewed by two mega-deals (Aligned acquisition + Chindata sale). |
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Which startups in the data center market raised the largest rounds over the last months?
These startups raised the most recently in the data center market:
- Aligned Data Centers was acquired for $21 billion by AIP, MGX, and GIP because it is one of the largest pure-play hyperscale platforms in North America, offering rare scale for AI infrastructure buildout.
- Aligned Data Centers raised $5 billion in primary equity earlier in Q1 2025 to fund over 5GW of data center development, which made it one of the most capitalized operators in the market before the acquisition.
- Chindata was sold for $4 billion in a landmark transaction because Bain Capital was exiting its China data center holdings and the assets held strong strategic value for Chinese cloud and internet demand.
- Khazna Data Centers changed hands in a $2.2 billion deal as e& sold its stake to G42, Silver Lake, and MGX, reflecting the Gulf region's fast-growing appetite for AI-ready hyperscale capacity.
- DayOne raised over $2 billion in Series C equity to accelerate its hyperscale campus expansion across Asia-Pacific and Europe, backed by Coatue and Indonesia Investment Authority.
- Digital Edge raised $1.6 billion in combined equity and debt to expand its edge and interconnection data center campuses across Asia-Pacific, supported by existing and new institutional investors.
- Montera Infrastructure launched with a $1.5 billion equity commitment from Stonepeak to build a purpose-built North American hyperscale platform for AI and cloud customers.
- TERRANOVA launched with $1.5 billion in planned investment from Actis to build a portfolio of energy-efficient hyperscale campuses for AI and cloud workloads across Latin America.
- Crusoe raised $1.375 billion in Series E, co-led by Valor Equity Partners and Mubadala Capital, to scale its vertically integrated AI data center capacity in North America and beyond.
- Princeton Digital Group raised $1.3 billion in preferred equity from Stonepeak to accelerate organic expansion and M&A in the APAC data center market.
And, yes, we do cover most of them in our beautiful pitch about the data center market.
You may also want to check our ranking of the most funded startups in the data center market as well as our list of the most valued startups.
In our data center market deck, we answer all the common questions from investors and entrepreneurs
Is the data center market shifting toward smaller or bigger deals?
Across the full five-quarter period, the average data center market deal size was roughly $2.4 billion, but that number is almost meaningless on its own because a single acquisition (Aligned at $21 billion) pulls the entire average up dramatically.
The average deal size per quarter ranged from about $448 million in Q1 2026 to roughly $7.96 billion in Q4 2025; the jump in Q4 2025 came entirely from the Aligned acquisition, while the lower Q1 2026 average reflects a genuine mix shift toward smaller infrastructure-layer deals in the data center market.
If you exclude the two largest deals (Aligned acquisition and Chindata), the remaining data center market deals average out to roughly $1.1 billion each, which paints a more realistic picture of what a typical large-scale fundraising round looks like in this space.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 7 | $1,621M | 0 | 7 |
| Q2 2025 | 2 | $1,250M | 0 | 2 |
| Q3 2025 | 2 | $2,650M | 0 | 2 |
| Q4 2025 | 3 | $7,958M | 0 | 3 |
| Q1 2026 | 5 | $448M | 0 | 4 |
| All quarters | 19 | $2,384M | 0 | 18 |
In our data center market deck, we help you understand how the market is structured
How concentrated was funding activity in the data center market?
Funding concentration in the data center market increased sharply as the cycle progressed: in Q1 2025, the top deal accounted for 44% of the quarter's capital, but by Q4 2025 and Q1 2026, that figure had climbed to 88% and 89% respectively. This tells you that investor conviction is high, but it is flowing toward a very small number of perceived platform winners rather than spreading across the market.
The data center market as a whole had essentially no "long tail" of smaller deals in this period: every deal in the dataset was above $50 million, which means that if you were not already at a certain size and credibility level, you were likely not raising publicly disclosed rounds at all.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 7 | 44.1% | 72.3% | 100.0% |
| Q2 2025 | 2 | 60.0% | 100.0% | 100.0% |
| Q3 2025 | 2 | 75.5% | 100.0% | 100.0% |
| Q4 2025 | 3 | 88.0% | 100.0% | 100.0% |
| Q1 2026 | 5 | 89.3% | 96.7% | 100.0% |
| All quarters | 19 | 46.4% | 67.5% | 100.0% |
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Which categories in the data center market received the most funding?
Hyperscale and wholesale operators captured about 89% of all disclosed data center market funding in this period, totaling roughly $40.3 billion across eight deals; that dominance reflects the fact that investors are paying for platform-scale assets that can absorb billions, not single-site operators.
Colocation and edge operators raised a combined $2.5 billion across three deals, which is meaningful in absolute terms but small relative to hyperscale; the category attracted large infrastructure investors like KKR and TJC who were backing established platforms rather than new entrants.
AI-factory and HPC operators raised about $2.3 billion across two deals (Applied Digital and Crusoe), signaling that purpose-built AI compute facilities are a recognized sub-category in the data center market, though still a small share of total capital at this stage.
| Category name | Number of deals | Total raised | Startups and amounts |
|---|---|---|---|
| Hyperscale / wholesale operators | 10 | $40,259M | GreenSquareDC ($759M), Aligned Data Centers ($5,000M + $21,000M acquisition), Montera Infrastructure ($1,500M), Omnia ($1,000M), Khazna Data Centers ($2,200M), Princeton Digital Group ($1,300M), Chindata ($4,000M), TERRANOVA ($1,500M), DayOne ($2,000M) |
| Colocation / edge operators | 3 | $2,490M | Digital Edge ($640M equity tranche), Gulf Data Hub ($1,000M), DataBank ($850M) |
| AI-factory / HPC operators | 2 | $2,275M | Applied Digital ($900M), Crusoe ($1,375M) |
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Who are the biggest investors in the data center market?
Stonepeak is the most active investor in this dataset with three deals across the period, backing Digital Edge, Montera Infrastructure, and Princeton Digital Group; this reflects Stonepeak's deliberate strategy of building a global data center portfolio across multiple regions and platform types.
Macquarie Asset Management participated in two deals, Applied Digital and the Aligned Data Centers equity raise, making it one of the largest capital deployers in the data center market by total volume given the size of the Aligned transaction.
MGX, the Abu Dhabi-backed technology investment vehicle, also appeared in two deals: the Khazna Data Centers stake sale and the Aligned Data Centers acquisition consortium, positioning it as a notable cross-regional player in the data center market.
KKR made one disclosed deal in this dataset, backing Gulf Data Hub in a strategic partnership that included plans for over $5 billion in future investment, underscoring KKR's commitment to Middle East data center infrastructure.
TJC led the $250 million equity investment into DataBank, adding to its position in US colocation and edge data center infrastructure.
Partners Group acquired GreenSquareDC in a deal worth roughly $759 million, gaining a foothold in the fast-growing Australian data center market.
Patria Investments sponsored the launch of Omnia with over $1 billion in planned investment, re-entering the Latin American data center market after its earlier sale of Odata.
G42 increased its ownership in Khazna Data Centers as part of the $2.2 billion recapitalization, consolidating its role as the lead strategic backer of UAE hyperscale data center infrastructure.
Silver Lake joined the Khazna Data Centers cap table as a minority investor, adding a major technology-focused private equity name to the GCC data center market.
BlackRock's Global Infrastructure Partners (GIP) co-led the $21 billion acquisition of Aligned Data Centers alongside AIP and MGX, making it one of the largest single deployers of capital into the data center market in this period.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. "Total funded" does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded | Startups |
|---|---|---|---|
| Stonepeak | 3 | $3,540M | Digital Edge, Montera Infrastructure, Princeton Digital Group |
| Macquarie Asset Management | 2 | $5,900M | Applied Digital, Aligned Data Centers |
| MGX | 2 | $23,200M | Khazna Data Centers, Aligned Data Centers (acquisition) |
In our data center market deck, we track adoption trends and shifts in consumer behavior
Related blog posts
- A complete list of funding deals in the data center market
- The startups that have raised the most funding in the data center market
