Skip to page content
SAVRN
Search Plan a project
SAVRN Index.
Explore the IndexCompanies
SAVRN Index · Private equity and infrastructure

Macquarie Asset Management Data Center Capex and Sites

Part of Macquarie Group (ASX:MQG) macquarie.com ↗
LinkedInXYouTubeInstagramFacebook
Follow this profile Is this your company? Send a correction

Macquarie Asset Management disclosed more than $17 billion of total capital across Applied Digital and Aligned Data Centers. It executed a $5 billion perpetual preferred equity facility for Applied Digital in October 2025 covering the Ellendale, North Dakota Polaris Forge campuses, and provided Aligned with more than $12 billion of new capital before leading the $40 billion enterprise-value sale of Aligned that closed July 21, 2026. With Anthropic and GIC it announced the Theseus Infrastructure US data center platform.

Updated October 25, 2026Capital record from the Capital Atlas
Named sites
1
Site commitments on record for Macquarie Asset Management
Disclosed site capital
$900M
Named sites with a stated dollar figure. A floor, not a capex total
Disclosed capacity
400 MW
Named sites with a stated megawatt figure
Financing transactions
12
Transactions naming Macquarie Asset Management or one of its sites
Sources
20
Every cited page, listed below
Market
Macquarie Asset Management does not trade on its own. Part of Macquarie Group (ASX:MQG).
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent, and guidance is what management expects. They sit side by side and are never combined.

PeriodKindAmountAs statedSources
aggregate (Applied Digital + Aligned) reported ≥$17.0B
more than $17 billion of total capital across Applied Digital ($5B) and Aligned (>$12B); cumulative commitment figure. MAM AUM approximately $633.7 billion in the same release
3/31/2026 aum ~$498B
MAM AUM $497.6 billion as of March 31, 2026; approximately $588.1 billion at the Aligned sale announcement
Named sites

Where Macquarie Asset Management builds

SiteStatePlaceCapitalMWStatusSources
Applied Digital Polaris Forge 1
with Applied Digital, CoreWeave
 North Dakota Ellendale $900M 400 construction
Financing

Financing transactions

Transactions that name Macquarie Asset Management as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
AIP + MGX + BlackRock GIP + Macquarie Asset Management (seller) + Macquarie Asset Management + Aligned Data Centers
The largest North American data center transaction of the period, covering a platform of 6.4GW across 51 locations. Macquarie Asset Management led the sale as exiting sponsor.
 acquisition ≥$40.0B
announced October 16, 2025; closed July 21, 2026
n.a.
Aligned Data Centers + Macquarie Asset Management + Patrizia + CenterSquare
Aligned completed a $12B+ capital raise supporting 5+ GW across the Americas; Patrizia and CenterSquare are additional investors.
 other ≥$12.0B
completed; Reuters dated January 15, 2025
n.a.
Macquarie Asset Management + Applied Digital
Executed with Macquarie Asset Management, not Blackstone (premise correction preserved from the source).
 preferred $5.0B
executed October 7, 2025
Applied Digital Polaris Forge 1 (ND)
Lambda + Macquarie Group + Industrial Development Funding
GPU-backed special purpose financing to expand Lambda's cloud for AI.
 debt facility $500M
announced April 2, 2024
n.a.
Applied Digital + Macquarie Asset Management
Earlier Ellendale financing referenced in the first-tranche coverage.
 debt facility $375M
February 2025
Applied Digital Polaris Forge 1 (ND)
New Era Energy & Digital (TCDC PowerCo LLC, Texas Critical Data Centers LLC) + Macquarie Bank Limited + Macquarie Equipment Capital Inc.
On 7 October 2026 New Era subsidiaries TCDC PowerCo LLC and Texas Critical Data Centers LLC entered a Letter of Credit Reimbursement Agreement with Macquarie Bank Limited, which caused a $116.0 million standby letter of credit to be issued to Luminant ET Services to secure PowerCo's obligations under the 20-year Luminant PPA for the Texas Critical Data Centers project. Drawings bear 12% interest; fees are a 1.00% fronting fee and 2.00% a year. The collateral was funded partly by a $60.0 million draw under TCDC's existing Macquarie term loan, for which New Era issued the lender warrants for 413,055 shares at about $7.26; New Era expects to refinance the term loan borrowings soon. The filing also says New Era has begun pursuing leases with hyperscale tenants for the project.
 debt facility ~$116M
Entered 7 October 2026 (Form 8-K filed 8 October 2026)
Texas Critical Data Centers (TCDC) (TX)
Applied Digital + Macquarie Asset Management
Development loan facility completed for Applied Digital's Polaris Forge 2.
 debt facility $100M
closed December 18, 2025
n.a.
Fermi Inc. + Macquarie
A $100.0 million term loan from Macquarie, recorded in Fermi's FY2025 shareholder letter among the financings assembled before the initial public offering.
 debt facility $100M
August 2025
HyperGrid campus, Amarillo (TX)
Anthropic + Macquarie Asset Management + GIC
Theseus Infrastructure, a US-focused dedicated data center platform.
 platform n.a.
announced (Business Wire release dated 2026-08-09 in URL)
n.a.
Anthropic + Macquarie Asset Management + GIC
GIC joined Anthropic and Macquarie Asset Management in the Theseus Infrastructure US platform, a strategic partnership to develop dedicated data center infrastructure at scale.
 platform n.a.
n.a. in source
n.a.
Anthropic + Macquarie Asset Management + GIC
Anthropic, Macquarie Asset Management and GIC announced a strategic partnership to develop dedicated data center infrastructure at scale, with an initial focus on the United States. Funds managed by Macquarie Asset Management will, together with GIC, own the platform and fund the majority of the equity for each project, with Anthropic leasing the facilities as anchor tenant under long-term agreements. Anthropic also committed to cover electricity price increases that consumers otherwise may face from these sites. No dollar or capacity figure was disclosed.
 platform n.a.
Announced 10 August 2026
n.a.
TPG + Netrality Data Centers + Macquarie (current backer)
TPG is in exclusive talks to buy Macquarie-backed Netrality Data Centers. The parties did not comment
 acquisition n.a.
Reported by Bloomberg 27 July 2026
n.a.
The record

Sourced facts on Macquarie Asset Management

  • MAM entered Aligned via MIP IV in April 2018 (then 85MW across two facilities), with MIP V investing in July 2020; the platform grew to 50 data centers across the US, Mexico, Brazil, Chile and Colombia with more than 5GW.
  • Anthropic, MAM and GIC announced Theseus Infrastructure, a US-focused dedicated data center platform.
  • Aligned's sale documentation noted the New York one-year moratorium as a sector consideration.
Sources

Sources for Macquarie Asset Management

Every source cited on this page, once each.

Private equity and infrastructure

More in the Index

Antin Infrastructure PartnersApollo Global ManagementAres ManagementBlackRock / GIP / AI Infrastructure PartnershipBlackstoneBrookfield (BAM / Brookfield Infrastructure Partners)Copenhagen Infrastructure PartnersDigitalBridgeEQTGlobal Infrastructure Partners (as a distinct platform)I Squared CapitalIPI Partners / Blue OwlKKROaktree Capital ManagementPensions & Sovereign Wealth Funds (CalPERS, CPPIB, CDPQ/La Caisse, OTPP, PSP, ADIA, GIC, Mubadala, MGX)Silver LakeStonepeakThe Carlyle Group

Capital figures come from the Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so each figure appears as its source states it and none are added into a single deployment number. Informational, not investment advice.

The SAVRN reference set

Seven references, one system

Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.

Capital Atlas
Who is funding AI data centers: capital providers, named sites, financing transactions, and the blocked-and-delayed record, state by state and company by company.
Open the atlas →
Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
Open the watchlist →
Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
Open the tracker →
Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
Open the water tracker →
Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
Open the watchlist →
Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
Open the permits tracker →
SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
Open the scarcity tracker →
Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
Check an address →