# Macquarie Asset Management Data Center Capex and Sites Source: https://savrn.com/data-center-capital-atlas/company/macquarie-am Markdown alternate of the page above; the site index is https://savrn.com/llms.txt --- Named sites 1 Site-level commitments the atlas ties to Macquarie Asset Management Disclosed site capital $900M Sum of named sites with a stated dollar figure. Not a capex total; see the spending table Disclosed capacity 400 MW Sum of named sites with a stated megawatt figure Financing transactions 12 Transactions naming Macquarie Asset Management or tied to one of its sites Spending ## Reported and guided spending Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined. | Period | Kind | Amount | As stated | Sources | | --- | --- | --- | --- | --- | | 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 North Dakota 1 site · $900M disclosed Open the North Dakota investment tracker → | Site | State | Place | Capital | MW | Status | Sources | | --- | --- | --- | --- | --- | --- | --- | | Applied Digital Polaris Forge 1with Applied Digital, CoreWeave | [North Dakota](https://savrn.com/data-center-capital-atlas/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; overlapping commitments are never summed. | Parties | Instrument | Amount | Date | Site | Sources | | --- | --- | --- | --- | --- | --- | | AIP + MGX + BlackRock GIP + Macquarie Asset Management (seller) + Macquarie Asset Management + Aligned Data CentersThe 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 + CenterSquareAligned 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 DigitalExecuted 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 FundingGPU-backed special purpose financing to expand Lambda's cloud for AI. | debt facility | $500M | announced April 2, 2024 | n.a. | | | Applied Digital + Macquarie Asset ManagementEarlier 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 ManagementDevelopment loan facility completed for Applied Digital's Polaris Forge 2. | debt facility | $100M | closed December 18, 2025 | n.a. | | | Fermi Inc. + MacquarieA $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 + GICTheseus 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 + GICGIC 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 + GICAnthropic, 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. The full atlas source register is at [Capital Atlas sources](https://savrn.com/data-center-capital-atlas/sources). - ir.applieddigital.com[Applied Digital](https://ir.applieddigital.com/news-events/press-releases/detail/130/applied-digital-and-macquarie-asset-management-execute) - macquarie.com[Macquarie](https://www.macquarie.com/au/en/about/company/macquarie-asset-management/insights/macquarie-asset-management-invests-in-applied-digital-and-aligned-data-centers.html) - datacenterdynamics.com[DCD](https://www.datacenterdynamics.com/en/news/applied-digital-secures-first-tranche-of-5bn-funding-from-macquarie/) - esgdive.com[ESG Dive](https://www.esgdive.com/news/blackrocks-gip-microsoft-backed-ai-group-buy-aligned-data-centers-for-40/825920/) - infrastructureinvestor.com[Infrastructure Investor](https://www.infrastructureinvestor.com/macquarie-exits-aligned-data-centers-in-40bn-sale-to-consortium-including-gip/) - aligneddc.com[Aligned](https://aligneddc.com/press-release/aip-mgx-and-blackrocks-gip-close-acquisition-of-aligned-data-centers/) - macquarie.com[Macquarie](https://www.macquarie.com/au/en/about/news/2026/macquarie-asset-management-announces-successful-close-of-aligned-data-centers-transaction.html) - aligneddc.com[Aligned press release](https://aligneddc.com/press-release/aligned-data-centers-completes-12-billion-capital-raise/) - reuters.com[Reuters](https://www.reuters.com/technology/aligned-data-centers-completes-capital-raise-over-12-billion-2025-01-15/) - datacenterdynamics.com[DCD](https://www.datacenterdynamics.com/en/news/patrizia-and-centersquare-invest-in-aligned-data-centers/) - ir.applieddigital.com[APLD](https://ir.applieddigital.com/news-events/press-releases/detail/130/applied-digital-announces-5-0-billion-perpetual-preferred) - businesswire.com[Business Wire / Lambda](https://www.businesswire.com/news/home/20240402148086/en/Lambda-Announces-$500M-GPU-Backed-Facility-to-Expand-Cloud-for-AI) - sec.gov[SEC EDGAR (New Era Energy & Digital Form 8-K, event 7 October 2026)](https://www.sec.gov/Archives/edgar/data/2028336/000121390026107704/ea0308042-8k_newera.htm) - ir.applieddigital.com[Applied Digital](https://ir.applieddigital.com/news-events/press-releases/detail/139/applied-digital-completes-development-loan-facility-with) - sec.gov[SEC Form 8-K exhibit: FY2025 shareholder letter](https://www.sec.gov/Archives/edgar/data/2071778/000207177826000007/frmiex991fy2025shletter.htm) - businesswire.com[Business Wire](https://www.businesswire.com/news/home/20260809882025/en/Anthropic-Macquarie-Asset-Management-and-GIC-Announce-Strategic-Partnership-to-Develop-Dedicated-Data-Center-Infrastructure-at-Scale) - macquarie.com[Macquarie](https://www.macquarie.com/au/en/about/news/2026/anthropic-mam-gic-data-centre-infrastructure-partnership.html) - finance.yahoo.com[Yahoo Finance (MT Newswires)](https://finance.yahoo.com/markets/stocks/articles/market-chatter-tpg-discussions-acquire-175647309.html) - bisnow.com[Bisnow](https://www.bisnow.com/news/national/data-center-capital-markets/tpg-eyes-3b-acquisition-of-data-center-firm-netrality-135593) - macquarie.com[Macquarie](https://www.macquarie.com/au/en/about/news/2025/macquarie-asset-management-to-lead-sale-of-aligned-data-centers-at-an-enterprise-value-of-us-40-billion.html) ### Private equity and infrastructure: one page each [Antin Infrastructure Partners 0](https://savrn.com/data-center-capital-atlas/company/antin)[Apollo Global Management 0](https://savrn.com/data-center-capital-atlas/company/apollo)[Ares Management 2](https://savrn.com/data-center-capital-atlas/company/ares)[BlackRock / GIP / AI Infrastructure Partnership 0](https://savrn.com/data-center-capital-atlas/company/blackrock-gip-aip)[Blackstone 5](https://savrn.com/data-center-capital-atlas/company/blackstone)[Brookfield (BAM / Brookfield Infrastructure Partners) 2](https://savrn.com/data-center-capital-atlas/company/brookfield)[Copenhagen Infrastructure Partners 1](https://savrn.com/data-center-capital-atlas/company/cip)[DigitalBridge 5](https://savrn.com/data-center-capital-atlas/company/digitalbridge)[EQT 1](https://savrn.com/data-center-capital-atlas/company/eqt)[Global Infrastructure Partners (as a distinct platform) 0](https://savrn.com/data-center-capital-atlas/company/gip)[I Squared Capital 0](https://savrn.com/data-center-capital-atlas/company/i-squared)[IPI Partners / Blue Owl 1](https://savrn.com/data-center-capital-atlas/company/ipi-blue-owl)[KKR 3](https://savrn.com/data-center-capital-atlas/company/kkr)[Macquarie Asset Management 1](https://savrn.com/data-center-capital-atlas/company/macquarie-am)[Oaktree Capital Management 1](https://savrn.com/data-center-capital-atlas/company/oaktree)[Pensions & Sovereign Wealth Funds (CalPERS, CPPIB, CDPQ/La Caisse, OTPP, PSP, ADIA, GIC, Mubadala, MGX) 0](https://savrn.com/data-center-capital-atlas/company/pensions-swfs)[Silver Lake 0](https://savrn.com/data-center-capital-atlas/company/silver-lake)[Stonepeak 2](https://savrn.com/data-center-capital-atlas/company/stonepeak)[The Carlyle Group 2](https://savrn.com/data-center-capital-atlas/company/carlyle) The figure beside each provider is its count of named sites in the atlas. Part of the [North American Data Center Capital Atlas](https://savrn.com/data-center-capital-atlas), refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them 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. Delay Watchlist Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue. [Open the watchlist →](https://savrn.com/data-center-delay-tracker) 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 →](https://savrn.com/site-intelligence)