PANews reported on November 14th that, according to Spanish media outlet Expansion, the Spanish ACS Group is close to reaching a $26.8 billion (approximately €23 billion) cooperation agreement with BlackRock's Global Infrastructure Partners (GIP) for data center development. The agreement includes GIP joining ACS's Digital & Energy division with a 50% stake, comprising €5 billion in incremental capital injections and €18 billion in debt.

Amid surging AI computing demand and limited power capacity, digital infrastructure valuations have reached new highs. ACS previously planned to increase the valuation of its data center business to €3 billion to €5 billion by 2030, and this collaboration may push its valuation to the high end of that range.

GIP manages over $180 billion in global assets and last month joined Microsoft and Nvidia in a $40 billion acquisition of U.S. data center company Aligned. Morgan Stanley estimates that major technology companies will spend $400 billion on AI infrastructure this year.