The AI wave is sweeping! Global data center mergers and acquisitions have surged to over $70 billion this year

The Zhitong Finance App learned that the artificial intelligence (AI) boom that has swept the world has attracted hundreds of billions of dollars in financing and strategic cooperation, and is now driving the data center industry to set off a wave of mergers and acquisitions.

On Monday, SoftBank Group (SFTBY.US) became the latest company to join the battle, announcing that it had reached a multi-billion dollar acquisition agreement with digital infrastructure investor DigitalBridge (DBRG.US), which also pushed global data center mergers and acquisitions to exceed 70 billion US dollars this year. The following is a list of data center related mergers and acquisitions this year.

When combined with related investments, global data center transactions have reached a record high this year.

Despite investors becoming increasingly wary of the AI valuation bubble and the financing risks behind the rapid expansion of data centers, this growth momentum is still strong. Global stock markets were sold off in November as market concerns about the bubble caused by AI continued.

Hyperscale enterprises are increasingly turning to private equity market financing rather than covering expensive infrastructure construction costs themselves, leading to a surge in debt financing and driving transaction volumes to new highs.

This trend has raised concerns among some investors, who are beginning to question the actual value of advanced technology in data centers. Earlier this month, it was reported that Blue Owl Capital had withdrawn from a deal supporting Michigan's $10 billion data center, which has caused Oracle's (ORCL.US) stock price to drop.

According to S&P data, the scale of debt issuance in 2025 surged from $92 billion last year to $182 billion, nearly doubling. Meta (META.US) and Google (GOOGL.US) are among the most active issuers, with Meta issuing $62 billion in bonds since 2022 — nearly half of the total volume issued in 2025 alone.

But many analysts are still bullish on this area. Dutch International Group expects investment levels to maintain healthy growth in 2026, driven by advances in AI technology and increased public and private sector support for digital innovation.

Wim Steenbakkers, head of global data centers and technology at Dutch International Group, said, “The development of AI has two sides. On the one hand, it brings optimistic prospects such as the acceleration of pharmaceutical research and development, and on the other hand, it also raises concerns about (public) safety.”

“As a result, there is still uncertainty about the technology's profit model and business model. Questions about high-value investments can only be answered when future uncertainty is reduced and the application of technology and its advantages are more clear.”

According to data from S&P Global Market Intelligence, more than 100 data center transactions have occurred in the first 11 months of this year, and their total value has already exceeded the transaction volume for the full year of 2024. The majority of transactions took place in the US, followed by the Asia Pacific region.

Iuri Struta, an analyst at TMT at the agency, stated, “The growth rate of European data center construction is expected to be lower than in other regions, but it remains to be seen whether this will trigger a boom in mergers and acquisitions in the context of scarce assets.”

Dutch International Group recently reported that America's growth rate is “leaving Europe far behind,” and predicts that US data center investment may be five times that of Europe. At the same time, the Middle East is increasingly becoming a new engine for growth, and wealthy Gulf countries are trying to build themselves into the next generation of global AI hubs.

Struta expects M&A investment activity in the data center sector to become more “active” in 2026. He said, “I wouldn't be surprised if the already high valuations rise further.”

“New data centers may be temporarily limited due to insufficient energy supply, which will make existing data centers more valuable. As large data center companies remain scarce, we are likely to see more non-core businesses selling related assets.”