MGX in talks for Stack Asia Pacific data centers, up to $25 billion

MGX has been building its position in AI infrastructure through large, high-profile vehicles. It is an investor in the BlackRock-backed AI Infrastructure Partnership, and it is also a backer of the $500 billion Stargate venture. That venture's first 250 megawatts of a Stargate cluster in Abu Dhabi is expected to be completed this year. Now the fund is looking east for data center assets, a move that comes as the UAE capital's deep pockets become central to the global AI buildout.

The potential Stack deal sits alongside another development in the same orbit. Oracle invoked force majeure at another Blue Owl-backed US data center — part of the Stargate venture — after permitting delays held up efforts to bring power to the site. Oracle, the project's anchor tenant, said the development remains on schedule, and Blue Owl said the notice does not change its financial commitments.

What the outcome hinges on is whether the exclusive talks convert into a completed transaction, and at what valuation. For MGX and its partners, the Asia Pacific portfolio would extend a strategy already anchored in Abu Dhabi and the US. For regional sellers, it signals a buyer group willing to move on large portfolios, though the force majeure episode is a reminder that power and permitting timelines can complicate even well-funded projects.