U.S. data center developers and operators are pursuing majority equity stake sales worth tens of billions of dollars as investor demand for artificial intelligence infrastructure continues to surge, setting up what could become one of the largest waves of digital infrastructure deals on record, The Wall Street Journal reported.

Among the biggest potential transactions is a sale of a majority stake in Dallas-based DataBank that could value the company at as much as $25 billion, according to people familiar with the process. Other companies exploring stake sales include Netrality Data Centers, Edged, and EdgeCore Digital Infrastructure, whose facilities serve major U.S. markets including Phoenix and Atlanta.

The discussions come as artificial intelligence drives unprecedented demand for computing capacity, prompting technology companies, cloud providers, and infrastructure investors to pour billions of dollars into expanding the physical facilities needed to power AI applications.

Developers have rushed to build new capacity but face escalating construction costs driven by shortages of skilled labor, electrical equipment, gas turbines, and advanced semiconductor components. Those pressures have increased the amount of capital required to finance new projects and encouraged many operators to seek larger institutional investors.

Nvidia CEO Jensen Huang recently estimated that building one gigawatt of AI computing capacity using the company's architecture could soon cost between $80 billion and $100 billion, illustrating the enormous investment needed to support next-generation AI infrastructure.

The latest sale efforts follow a record year for dealmaking across the sector.

Data center mergers and acquisitions totaled about $50 billion in 2025, more than double the previous year's volume, according to S&P Global Market Intelligence. Private equity accounted for much of that activity as investors sought exposure to one of the fastest-growing segments of the digital economy.

Recent deals include Blackstone buying a roughly 49% stake in Rowan Digital Infrastructure and a group led by BlackRock's Global Infrastructure Partners and MGX agreeing to buy Aligned Data Centers for about $40 billion. The deal is expected to close in the coming weeks.

Industry advisers, however, caution that the number of investors capable of financing multiple acquisitions valued in the tens of billions of dollars remains limited.

"There are not that many people who can write those checks," said Ravi Purohit, co-head of infrastructure at law firm Paul, Weiss.

The potential sales also come as investors place greater emphasis on whether operators can secure reliable electrical power for future expansion, particularly as utilities struggle to keep pace with rapidly rising demand from AI data centers. Power availability has become one of the most important factors influencing valuations, alongside long-term customer contracts and access to land suitable for expansion.

At the same time, developers face growing opposition from some local communities concerned about electricity consumption, water usage, noise, and environmental impacts.

Purohit said local resistance to new development has become a bigger issue than many people realize.

"The more they can demonstrate to buyers that they have a constructive relationship with these communities ... that actually goes a really long way," he said.