Aligned Data Centers Expands With New 108MW Oregon Campus

Aligned Data Centers is expanding its footprint into the Pacific Northwest with a new 27-acre campus in Hillsboro, Oregon, designed to provide 108 megawatts of critical capacity for hyperscale and enterprise customers [3]. The move intensifies competition in a region already occupied by major tech firms and follows a broader industry trend where private capital is prioritizing ground-up construction over mergers and acquisitions [1, 3].

Strategic expansion in the Silicon Forest

The Hillsboro site, often referred to as the "Silicon Forest," is a hub for tech infrastructure, currently hosting facilities for Meta, NTT, and enterprise providers like Flexential and Stack Infrastructure [3]. Aligned’s project will be developed in two phases: an initial facility offering 72 megawatts of capacity, followed by a second building planned for 36 megawatts [3].

To optimize costs, Aligned is utilizing Oregon’s Enterprise Zone program, which offers property tax abatements for up to five years for companies that bring new facilities and employment to the region [3]. The company also cited the area's proximity to international subsea cable networks as a key advantage for reducing latency between the U.S. and Asia-Pacific markets [3]. This expansion follows a year of significant growth for the Dallas-based provider, which started or planned 470 megawatts of construction in 2024 [3].

Capital flows and market dynamics

The surge in data center construction is part of a wider trend driven by artificial intelligence demand, which has seen greenfield investment totals reach USD 89.6bn year-to-date—more than triple the total for the entirety of last year [1]. While the sector is attracting massive capital, transformative M&A activity remains limited as owners hold onto prized assets amid high valuations [1].

Total debt issued for North American data center transactions has hit a record USD 115bn across 66 deals so far this year, dwarfing total M&A spending [1]. Industry advisors note that while hyperscalers like Microsoft have historically built their own facilities, recent participation in large-scale buyouts suggests these tech giants may increasingly act as both builders and acquirers to secure the power and space required for AI workloads [1].

What to watch

• Power Access: Monitor how operators manage grid constraints, as data centers are projected to require 22% more power by year-end and nearly triple their consumption by 2030 [1].
• Capacity Timelines: Watch for potential oversupply risks; because data centers take five to six years to come online, any shift in AI adoption rates may not be reflected in market capacity for several years [1].
• Exit Strategies: Observe whether infrastructure funds and private equity sponsors begin utilizing continuation vehicles to provide liquidity, given the current lack of traditional M&A exit options [1].

The rapid pace of development underscores the industry's race to lock up power and physical space, though the long-term sustainability of this buildout remains tied to the hyperscalers' ability to demonstrate returns on their massive AI investments [1]. Whether the current volume of greenfield construction leads to a balanced market or a future glut remains the primary uncertainty for the sector [1].