Ares Closes $8.6B Data-Center Transaction—Largest Disclosed Deal This Week and 72% Larger Than Google's $1.0B Close

## Highlights

Ares closed an **$8.6 billion data-center transaction** on July 27, 2026—the largest disclosed deal in the tracker this week and 72% larger than Google's $1.0B close earlier in the month. The transaction arrives as capital reprices power-rich sites: markets with DCPI excess scores above 70 (Midland–Odessa at 85.7, Upper Peninsula Michigan at 73.5, Cheyenne at 72.5) are now drawing institutional bids that price in 18-36 month interconnection windows and grid headroom, not just location or fiber.

Meta separately acquired 172 MW from ADIA in a deal disclosed the same day, underscoring hyperscaler demand for sites with contracted power and near-term delivery. Nvidia closed two deals totaling $1.25B across the week.

## What It Means

The $8.6B figure sets a new benchmark for single-asset or portfolio transactions in the US data-center market. For developers and investors, the comp is clear: sites in markets with excess scores above 70 and sub-24-month interconnection queues are trading at a premium to constrained metros (London at 16.9 excess, Amsterdam at 21.7). The Ares transaction implies that power—not proximity—is now the primary pricing lever for institutional capital.

For site-selection teams, the second-order read is to model land and interconnection concurrently: a market with 70+ excess power but a 22-month queue (Cheyenne) prices differently than a market with 85+ excess and a 16-month queue (Midland–Odessa). The capital is already there; the question is whether your timeline aligns with the grid.

## Methodology

DC Hub tracks 4,000+ M&A transactions across 317 markets, seven ISOs, and facilities. The Data Center Power Index (DCPI) scores excess power and constraint risk daily, updated at market close. Recent deals include disclosed transaction values, MW capacity, and buyer/seller pairs reported in public filings and industry sources.

**Source:** DC Hub Transactions Tracker (https://dchub.cloud/transactions). Updated daily.

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