Equinix, which provides digital infrastructure to its clients, announced a joint venture with Singapore's sovereign wealth fund, GIC, and CPP Investments, which manages the global investments for the Canada Pension Plan Fund. Equinix is a publicly traded REIT with an approximate market capitalization of $84.2 billion, the largest REIT focused on data centers.

They plan to raise at least $15 billion to boost the deployment of Equinix's xScale data center portfolio. The systems let hyperscale companies — those with demanding and large cloud services — to more easily add capabilities at the Equinix data centers they use. According to a press release, at full buildout the JV will almost triple the amount of capital available to the xScale program.

Equinix expects the JV ultimately to purchase land and build enough data centers to add more than 1.5 gigawatts of computing power in the U.S. With the growth of computing-hungry generative artificial intelligence, having more capacity at hand is critical for the AI vendors to succeed. OpenAI, which has changed from a non-profit to a for-profit organization, just raised $6.6 billion with Microsoft and Nvidia both investing at a potential $157 billion valuation, according to a Reuters report.