BlackRock, IFM in Exclusive Talks on $25B Data Center Deal

Exclusivity, not a signed deal, is the real signal here: it suggests both sides have moved past price discovery on an asset class where scale is now the differentiator. The reported figure would put this in rare territory for digital infrastructure, which matters because it implies institutional capital is treating data centers less as a niche and more as core infrastructure. What remains open is whether exclusivity converts to a signed transaction, and whether the counterparties disclose terms themselves rather than leaving the market to rely on unnamed sources.