Intelligence · Gulf Capital Tracker
~$80 BILLION FROM THE GULF, FLOWING INTO NORTH AMERICAN AI INFRASTRUCTURE
Saudi PIF (HUMAIN), Abu Dhabi sovereign capital (MGX, Mubadala, G42), and Saudi state holdings (Vision Invest / DataVolt) have collectively committed $70–80B to data center infrastructure with material US exposure. The MGX/AIP/GIP acquisition of Aligned Data Centers alone is the largest DC transaction in history at $40B. This is Konative's tracker on what they're building, where, and with whom.
Entities Konative Tracks
FOUR PLAYS, FOUR DIFFERENT US POSTURES
HUMAIN
PIF (Saudi Public Investment Fund) · Launched May 2025C$10B over 5 years
AMD PARTNERSHIP — 500 MW BUILD ACROSS SAUDI + US
HUMAIN is the centerpiece of PIF's AI infrastructure thesis. Targeting 1.9 GW installed by 2030, 6 GW by 2034. AMD partnership commits up to US$10B over five years to deploy 500 MW of AI compute across Saudi Arabia AND the United States. Blackstone JV adds another US$3B. Already secured up to US$1.2B in additional facility financing.
HUMAIN US site selection is the single highest-leverage RFP in the Gulf-to-NA pipeline. AMD's NA data center footprint will need power, water, and land. Konative covers the markets where 500 MW will land.
MGX × AIP × BLACKROCK GIP
Mubadala (Abu Dhabi) + G42 · MGX launched March 2024US$40B
ALIGNED DATA CENTERS ACQUISITION — LARGEST DC DEAL EVER
In October 2025, MGX joined BlackRock's GIP and AI Infrastructure Partners (AIP) to acquire Aligned Data Centers from Macquarie Asset Management for US$40B. Deal closes H1 2026. Aligned operates 50+ campuses across North and Latin America — instantly making this consortium one of the largest hyperscale operators on the continent.
Aligned's under-AIP-management pipeline = the largest single source of Gulf-funded DC capacity expansion in NA. New land near Aligned's existing campuses (Phoenix, Dallas, Salt Lake City, Ashburn, Chicago) becomes immediately strategic. Konative is sourcing landholders in those markets right now.
G42 / STARGATE UAE
Abu Dhabi sovereign + OpenAI + Oracle + NVIDIA + SoftBank + Cisco · Announced May 20255 GW total / 200 MW Q3 2026
LARGEST AI CAMPUS OUTSIDE THE US
Stargate UAE is a 5 GW AI infrastructure cluster being built outside Abu Dhabi. First phase (200 MW) goes live Q3 2026. The full 1 GW campus runs on nuclear, solar, and natural gas. The UAE-US AI Acceleration Partnership specifically allows reciprocal US compute capacity buildouts under sovereign-AI security frameworks — meaning G42 builds in the US too.
G42's US site selection follows the Stargate template: nuclear-adjacent or large gas-fired sites with co-located substations. Watch for site announcements in Texas (ERCOT), Pennsylvania (PJM), and the Mountain West (WECC) — all markets in Konative's coverage.
DATAVOLT
Vision Invest (Saudi state holding) · Founded 2023US$20B US commitment
SUPERMICRO PARTNERSHIP — $20B US BUILDOUT
DataVolt + Supermicro announced a US$20B joint deal during the Trump administration to deliver computing power and supporting infrastructure for DataVolt data centers across the United States and Saudi Arabia. Saudi sites go live Q2 2026. NEOM's Oxagon DC is a US$5B 1.5 GW net-zero AI factory campus DataVolt is anchoring.
DataVolt is the most modular-friendly of the Gulf operators — they explicitly underwrite to net-zero designs and integrated energy. They are exactly the build partner Konative's thesis was designed for. NA site selection is active.
Activity Timeline
THE GULF-TO-NA AI INFRASTRUCTURE TIMELINE
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Last updated: April 2026. Tracker refreshed weekly via Konative's Saudi feed automation. How we score the sites these dollars are chasing →