Primary Digital Infrastructure
Primary Digital Infrastructure is a privately held, Austin-based data center investment platform founded in 2024 by former executives of Digital Realty, CyrusOne, DigitalBridge, and GI Partners. It provides recapitalizations, acquisitions, forward takeouts, and joint venture financing to top-tier data center owners, operators, and AI hyperscale developers, having facilitated approximately $13 billion in transactions.
- Company typePrivate
- Founded2024
- HeadquartersAbilene, United States
- Headcount—
- GTM typeB2B
- OfferingServices
What Primary Digital Infrastructure does
Primary Digital Infrastructure is a privately held data center investment platform founded in 2024 by four industry veterans — Bill Stein (former CEO/CIO of Digital Realty Trust), Dave Ferdman (co-founder and former CEO of CyrusOne), Peter Hopper (former MD at DigitalBridge and CEO/founder of DH Capital), and John Sheputis (former MD at GI Partners and founder of Fortune Data Centers) — and headquartered in Austin, Texas with a secondary office in New York. The firm operates as an independent capital intermediary that partners with top-tier data center owners and operators to provide strategic capital solutions including recapitalizations, acquisitions, forward takeouts, and joint venture financing for digital infrastructure assets, with an emphasis on AI-ready data center campuses. The company does not build technology itself; its platform is a human-capital-intensive origination, structuring, and capital-formation business that leverages the founders' combined 108+ years of data center experience and prior track record of overseeing over $50 billion in market cap growth.
In less than two years since launch, Primary Digital Infrastructure has facilitated approximately $13 billion in completed transactions, anchored by a $3.4 billion initial joint venture with Crusoe and Blue Owl Capital (October 2024) that expanded into the $15 billion Stargate/Project Ludicrous financing in Abilene, Texas — the world's largest AI training cluster at 1.2 GW across eight data centers by mid-2026 — for which JPMorgan led a $7.1 billion loan. The firm extended its mandate in January 2026 through a partnership with New Era Energy & Digital to co-develop gigawatt-scale data centers in Texas using a co-located natural gas power model. Revenue is generated through transaction fees on structured deals and equity participation in joint ventures, with a go-to-market motion built on direct enterprise relationships with institutional capital partners (sovereign wealth funds, large asset managers), data center operators, and AI hyperscale developers, rather than through traditional marketing or distribution channels. The team has grown to approximately 10-11 professionals, including a Managing Director & General Counsel (Andrew Gold), Directors, a VP of capital formation, and execution staff drawn from GI Partners, Digital Realty, Harrison Street, PGIM Real Estate, and New Mountain Capital.
Primary Digital Infrastructure firmographics
Firmographics- Name
- Primary Digital Infrastructure
- Legal name
- Primary Digital Infrastructure Manager, LLC
- Website
- https://primaryinfra.com
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Short description
- Primary Digital Infrastructure is a privately held, Austin-based data center investment platform founded in 2024 by former executives of Digital Realty, CyrusOne, DigitalBridge, and GI Partners. It provides recapitalizations, acquisitions, forward takeouts, and joint venture financing to top-tier data center owners, operators, and AI hyperscale developers, having facilitated approximately $13 billion in transactions.
- Ownership category
- akta.pro rank
Primary Digital Infrastructure industry classification
Industry- Product category
- Data Center Investment & Financing
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Digital Infrastructure Funds (Data Centers, Fiber, Towers) (FSANAEAM)
Keywords
Where Primary Digital Infrastructure is headquartered
LocationHeadquarters
- HQ city
- Abilene
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Primary Digital Infrastructure business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Investment Management and Capital Solutions: Generates returns through strategic investments in data center infrastructure including recapitalizations, acquisitions, and forward takeouts. Revenue derived from investment returns, management of capital partnerships, and transaction fees from deal structuring.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
Primary Digital Infrastructure product offering
Product offeringCore offering
Primary Digital Infrastructure is an independent data center investment platform that partners with top-tier data center owners and operators to provide strategic capital solutions, including recapitalizations, acquisitions, forward takeouts, and joint venture financing. The firm originates, structures, and facilitates large-scale financing for data center and AI factory assets, connecting institutional capital with developers and operators across the digital infrastructure sector. Since founding in 2024, the firm has facilitated more than $13 billion in transactions, including the $15 billion Stargate/Project Ludicrous AI data center financing in Abilene, Texas.
Product overview
Primary Digital Infrastructure operates as a single, unified data center investment platform that provides capital through strategic solutions including recapitalizations, acquisitions, forward takeouts, and joint venture financing. The platform matches capital with data center and AI factory assets, partnering with top-tier owners and operators to deliver financing and investment solutions for the digital economy. The company's approximately $13B+ in completed transactions demonstrates the scale of its unified investment platform approach.
Differentiator
Problem solved
Functional benefit
Products and services
- Data Center Investment Platform Independent investment platform providing capital solutions to data center and AI factory owners and operators through recapitalizations, acquisitions, and forward takeouts. Targets institutional capital partners seeking data center exposure.
- Data Center Acquisitions Acquisition of critical data center assets worldwide, de-risking investments for capital partners by ensuring assets are designed to evolve with technology.
- Forward Takeouts Financing structures that provide developers and operators with capital exit options, including forward takeout arrangements with institutional investors.
- Recapitalizations Strategic recapitalization solutions for data center operators seeking to optimize capital structure and unlock value.
- Joint Venture Financing Facilitation of joint venture arrangements between data center developers and institutional capital partners, including debt and equity financing structures.
Quantifiable outcome
- $13B+ in transaction value facilitated since founding
- +1 more outcomes
Companies that use Primary Digital Infrastructure
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Primary Digital Infrastructure technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Primary Digital Infrastructure partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and flagship.
- New Era Energy & DigitalcorePrimary Digital Infrastructure partnered with New Era Energy & Digital (NUAI) to co-develop gigawatt-scale data centers in Texas. The partnership targets up to one gigawatt of power capacity by bypassing constrained public grids and positioning power generation directly alongside data center facilities. A definitive lease agreement was expected by end of Q1 2026.
- OpenAIflagshipPrimary Digital Infrastructure facilitated financing for OpenAI's Stargate project through its JV with Crusoe and Blue Owl. The Abilene, Texas campus is the flagship site of OpenAI's $500 billion Stargate initiative to build multiple AI data center campuses across the US and globally.
- OracleflagshipOracle is a key partner in the OpenAI Stargate project alongside SoftBank and MGX. The Stargate project involves Oracle's cloud infrastructure as part of the $500 billion initiative for AI data center campuses.
- CrusoecorePrimary Digital Infrastructure entered a joint venture with Crusoe and Blue Owl Capital for AI data center development. The partnership evolved into a $3.4 billion initial JV (October 2024), later expanded to $15 billion total financing for the Abilene, Texas Stargate project. Primary Digital helped structure and facilitate the deal that brought together the JV partners.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
Primary Digital Infrastructure competitors and assessment
Company assessmentDirect peers
- DigitalBridge: Largest pure-play digital infrastructure investment manager covering data centers, towers, fiber. Co-founder Peter Hopper was previously MD at DigitalBridge, and the firm is the most direct comparable platform competing for the same capital mandates and operator relationships.
- I Squared Capital: Global infrastructure private equity manager with active digital infrastructure strategy. Comparable in size and approach to Primary Digital, pursuing data center investments, recapitalizations, and greenfield development financing.
- Stonepeak: Infrastructure-focused alternative investment manager with deep digital infrastructure (data centers, fiber, towers) investing franchise. Competes directly with Primary Digital for institutional capital mandates targeting data center and AI infrastructure exposure.
- EQT Infrastructure: Active European-anchored infrastructure investor with growing North American digital infrastructure exposure. Competes for data center deals and brings established LP relationships that overlap with Primary Digital's target capital partners.
- GI Partners: Tech-focused private equity firm with significant data center and digital infrastructure exposure. Co-founder John Sheputis was previously MD at GI Partners leading technology real estate acquisitions, and GI Partners remains a direct competitor for operator recapitalizations and forward takeouts.
Others
- Blue Owl Capital: Capital partner and co-investor in Primary Digital's flagship Stargate JV with Crusoe. Functions as both a financing counterparty and a potential competitor for direct digital infrastructure equity investments.
- Digital Realty Trust: Largest publicly traded data center REIT where co-founder Bill Stein was CEO. Functions as a potential capital partner/operator client for Primary Digital's recapitalization and forward takeout products rather than a direct competitor.
Broad incumbents
- BlackRock (Infrastructure): Largest global asset manager with rapidly expanding infrastructure and digital infrastructure strategies. Competes for institutional capital mandates and direct data center investments at scale.
- Brookfield Asset Management: One of the world's largest infrastructure investors with a growing digital infrastructure franchise. Competes for hyperscaler data center financing mandates and has the balance sheet to outbid smaller specialists like Primary Digital on direct acquisitions.
- KKR Global Infrastructure: Mega-fund infrastructure platform that took CyrusOne private at $15B. Brings scale, multi-strategy mandates, and longer track record, competing for the same institutional capital pools targeting digital infrastructure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Primary Digital Infrastructure social profiles
Digital presencePrimary Digital Infrastructure financial estimates
Financial estimateRevenue estimate
Valuation estimate
Primary Digital Infrastructure leadership team
Management profileNumber of profiles
Profiles11 records
Primary Digital Infrastructure funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Primary Digital Infrastructure M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Primary Digital Infrastructure
What does Primary Digital Infrastructure do?
Primary Digital Infrastructure is an independent data center investment platform that partners with top-tier data center owners and operators to provide strategic capital solutions, including recapitalizations, acquisitions, forward takeouts, and joint venture financing. The firm originates, structures, and facilitates large-scale financing for data center and AI factory assets, connecting institutional capital with developers and operators across the digital infrastructure sector. Since founding in 2024, the firm has facilitated more than $13 billion in transactions, including the $15 billion Stargate/Project Ludicrous AI data center financing in Abilene, Texas.
Is Primary Digital Infrastructure a public or private company?
Primary Digital Infrastructure is a private company. It is classified as management employee owned and is currently operating.
When was Primary Digital Infrastructure founded?
Primary Digital Infrastructure was founded in 2024.
Where is Primary Digital Infrastructure based?
Primary Digital Infrastructure is headquartered in Abilene, United States, in the North America region.
How does Primary Digital Infrastructure make money?
One revenue line is on record: investment Management and Capital Solutions.
Who are Primary Digital Infrastructure's main competitors?
Direct peers on record are DigitalBridge, I Squared Capital, Stonepeak, EQT Infrastructure and GI Partners. Others are Blue Owl Capital and Digital Realty Trust. Broad incumbents are BlackRock (Infrastructure), Brookfield Asset Management and KKR Global Infrastructure.
Does Primary Digital Infrastructure have an API?
No public API is recorded for Primary Digital Infrastructure.
What industry is Primary Digital Infrastructure in?
Primary Digital Infrastructure's product category is Data Center Investment & Financing. Its primary akta.pro industry code is FSANAEAM, Digital Infrastructure Funds (Data Centers, Fiber, Towers). Its NAICS code is 525 and its SIC code is 6199.