Equinix has signed a joint venture agreement with Singapore’s GIC and the Canada Pension Plan Investment Board (CPP Investments), with the intent to raise more than $15 billion to accelerate the Equinix xScale data center portfolio and support the rapid advancement of technology such as AI.

Under the terms of the agreement, CPP Investments and GIC will each control a 37.5 percent equity interest in the joint venture, and Equinix will own a 25 percent equity interest. Each party has made equity commitments, and the joint venture also expects to take on debt to raise the total pool of investable capital to more than $15 billion over time.

“As the world’s leading companies build out their infrastructure to support key workloads such as artificial intelligence, they require the combination of large-scale data center footprints optimized for AI training and interconnection nodes for the most efficient inferencing,” says Adaire Fox-Martin, CEO and president of Equini