Apollo has finalized its acquisition of a majority stake in Stream Data Centers, a leading developer and operator of hyperscale data center campuses in the U.S. This strategic move aims to enhance Apollo’s capabilities in the rapidly growing AI and compute demand market.
As part of the deal, Principal Asset Management will acquire a minority stake in Stream Data Centers using a Principal-managed fund, while the management group of SDC will retain minority ownership and continue operational leadership.
Stream Data Centers (SDC) plays an integral role in Apollo’s strategy, positioning itself to scale development and manage a robust pipeline focused on advanced technology and AI infrastructure. To date, SDC has successfully delivered over 20 campuses catering primarily to major hyperscale and enterprise clients within Tier 1 data center markets.
With their well-capitalized land fund, Apollo’s vision for SDC includes facilitating development that meets the rising demand for data usage and computational capacity over the next 12 to 24 months.
Apollo partners Joseph Jackson and Trevor Mills emphasized SDC’s importance in expanding the firm’s digital infrastructure footprint, stating, "We look forward to helping the company continue to grow as a scaled provider of next-generation capacity for customers in key U.S. markets."
Principal’s Senior Managing Directors, John Berg and Devin Chen, recognized their long-standing relationship with SDC, reflecting their commitment to supporting the critical infrastructure sector. They expressed eagerness to collaborate with Apollo for SDC’s ongoing growth.
In a joint statement, Co-Managing Partners Michael Lahoud and Paul Moser of Stream Data Centers shared that with the backing of Apollo and Principal, SDC is fully equipped for faster and more strategic scaling, particularly in response to the increased demand for AI and hyperscale infrastructure.
Apollo anticipates substantial investment in global data center infrastructure — amounting to trillions of dollars over the next ten years — driven by the surging need for compute capacity and AI workloads. Since 2022, Apollo-managed funds and affiliates have invested in excess of $40 billion in transformative infrastructure, including advancements in computing power, digital platforms, and renewable energy solutions. Through Stream Data Centers and other partnerships, Apollo is poised for further engagement in these critical sectors in the coming years.
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