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Equinix, Inc. (NASDAQ:EQIX) shares are trading lower on Thursday.

On Tuesday, the company disclosed a joint venture with GIC and Canada Pension Plan Investment Board (CPP Investments).

All parties have made equity commitments, and the JV plans to raise more than $15 billion in investable capital through equity and debt.

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As per the terms, CPP Investments and GIC will each hold a 37.5% equity stake in the joint venture, while Equinix will own 25%.

Equinix’s current hyperscale joint venture portfolio in Europe, Asia-Pacific, and the Americas has over $8 billion in committed investment. When fully built out, it aims to deliver more than 725 MW of power capacity across 35+ facilities.

The JV will accelerate the expansion of Equinix’s xScale data center portfolio, which supports hyperscale companies in enhancing their core deployments at Equinix’s IBX data centers.

Once fully realized, this new JV will nearly triple the investment capital of the xScale program, driven by the growing demand for AI and cloud services.

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Equinix expects the JV to acquire land and develop new xScale facilities on several 100+ MW campuses in the U.S., adding over 1.5 gigawatts of capacity for hyperscale customers.

The joint venture’s closing, pending regulatory approvals, is expected by the fourth quarter of 2024.

Adaire Fox-Martin, CEO and President, Equinix stated, “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.”

”Our xScale and IBX offerings are uniquely positioned to address this business need, enabling companies to realize the powerful potential of AI.”

Investors can gain exposure to the stock via Pacer Data & Infrastructure Real Estate ETF (NYSE:SRVR) and Elevation Series Trust SRH REIT Covered Call ETF (NYSE:SRHR).

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This article Equinix Turbocharges AI And Cloud Growth With $15B Joint Venture: Expanding xScale Data Centers Worldwide originally appeared on Benzinga.com