Apollo Funds Acquire Majority Stake in Stream Data Centers Platform in Dallas

NEW YORK — Nov. 3, 2025: Apollo (NYSE: APO) announced that Apollo-managed funds have completed the acquisition of a majority interest in Stream Data Centers, a Dallas-based developer and operator of hyperscale data center campuses across the United States.

Apollo Expands in Digital Infrastructure

According to the company’s release, the transaction positions Stream Data Centers (SDC) to accelerate development across its platform and execute on a pipeline exceeding four gigawatts serving technology and artificial intelligence infrastructure users. The financial terms of the deal were undisclosed.

Principal Asset Management acquired a minority interest in SDC through a Principal-managed fund, while SDC’s management team will retain a minority stake and continue to lead the company.

Strategic Support from Apollo and Principal

“SDC is an essential part of Apollo’s strategy to scale our presence in digital infrastructure,” said Joseph Jackson and Trevor Mills, Partners at Apollo. “We are excited to support the company’s continued expansion as a scaled provider of next-generation capacity for hyperscale and AI customers across key U.S. markets.”

John Berg and Devin Chen, Senior Managing Directors at Principal Asset Management, said the firm’s partnership with SDC reflects its commitment to supporting critical infrastructure. “We are excited to continue supporting SDC’s expansion alongside Apollo,” they said in a joint statement.

Stream Data Centers’ Growth Outlook

Stream Data Centers has delivered more than 20 campuses for hyperscale and enterprise customers, primarily in Tier 1 data center markets. The company’s land fund has substantial power allocations expected to come online within the next 12 to 24 months, according to the announcement.

“With Apollo Funds’ and Principal’s support, SDC is now equipped to scale faster and more strategically than ever before,” said Michael Lahoud and Paul Moser, Co-Managing Partners of Stream Data Centers. “As demand for AI and hyperscale infrastructure continues to surge, we’re proud to operate from a position of strength and look forward to delivering transformative capacity where it’s needed most.”

Broader Investment Context

Apollo stated that global data center infrastructure could require several trillion dollars of investment over the next decade, driven by demand for compute capacity and AI workloads. Since 2022, Apollo-managed funds and affiliates have deployed more than $40 billion into next-generation infrastructure, including renewable energy, digital platforms, and compute capacity.

Source

Source: Apollo press release