BlackRock, ACS launch Coravel with first Dallas-Fort Worth tenant

BlackRock’s Global Infrastructure Partners and Spanish contractor ACS have given their data center joint venture a name, Coravel, and landed its first US tenant: a hyperscaler that will take roughly 140 megawatts across three Dallas-Fort Worth facilities. For developers chasing AI-infrastructure demand, the signal is where a $1.2 GW platform chose to plant its first flag, and why.

Why it matters

Coravel is the latest confirmation that the data center contest is a power contest, and that the capital is flowing to markets where megawatts clear fastest. The venture put its first anchor lease in Texas, not a coastal gateway, because the grid there interconnects large loads on a timeline the Northeast and California cannot match. That is the same calculus pushing hyperscalers and their landlords toward the Sun Belt and the I-20 corridor. For anyone assembling land near Fort Worth, an equal-ownership platform backed by the world’s largest asset manager just made the submarket’s power-and-fiber story a lot more bankable.

The numbers

The first customer signed for about 140 MW of critical IT load across three buildings, with expansion rights on roughly another 100 MW at two more. Coravel claims a development pipeline of about 1.2 GW across the US, Europe and Australia, with 150 MW already under construction. ACS and GIP hold the venture in equal ownership, and ACS subsidiary Turner Construction will deliver the campus. Construction is phased, with facilities entering service on staggered dates through 2028.

What’s next

The Fort Worth deal joins a widening Texas AI-infrastructure pipeline that includes Crusoe and Lancium’s 1 GW Childress campus. Expect the competition among developers in metro Dallas to move upstream, to securing substation capacity and interconnection queue position before the land trades. The platforms that lock power now, not the ones that wait for a signed tenant, will own the next wave of sites.