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    Digital Infrastructure

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    Sullivan & Cromwell has the leading Digital Infrastructure Practice globally based on the value of transactions. S&C has advised on transactions valued in excess of $1 trillion in this fast-growing sector.

    According to Bloomberg Law, S&C has “taken a dominant position in the AI market thanks to key lateral hires and an emphasis on data center transactions that propelled the law firm past all rivals in deals work.”

    Combining leading technology, energy, real estate, finance and corporate transactional practices with unparalleled experience advising on industry-shaping transactions, S&C is the go-to firm for clients building, investing in or procuring digital infrastructure.

    What sets us apart:

    • Closely coordinated teams of industry-leading lawyers with the experience critical to digital infrastructure, including Artificial Intelligence, Technology, Project Development & Finance,  Energy & Natural Resources, Real Estate, Credit & Leveraged Finance and M&A.
    • Experience advising on many of the largest and most impactful transactions in digital infrastructure, including representing:
      • OpenAI on its transactions with Oracle (for 4.5GW of compute), AMD (for 6GW of GPUs), AWS (for $38 billion of compute), Google Cloud, CoreWeave (for $22.4 billion of compute) and Microsoft (in its landmark 2023 partnership and multiple compute transactions, including for $250 billion of compute as part of the Next Chapter of their partnership); and
      • Broadcom on its strategic AI compute initiatives, including its partnership with OpenAI (for 10GW of custom AI accelerators), its transaction with Anthropic (for $21 billion of Google Ironwood TPU chips), and its 3.5GW TPU-based AI compute collaboration with Google and Anthropic.

    Integrated Digital Infrastructure Expertise

    Our team includes the following leaders in their fields:

    Spotlight

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    Experience

    AI Compute and Semiconductor/Systems

    • OpenAI on its:
      • Landmark partnership with Microsoft designed to accelerate AI breakthroughs, integrate OpenAI models into Microsoft’s products and services (including Copilot) and develop and provide AI supercomputers for OpenAI research
      • Next chapter of the partnership with Microsoft, including OpenAI’s purchase of an incremental $250 billion of Azure services
      • Next phase of the partnership with Microsoft, including an amended agreement to simplify their partnership
      • Strategic partnership with AMD to deploy six gigawatts of AMD GPUs to power OpenAI’s next-generation AI infrastructure
      • $38 billion compute partnership with AWS
      • Strategic partnership with Google Cloud
      • Strategic alliance with CoreWeave totaling $22+ billion to power OpenAI’s advanced model training and inference, as well as on intercreditor and commercial matters in connection with financing obtained by CoreWeave to support the delivery of services to OpenAI
      • Strategic alliance with Oracle (OCI) for 4.5GW of compute
      • $1 billion strategic partnership with SB Energy, a SoftBank Group company, as part of Stargate
      • Strategic partnership with Cerebras to add 750MW of ultra low-latency AI compute to OpenAI’s platform
      • Strategic partnership and Trainium relationship with Amazon
    • Broadcom on its:
      • Partnership with OpenAI for 10 gigawatts of custom AI accelerators (XPUs)
      • Transaction with Anthropic for $21 billion of Google Ironwood TPU chips
      • 3.5 gigawatt TPU-based AI compute collaboration with Google and Anthropic
    • Character.AI on its strategic compute partnership with Google Cloud
    • World Labs on its strategic partnership with Google Cloud
    • Twelve Labs on its strategic commercial transactions with AWS as part of Bedrock engagement

    Energy & Infrastructure

    • Oil & gas majors, developers and energy and infrastructure platforms on $52 billion of transactions in the past five years, including:
      • power projects, gas and midstream infrastructure;
      • transmission infrastructure; and
      • project-level capital raisings, including bank debt, leases and hybrid/insurance capital solutions, as well as joint ventures.
    • Sempra Infrastructure Partners in its joint venture with a consortium of private capital funds led by Blackstone Credit & Insurance, along with Apollo, KKR and Goldman Sachs Alternatives, for the development, construction and operation of the second phase of the Port Arthur LNG project
    • Sempra in the $10 billion sale of 45 percent of its equity interests in its growth platform, Sempra Infrastructure Partners, to an investment entity owned by affiliates of Kohlberg Kravis Roberts & Co. and Canada Pension Plan Investment Board

    Financing

    • A leading insurance company on their purchase of notes in a private securities offering by an affiliate of Blue Owl Capital, the proceeds of which are being invested by Blue Owl in a joint venture with Meta Platforms, Inc. to finance the development and operation of the Hyperion data center campus
    • Elon Musk, xAI, which builds data centers, and X on financing matters in connection with the $113 billion merger of xAI and X
    • xAI on its inaugural $5 billion bond and term loan financing
    • xAI on its $5.4 billion GPU sale-leaseback transaction to expand compute capacity
    • xAI on its $20 billion upsized funding round, which exceeded the $15 billion targeted round size
    • Abrams Capital Management on financing matters in connection with the sale of its majority stake in Netrality Property Trust, LLC to Netrality’s management team
    • Delaware Life Insurance Company on its $100 million senior secured term loan and revolving facilities and its $20 million 364-day equity bridge facility provided to OceanSound Partners Fund in connection with OceanSound's acquisition of all of the membership interests in Netrix, LLC and Netrix Business Holdings
    • NOVVA Data Centers, a portfolio company of CIM Group LLC, on its $500 million term loan facility

    Mergers & Acquisitions

    • AT&T in its $23 billion pending acquisition of EchoStar Corporation’s wireless spectrum licenses
    • CBRE Group on its acquisition of Direct Line Global from Guardian Capital
    • CyrusOne Inc. on its $474.5 million acquisition of Zenium Data Centers from Quantum Strategic Partners
    • DigitalBridge Group on its $3.2 billion sale of its Wellness Infrastructure business; in DigitalBridge Investment Management’s acquisition of a controlling stake in Vertical Bridge; and in Wafra’s $400 million strategic investment in Digital Colony
    • Elon Musk, xAI and X on the $113 billion merger of xAI and X
    • Elon Musk and xAI in connection with the acquisitions by the AI Infrastructure Partnership, MGX and BlackRock’s Global Infrastructure Partners of 100% equity in Aligned Data Centers from private infrastructure funds managed by Macquarie Asset Management and its co-invest partners
    • Jupiter Networks in connection with its agreement to acquire Apstra, Inc., a multinational software company that delivers a unified solution to automate the architecture and operations of data center networks
    • Northern Data on the $406 million sale of its U.S. subsidiary Whinstone to Riot Blockchain
    • SoftBank in its $4 billion pending acquisition of DigitalBridge Group
    • Vesper Infrastructure on its agreement to acquire Thésée Data Center, a specialized Tier IV data center operator in France for clients with stringent data sovereignty and security requirements, from Caisse des Dépôts et Consignations/Banque des Territoires and Groupe IDEC Invest
    • Wren House on its definitive agreement with T-Mobile to form a 50/50 joint venture to acquire i3 Broadband
    • Wren House on its $192 million acquisition of a 40% equity interest in three data centers owned and managed by subsidiaries of QualityTech, LP, a Blackstone portfolio company
    • xAI in its $250 billion pending sale to SpaceX, creating a combined company valued at $1.25 trillion, the largest private company merger in history

    Real Estate

    • Abrams Capital Management on the sale of Netrality Data Centers to Macquarie Infrastructure Partners IV 
    • Azrieli Group in connection with its minority interest in Compass DataCenters and the $5.7 billion sale of Compass to Brookfield and Ontario Teachers’ Pension Plan
    • Azrieli Group in connection with Green Mountain’s landmark agreement with TikTok for up to 150MW of capacity at its OSL-Hamar data center campus in Norway and the €371 million project financing supporting the development
    • Related Digital and affiliates on the acquisition and development of multiple hyperscale data centers across North America
    • SoftBank on the leasing and development of digital infrastructure research sites in Milpitas, CA and Austin, TX

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