**When Public Markets Blink, Private Capital Buys the Grid**

BlackRock's Global Infrastructure Partners and EQT just agreed to take AES private for $10.7 billion, absorbing 11.8 GW in signed hyperscaler agreements including an 850 MW Google PPA in Wilbarger County, because public equity markets can't capitalize utility expansion at AI's speed. With GIP's 1.7 GW datacenter pipeline now stacked behind the same balance sheet controlling AES's supply contracts, they're positioned to set terms on both ends of the power trade.