BlackRock's acquisition of Aligned Data Centers at an implied $8 million per MW valuation sets a new benchmark for AI infrastructure. This deal highlights the increasing value of companies controlling power, land, and cooling, which are critical for AI training. Investors should consider Helios for its potential 3.5GW single-site capacity, which could be more valuable per MW than multi-site operations like Aligned, and other data center plays like IREN, CIFR, and APLD.