Apollo Targets Data Center Growth With Stream Acquisition Deal: Report

Apollo Global Management (APO) reportedly has agreed to acquire a majority stake in data center builder Stream Data Centers.

According to a report by Bloomberg, the deal will allow funds managed by the alternative asset management company to potentially invest money in digital infrastructure.

The management team at Stream Data Centers will retain a minority interest, the report said. The terms of the deal were not disclosed. The contract is expected to be completed by the end of the year. 

Apollo Global’s stock edged 0.3% higher in pre-market trade on Wednesday. On Stocktwits, retail sentiment around the company improved to ‘bullish’ from ‘neutral’ territory a day ago. 

Stream Data Centers specializes in building, leasing, managing, and operating large-scale data center campuses. The company has reportedly worked with investors on more than 20 campuses. The deal with Apollo aims to develop data-center operations in Chicago, Atlanta, and Dallas.

The report comes after Apollo posted its second quarter (Q2) results just a day earlier. The company reported earnings of $1.92 per share on revenue, beating the expected $1.84 by Wall Street, according to Stocktwits data. Its revenue came in nearly 50% higher than analysts’ expectations of $4.57 billion, at $6.81 billion.

“I would specifically highlight the opportunity we see in financing AI infra-projects,” Apollo President Jim Zelter told analysts on an earnings call Tuesday. He also said that private financing would be needed for a large chunk of those developments.

Apollo’s stock has fallen more than 12% in 2025 but gained nearly 50% over the past 12 months.

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