Addressing increasing growth in artificial intelligence and the cloud, Equinix (NASDAQ:EQIX) said Tuesday it's formed a joint venture with GIC and Canada Pension Plan Investment Board to raise more than $15B in debt and equity in a bid to accelerate the Equinix xScale data center portfolio.

Equinix and GIC have cooperated in multiple joint ventures in the past in Asia, the Americas, and Europe. The introduction of CPP Investments, one of the 10 largest pension funds in the world, is notable not just for the amount of capital they can bring to a project, but the wide and deep sets of business connections it has throughout the world.

The joint venture with a Canadian pension plan and GIC continues the data center REIT's push into hyperscale development through its xScale program.

The CPP and GIC investment funds are backing a new JV that will build out Equinix xScale hyperscale data centers in the US.

Equinix has raised $15 billion in funding to expand its xScale data centers for AI, particularly for investments in the U.S.

Data center firm Equinix is forming a joint venture with Singapore's sovereign wealth fund GIC and Canada Pension Plan Investment Board with goals to raise more than $15 billion in capital, the company said on Tuesday.