The AI buildout has made data centers one of the most sought-after asset classes in the world, and one of the trickiest to underwrite. Demand for power and high-density computing is outrunning what existing facilities were designed to support, with grid constraints and rising costs making well-located, upgradeable sites more valuable by the month. Hundreds of billions of dollars are moving toward new capacity. But capital alone can’t shorten an interconnection queue, secure a transformer or reposition a decade-old facility for next-generation compute.
That gap between money and execution is where Dave Ferdman is putting his experience to work. Ferdman co-founded CyrusOne in 2000 and served as president and CEO from inception until 2011, returning on an interim basis from 2021 to 2022 to lead the company’s $15 billion take-private by funds managed by KKR and Global Infrastructure Partners. Over his tenure, the firm built, acquired or operated more than 50 data centers worldwide. Today he is president and co-founder of Primary Digital Infrastructure, an Austin-based advisory and investment platform for hyperscale and AI-driven data centers, where he is betting that the winners in this cycle will be the firms that understand operations as well as they understand capital.
Tell us more about PDI and your business model.
PDI is an independent investment platform focused on data centers and the infrastructure powering the digital economy. Our model combines deep operator expertise with institutional capital to identify, acquire and scale high-quality assets.
We’re operating at a moment where AI is driving one of the largest digital infrastructure investment opportunities in decades. Demand for power, connectivity and high-density computing is outpacing what existing facilities were built to support, while grid constraints and rising costs are increasing the value of well-located, upgradeable, grid-connected assets.
PDI was built for this environment. We bring more than 200 years of operating experience alongside a disciplined investment strategy and technical foresight to reposition infrastructure for the next generation of compute. Our focus is on assets that can perform today and evolve over time—aligning capital with the long-term realities of AI and cloud demand.
How have you grown?
Our growth is rooted in the scale and timing of this shift. As hundreds of billions of dollars in new capacity come online, there is also a growing pool of existing assets that require recapitalization and repositioning, creating a rare window to realign infrastructure with future demand.
We’ve expanded by focusing on opportunities where operational insight and strong partnerships create an advantage. A good example is our work with Crusoe and Blue Owl on the Stargate Abilene data center in Texas, one of the most ambitious hyperscale projects in the world with major milestones established within the first year alone.
At the same time, we’ve remained disciplined, relying on seasoned instincts and our deep experience in the data center space. Rather than chasing growth for its own sake, we’ve focused on assets positioned at the intersection of power, capital and compute. That approach has allowed us to scale in a way that is both strategic and in-line with long-term market fundamentals.
PDI operates as both an advisor and an investor. How does that dual perspective shape your edge?
Operating as both an advisor and an investor gives us a more complete view of the market. On the advisory side, we’re engaged with one of the largest hyperscale companies as well as data center owners and operators, which provides real-time insight into how capital is flowing and where constraints are emerging.
As investors, we apply that insight with discipline. In today’s market, success isn’t merely about identifying demand. It’s about understanding what enables that demand to be delivered. Power availability, equipment constraints and execution complexity are increasingly impacting outcomes as much as capital itself.
This dual perspective permits us to move beyond headline-driven investment decisions and concentrate on long-term asset performance. Our edge comes from bridging capital and operations—understanding not just where the opportunity is, but what it takes to realize it.
How do you see the role of advisory and investment firms evolving as data centers become core to enterprise growth?
Data centers are central to enterprise strategy. Our role as both an advisory and an investment firm is becoming more integrated, strategic and increasingly critical to business outcomes. This is no longer simply about allocating capital—it’s about strategically aligning the right infrastructure with perfect long-term investment capital. As every data center is different, so are the objectives of each investor.Creating this alignment is an art, not a science.
We’re entering a phase where complexity is the defining factor. Growth is constrained by power, supply chains and workforce limitations, while demand continues to accelerate. At the same time, new pools of capital are entering the market, changing how infrastructure is financed and scaled.
Firms that can combine access to capital with deep operational and technical expertise will be best positioned to lead. Ultimately, the role is evolving from capital provider to strategic partner, helping the data center ecosystem navigate constraints, capture opportunity and translate infrastructure decisions into durable enterprise value.
