Related Aims to Raise Up to $8 Billion for AI Data-Center Bet

New York property developer Related Cos., known for its work building Hudson Yards, is betting big on demand for data centers with a new business to invest in the infrastructure for artificial intelligence and hyperscale technology firms.

Related is seeking to raise as much as $8 billion in capital for the venture called Related Digital, according to a statement Thursday. Morgan Stanley is advising on the first phase of that work, with initial capital expected to be committed in the second half of the year.

The property developer and some of its investors are contributing a minimum of $500 ...