AI Data-Center Fundraising Faces Higher Rates and Investor Scrutiny
Equity fundraising for Asian data centres has fallen, even as mergers, debt financing and several major transactions continue.
Key takeaways
- Asian data-centre equity fundraising reached $5.4 billion so far this year, down 4.6% from the same period in 2025.
- Data-centre mergers and acquisitions in Asia reached $21.3 billion as of Tuesday.
- Listings for AirTrunk REIT, Firmus and SB Energy were pulled or paused.
Equity fundraising for Asian data centres reached $5.4 billion so far this year, down 4.6% from the same period in 2025. A market selloff and higher borrowing costs are pushing AI infrastructure companies to delay fundraising or pay more for capital.
In the past week, listings for a Blackstone-backed AirTrunk REIT, Nvidia-backed Firmus and SoftBank-backed SB Energy were pulled or paused, Reuters reported. Firmus had aimed to raise $5 billion, but struggled to persuade investors it could meet ambitious revenue projections while carrying about $30 billion in debt.
Other financing has held up. Asian data-centre mergers and acquisitions reached $21.3 billion as of Tuesday, more than the $10 billion recorded in all of 2025. Syndicated loans and bond issuance totalled $22.3 billion so far this year.
Investors are scrutinising whether projected revenues can support debt and the cost of computing power, land and energy. “The conversation has shifted from growth at any cost to a much sharper focus on quality,” said Harry Evans, a partner at Freshfields.
Some transactions are still moving ahead. DayOne is expected to go public as soon as November and is seeking to raise up to $5 billion. AirTrunk is also nearing a deal to sell its Johor data centre in Malaysia at a valuation of about $1 billion, according to two people familiar with the matter.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
