AirTrunk nears confidential IPO filing for REIT in Singapore, targeting over $1B raise

AirTrunk, the Blackstone-backed hyperscale data center operator, is nearing a confidential IPO filing for a real estate investment trust in Singapore, targeting a raise of $1 billion to $1.2 billion. If successful, it would become the largest REIT IPO in Singapore's history, surpassing the current record of $773 million set by NTT DC REIT in 2025. The move capitalizes on surging demand for data center capacity driven by AI workloads and cloud migration.

AirTrunk nears confidential IPO filing for REIT in Singapore, targeting over $1B raise The Blackstone-backed hyperscale data center operator could set a new record for Singapore's REIT market as AI-driven infrastructure demand surges AirTrunk, the hyperscale data center developer acquired by Blackstone for over A$24 billion last year, is moving toward a confidential IPO filing for a real estate investment trust listed in Singapore. The target raise sits between $1 billion and $1.2 billion, which would make it the largest REIT IPO Singapore has ever seen. For context, the current record holder is NTT DC REIT, which raised $773 million in 2025. AirTrunk’s planned offering would blow past that by a comfortable margin. What we know about the deal The company is reportedly approaching select investors for cornerstone commitments ahead of a planned August 2026 launch, with an official listing penciled in for September. DBS, Citigroup, and Jefferies are the banks engaged in IPO preparations, having been brought on around April 2026. AirTrunk was founded by Robin Khuda and operates data center facilities across Australia, Hong Kong, Japan, Malaysia, and Singapore. The company has established itself as one of the Asia-Pacific region’s premier hyperscale data center developers, a position that caught the attention of Blackstone’s consortium, which completed its acquisition in September 2024 at a valuation exceeding A$24 billion, or roughly $16.6 billion. AirTrunk had previously explored an Australian listing before pivoting east. Singapore has been positioning itself as a regional hub for digital infrastructure investment, and a record-breaking REIT listing would only accelerate that trend. Why data centers, why now Global demand for data center capacity has been on a steep upward trajectory, driven primarily by the continued migration of enterprise computing to cloud platforms and the explosive growth in AI workloads. Every major tech company, from hyperscalers like Amazon and Google to AI-focused firms, is scrambling to secure capacity, translating directly into long-term lease commitments for data center operators like AirTrunk. AirTrunk’s footprint across five markets gives it a diversified geographic base that few competitors can match in the region. Blackstone’s decision to take AirTrunk private and now potentially list a portion of its assets as a REIT follows a well-established playbook: acquire infrastructure assets, optimize operations, and then recycle capital through public markets while retaining significant ownership and management influence. What this means for investors For institutional investors, the AirTrunk REIT would offer pure-play exposure to hyperscale data center real estate in Asia-Pacific through a liquid, publicly traded vehicle. Most of the region’s data center capacity is currently held by private operators or bundled into diversified industrial REITs. NTT DC REIT’s 2025 listing demonstrated that investor appetite for data center REITs in Singapore already exists. A successful AirTrunk offering at nearly double the size would likely encourage other operators to explore similar structures, potentially creating an entire sub-sector of data center REITs on the Singapore Exchange. The cornerstone investor commitments that AirTrunk is currently soliciting will be a key signal. Strong anchor demand from sovereign wealth funds, pension funds, or major asset managers would suggest institutional conviction in the sector, while weak uptake would raise questions about whether the $1 billion-plus target is too ambitious for a market that only recently absorbed a $773 million data center REIT. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy https://cryptobriefing.com/editorial-policy/ .