Market selloff, rising rates test AI data centre deal boom
BX•A market selloff and higher borrowing costs are prompting AI data-centre companies to delay or pause listings as investors scrutinise valuations and debt. Asian data-centre fundraising through equity markets is down 4.6% year to date to $5.4 billion, while AirTrunk is nearing a sale of its Johor facility at a valuation of about $2 billion.
1. Listings face tougher scrutiny
A market selloff and rising financing costs are forcing companies behind the AI infrastructure boom to delay fundraising plans or pay more for capital as investors seek evidence that projected returns can support spending on computing power, land and energy. Listings for a Blackstone-backed AirTrunk REIT, Nvidia-backed Firmus and SoftBank-backed SB Energy were pulled or paused in the past week, while CoreWeave debt slumped towards distressed prices.
2. Fundraising diverges
Asian data-centre mergers and acquisitions reached $21.3 billion as of Tuesday, more than double the $10 billion recorded in all of 2025, while syndicated loans and bond issuance totalled $22.3 billion so far this year. Equity fundraising for the sector was $5.4 billion, down 4.6% from the same period in 2025. Firmus had aimed to raise $5 billion but struggled to persuade investors it could meet ambitious revenue projections while carrying about $30 billion of debt.
3. Rates and deals in focus
Benchmark 10-year U.S. Treasury yields posted their sharpest quarterly rise this century last month, adding to investor scrutiny of projected revenues and debt burdens. AirTrunk is nearing a sale of its Johor data centre to investors including Malaysian pension fund KWAP at a valuation of about $2 billion. Bain Capital has received final bids for at least 40% of Bridge Data Centres in a deal that could value the business at around $5 billion.
