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.
