A consortium led by BlackRock and IFM Investors is negotiating to buy Stack Infrastructure’s Asia-Pacific data center portfolio for roughly $25 billion. This potential deal highlights the massive global investment in physical data infrastructure needed to support the growth of AI and cloud computing services.
BlackRock’s AI Infrastructure Partnership (AIP), alongside IFM Investors, has entered into exclusive talks to acquire the Asia-Pacific data center assets of Stack Infrastructure. The potential deal is valued at approximately $25 billion. This move, if finalized, would represent one of the largest infrastructure transactions in the region, focusing on key markets such as Tokyo, Osaka, Sydney, and Melbourne. The assets are currently held by Blue Owl Capital, which has been considering selling the business as demand for data center capacity remains high.
The investment vehicle, known as AIP, was launched by BlackRock in 2024 with support from major tech and investment giants including Nvidia, Microsoft, xAI, and Abu Dhabi’s MGX. Its specific goal is to fund energy-intensive facilities that act as the foundation for the artificial intelligence industry. As AI models become more powerful and cloud services expand, the need for physical data centers has surged. These facilities provide the essential computing power and storage required by technology companies.
For investors, this development signals a shift in where large-scale capital is flowing. While tech stocks have captured significant attention, institutional investors are now pouring billions into the physical infrastructure—often called the picks and shovels—that sustains the digital economy. By controlling these assets, firms aim to secure long-term income from the massive electricity and data usage required by modern tech infrastructure.
However, the deal is not yet complete. The current $25 billion figure is an estimate, and the actual price could change as the parties conduct due diligence. This process involves checking the financial health, physical condition of the assets, and legal standing of the data centers. Large, cross-border infrastructure deals of this size often face regulatory and operational hurdles. There is no formal confirmation from the companies involved, and there remains a possibility that the transaction could be altered or terminated before a final agreement is reached. Investors should monitor for official updates regarding the timeline and completion of this acquisition.