A BlackRock-backed consortium has entered advanced discussions to acquire Stack Infrastructure's Asia-Pacific data center portfolio for $25 billion, according to sources familiar with the matter. The bid targets Stack's operational facilities across Singapore, Sydney, Tokyo, and Seoul—markets where hyperscaler demand for AI-optimized compute already exceeds contracted capacity by 18-22% in Q3 2025. Stack operates 14 Tier III and Tier IV facilities in the region with aggregate critical IT load approaching 1.1 gigawatts.
The consortium structure remains undisclosed, but BlackRock's Infrastructure Partners platform has deployed $72 billion in hard assets since 2021, with $14 billion allocated to digital infrastructure in the past eighteen months. Stack's APAC portfolio generates annualized revenue near $2.8 billion at mid-teens EBITDA margins, implying the offer prices the business at roughly 8.9x trailing earnings before interest, taxes, depreciation, and amortization. That multiple sits 140 basis points above the sector median for wholesale colocation assets in primary Asia-Pacific markets, reflecting embedded hyperscaler contracts with average remaining terms of 7.2 years.
The timing reflects structural tightness in AI-ready infrastructure. Singapore's moratorium on new data center builds, extended through Q2 2026, has pushed wholesale rack rates up 34% year-over-year in the island state. Tokyo's Inzai and Narita corridors show 96% utilization across Tier III facilities, with zero greenfield projects scheduled for delivery before mid-2027. Hyperscalers—Microsoft, Google, Amazon Web Services—have collectively leased 420 megawatts of incremental capacity across APAC in the past twelve months, but 220 megawatts of that sits in pre-construction or fit-out phases. Stack's existing, energized footprint eliminates 18-24 months of deployment lag.
Second-order effects warrant attention. A $25 billion exit for Stack's APAC book would reset valuation benchmarks for peers with similar footprints—Equinix, Digital Realty, NextDC. It also validates the thesis that institutional capital will pay structural premiums for assets that bypass permitting risk and power procurement timelines. If the consortium includes sovereign wealth participation, which BlackRock infrastructure deals frequently do, expect follow-on capital formation vehicles targeting stranded hyperscaler capacity in secondary APAC metros: Manila, Kuala Lumpur, Bangalore.
Operators should monitor three events over the next 90-120 days: formal announcement of consortium composition, particularly any sovereign or pension fund co-investors; Stack's disclosure of contracted vs. available capacity by market, which will clarify how much upside remains for the buyer; and any competing bids from Brookfield Infrastructure, DigitalBridge, or Macquarie Asset Management, all of whom have flagged APAC data infrastructure as priority deployment targets through year-end 2026. The deal structure—whether outright acquisition or sale-leaseback with Stack retaining operational control—will signal how much operating leverage BlackRock expects to extract post-close.
Stack's parent company took the APAC portfolio to market in late August, retaining Goldman Sachs and Morgan Stanley. The $25 billion figure represents enterprise value; net proceeds after debt retirement will depend on facility-level leverage, which Stack has not disclosed. What matters: hyperscaler capex in APAC is running $48 billion annualized in 2025, up 29% from prior year, and 63% of that spend now targets AI training and inferencing workloads that require sub-10 millisecond latency to fiber backbones. The infrastructure that already sits on those backbones just became $25 billion more expensive to replicate.
The takeaway
BlackRock's $25B Stack bid prices energized APAC data capacity at 8.9x EBITDA, resetting valuation floors as hyperscaler AI demand outpaces supply.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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