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BlackRock$BLK · filed: grew revenue 18.7% in FY2025 to $24.2BNew shipNext year $24.2B–$29.8B sealedCheck ▾Close ▴
What BlackRock filed
Grew revenue 18.7% in FY2025 to $24.2 billion, operating margin 29.1% against a 24.4% median for security brokers, dealers & flotation companies, equity 32.9% of assets, and dividend per share up 3 years running. Every figure links to the filing it came from on BlackRock’s card. New ship: no warning signs.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $24.2B and $29.8B, an 80% range sealed on 26 Sept 2026 · receipt #592edd · graded in public by the revenue in BlackRock’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
**$25B** Stack deal resets Asia data center valuations to **23x EBITDA**, pricing in hyperscaler dependency and power scarcity through 2030.
$25 billion
marking the largest infrastructure transaction in the region's history
over 1.4 gigawatts
of operational and under-construction capacity across
11 facilities
in Singapore
8x return
on capital deployed since 2016
BlackRock and IFM Investors closed their joint acquisition of AirTrunk—operating under the Stack brand in Asia—for $25 billion, marking the largest infrastructure transaction in the region's history. The deal, confirmed by Bloomberg, gives the two firms control of over 1.4 gigawatts of operational and under-construction capacity across 11 facilities in Singapore, Tokyo, Sydney, Melbourne, Osaka, and Hong Kong. AirTrunk's founders exit with a roughly 8x return on capital deployed since 2016. The transaction settles at a 22% premium to the last private valuation round in late 2023.
BlackRock takes a 60% stake through its Global Infrastructure Partners vehicle, while IFM's Infrastructure Fund holds the remaining 40%. The structure locks in a 12-year take-or-pay lease with hyperscalers across 92% of the portfolio, weighted toward AWS, Microsoft Azure, and Google Cloud. The portfolio carries a blended contractual rent escalator of 3.8% annually, with power pass-throughs tied to local grid pricing. Stack's forward EBITDA sits near $1.1 billion, implying an entry multiple of roughly 23x—expensive by infrastructure standards, but in line with recent European data center trades where scarcity drives valuation.
The deal matters because it signals a structural shift in how institutional capital prices digital infrastructure in Asia. Data center operators in the region have historically traded at a 15-18x EBITDA range. This transaction resets the benchmark closer to 23x, driven by two factors: hyperscaler tenant quality and the physical scarcity of power-enabled sites in Tier 1 Asian metros. Singapore's moratorium on new data center builds remains in place through at least 2025, Tokyo's grid constraints limit incremental capacity to under 200 megawatts annually, and Hong Kong's land supply keeps development timelines above 36 months. BlackRock and IFM are not buying growth optionality—they are buying monopoly access to stranded power in cities where AI workload demand is rising 40% year-over-year but supply cannot follow.
The transaction also exposes a widening gap between public and private infrastructure valuations. Equinix, the closest public comp, trades at 18x forward EBITDA with a 3.2% dividend yield. AirTrunk's implied yield at entry sits near 4.8%, but the illiquidity premium no longer offsets the valuation stretch when tenant concentration risk is considered. Three hyperscalers account for 87% of Stack's revenue. If any one tenant reduces footprint by 20% at lease expiry—plausible if on-premise AI inference gains traction—cash flow could compress 12-15% before re-leasing. The structure assumes hyperscalers remain structurally short capacity in Asia through 2030. That assumption held through the last cycle. It may not hold through the next.
Operators should watch three follow-on events. First, whether BlackRock syndicates 10-15% of the equity to sovereign wealth funds in the next six months—typical for deals above $20 billion where concentration risk needs distribution. Second, whether IFM raises a dedicated digital infrastructure fund by Q2 2025 to warehouse similar assets, signaling this was a platform entry, not a one-off. Third, whether Stack announces expansion into Malaysia or Thailand by mid-2025, the only two markets in Southeast Asia with available grid capacity above 500 megawatts and permitting timelines under 24 months.
BlackRock and IFM just paid $17,857 per kilowatt of capacity. The replacement cost in Singapore today sits near $22,000 per kilowatt, and rising.
Branded by POPS4 · proof in 60 seconds
For the principal
If your office holds digital infrastructure exposure, the 23x EBITDA benchmark now applies across Asia. Revalue accordingly before year-end.
For the operator
Watch for BlackRock syndication within six months. If they distribute 10-15%, the deal was about fee capture, not conviction.
For the house
We hold no Stack exposure. Client accounts with Equinix positions: note the public-private valuation gap widened 400 basis points this week.
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