Blackstone-backed AirTrunk delays Singapore Reit IPO amid AI stock sell-off, sources say

Blackstone-backed data-center company AirTrunk has postponed its planned Singapore real estate investment trust (Reit) initial public offering (IPO), sources reveal, amid a tech and AI stock sell-off. The IPO, which could raise approximately US$1.5 billion, was initially set to launch in September or October, but has been postponed due to market conditions.

AirTrunk, owned by US investment firm Blackstone, has not yet determined a new launch date but aims to complete the listing by early next year. The delay follows a decline in Asian equities to two-month lows on Tuesday, Oct 13, triggered by a rout in chipmakers and renewed scrutiny of the AI trade. The Reit was expected to be valued at around US$15 billion, potentially making it one of Southeast Asia's largest listings.

The postponement also comes after the cancellation of Firmus' planned IPO, underscoring the challenging environment for large data center and AI-linked equity offerings as investors reassess valuations, rising borrowing costs, and the sustainability of demand tied to the AI boom.