BlackRock and IFM enter exclusive talks for STACK's Asia portfolio valued at $20B-$25B
Bloomberg reports a preliminary $20B-$25B portfolio value and says the buyer group, which includes BlackRock-backed AIP, is preparing due diligence. No signed agreement has been reported.
By RuntimeWire Staff · Published
Primary source: Bloomberg Technology
Why it matters
The talks could transfer a multi-market APAC data-center portfolio to investors with substantial infrastructure capital and an explicit AI mandate. STACK's reported operating footprint and its wholesale competitors show the scale of the platform at stake, while the $20B-$25B range remains a preliminary portfolio estimate.
BlackRock and IFM Investors have entered exclusive talks to acquire STACK Infrastructure's Asia-Pacific data centers, in a potential transaction valued at $20 billion to $25 billion, according to Bloomberg. The proposed buyer group also includes the BlackRock-backed Artificial Intelligence Infrastructure Partnership, or AIP. People familiar with the discussions told Bloomberg the group is preparing to conduct due diligence.
Bloomberg reported a possible portfolio valuation; it did not report an agreed purchase price. The report does not identify the seller or the facilities included, or report a signed agreement, financing structure or ownership split among the buyers. Those deal terms remain unreported.
A regional platform at global scale
STACK launched in 2019, combining existing operating data centers in six U.S. markets with development parcels in five markets. Its launch announcement said STACK was sponsored by IPI Partners, which the same release described as sponsored by ICONIQ Capital and an Iron Point Partners affiliate. STACK's initial offering included hyperscale campuses, wholesale colocation and powered-shell facilities.
A 2025 SEC filing said STACK had approximately 900 employees globally, operated across three continents and covered approximately 20 markets as of February 2025. The filing identifies Denver as the company's headquarters. A separate 2025 CRN report said STACK had received more than $20 billion in debt financing since its 2019 launch, with four gigawatts built or under development and another six gigawatts planned across 22 global markets. The reported 20-market operating footprint and 22-market development plan describe different measures and are dated to different reports.
STACK's APAC business operates in Johor Bahru, Melbourne, Osaka, Sydney and Tokyo. Its locations page lists six sites across those five markets, with capacities of 216 megawatts in Johor Bahru, 432 MW in Melbourne, 78 MW in Osaka, 360 MW in Sydney and 36 MW in Tokyo. Those site figures add up to 1,122 MW. Separately, CRN's 2026 company profile reports 470 MW across four Asia-Pacific campuses. The sources do not explain the difference, so the figures should not be treated as directly comparable.
STACK sells wholesale and hyperscale capacity to large cloud and enterprise customers, a segment it shares with competitors including AirTrunk, Equinix and Digital Realty. Data Center Dynamics describes STACK and Vantage as U.S. entrants expanding in APAC, alongside regional platforms such as AirTrunk and incumbents including Equinix, Digital Realty, NTT and STT GDC. In 2025, CRN reported a $4 billion financing package for more than one gigawatt of new data-center capacity, targeting projects in Portland, Toronto and Stafford, Virginia. The outlet separately reported that a 220 MW Johor Bahru facility was then expected to be completed in 2026.
Blue Owl completed its acquisition of IPI's business in January 2025; Blue Owl said IPI had more than $11 billion in assets under management as of September 30th, 2024. Its earlier acquisition announcement described IPI as a joint venture founded by ICONIQ and Iron Point. Blue Owl acquired IPI's fund-management business. That transaction does not establish who is selling the Asia-Pacific assets in the current talks.
AIP has raised capital against a larger target
BlackRock, Global Infrastructure Partners, Microsoft and MGX established AIP to invest in data centers and related infrastructure. The partnership initially targeted $30 billion in capital, with the potential to mobilize as much as $100 billion in total investment including debt, according to AIP's announcement. That was an initial fundraising objective. BlackRock's 2025 annual report later said AIP had raised more than $12.5 billion from partnership founders and clients. A separate June 2025 announcement welcoming Kuwait Investment Authority described AIP's goal of mobilizing $30 billion in equity capital, with potential to reach $100 billion including debt.
IFM brings a separate institutional-investment platform to the proposed group. Its CEO, David Neal, previously built the investment team and model at Australia's Future Fund, serving as inaugural chief investment officer from 2007 and CEO from 2014, according to IFM's biography. The reported talks bring together AIP's AI-infrastructure mandate and IFM's infrastructure investment business. Bloomberg has not reported how the partners would divide funding or operational responsibilities.
The transaction would give the buyers a potential foothold in a multi-market wholesale data-center platform as cloud and AI operators seek capacity. STACK's sites are designed for hyperscale and enterprise customers, while AIP's stated mandate includes data centers and related infrastructure. Bloomberg's reported $20 billion to $25 billion range puts a potential price on that portfolio; the contents of the deal and its final terms have not been reported.