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(Bloomberg) — AirTrunk Pty., a data center operator backed by Blackstone Inc., is in talks with banks for a A$4.3 billion ($3 billion) loan to back a new project in Australia, people familiar with the matter said, as it continues its debt-fueled expansion across Asia Pacific.
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Proceeds will support the construction of the over 400-megawatt SYD3 hyperscale data center, said the people, who asked not to be identified discussing private matters. Banks have been approached to underwrite the five-year deal, they said, adding that terms have not been finalized and could still change.
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Representatives for AirTrunk and Blackstone declined to comment.
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AirTrunk’s latest deal comes as lenders continue to plow billions of dollars into the sector to fund the AI growth and data centers required to power it. JPMorgan Chase & Co.’s latest estimates show some $4.1 trillion of debt is required to support the digital infrastructure boom through to 2030. The frantic expansion has also raised concerns of a credit-fueled bubble.
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AirTrunk’s debt-binged expansion continues within the region. Early June, it announced plans to invest around $30 billion in India, after buying Lumina CloudInfra in April. The firm, which is also marketing a $2.3 billion syndicated loan for a Malaysia project, is planning to raise at least A$500 million via asset-backed bonds in the second half of the year.
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AirTrunk operates data centers in Australia, Hong Kong, Japan, Malaysia and Singapore. Blackstone and Canada Pension Plan Investment Board acquired the company in 2024, valued at A$24 billion then.
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