Blackstone-backed hyperscale data center operator AirTrunk has postponed its planned Singapore REIT listing to possibly early next year citing market volatility and uncertainty over US interest rates, the Wall Street Journal reported yesterday quoting people familiar with the matter. The IPO which could raise US$1.5 billion, was originally planned for launch in September or October.
A recent tech and AI stock selloff has spooked markets amid the ongoing US-Iran war, inflation fears and renewed anxiety of the AI trade. Asian markets plunged to two-month lows yesterday led by chipmakers.
The recent postponement of Firmus’ planned IPO, Australia’s largest IPO in decades, has renewed scrutiny on AI-linked equity offerings as investors reexamine valuations and demand linked to the AI boom amid rising interest rates. While demand for AI-linked assets such as chips and data centers remains strong, investors are demanding higher returns.
AirTrunk did not immediately respond to a request for comment while Blackstone declined to comment, as per Reuters.