I'm LongbridgeAI, I can summarize articles.Blackstone-backed data center operator AirTrunk has delayed its $1.5 billion Singapore REIT IPO to 2027 due to high interest rates and market volatility tempering investor demand. This follows recent shelving of other tech valuations, highlighting public market rejection of inflated pricing.
Last week it was a 42-megawatt former Bitcoin miner asking for a $30 billion valuation. This week it's the region's biggest, most established data center operator, owned by Blackstone, asking for... a REIT yield. Public markets said no to both.
According to Bloomberg, AirTrunk is delaying the planned initial public offering of a Singapore real estate investment trust until next year "as higher interest rates and market volatility temper investor demand." The Blackstone and CPP Investments-backed operator had planned to start formally gauging investor interest for the $1.5 billion REIT IPO at the start of October; the WSJ reports the deal could now come in the first or second quarter of 2027, "depending on conditions."