BlackRock and IFM move toward $25 billion Stack data center deal

Negotiators and the target asset

A consortium anchored by BlackRock and IFM Investors is in exclusive talks to acquire Stack Infrastructure's Asia Pacific data center portfolio for up to $25 billion, according to a Bloomberg report cited by Reuters on September 24, 2026. The investor group includes the BlackRock-backed Artificial Intelligence Infrastructure Partnership (AIP) alongside IFM, and is preparing to conduct due diligence on the assets. Stack's owner, Blue Owl Capital, is the counterparty in the discussions, which remain ongoing and could be prolonged or collapse without a transaction, the report said. Denver-based Stack operates data centers across Tokyo, Osaka, Sydney and Melbourne, according to its website.

AI Infrastructure Partnership as the vehicle

AIP, launched in late 2024 with plans to initially invest more than $30 billion in AI-related projects, is structured as one of the world's largest investment vehicles focused on data centers and the energy facilities needed to power AI applications. Nvidia, xAI, Microsoft and investment firm MGX are also investors in the partnership, positioning AIP as the principal conduit through which BlackRock is deploying capital into digital infrastructure. The consortium's pursuit of Stack's Asia Pacific assets extends that strategy into the region's data center market, where investor demand has been driven by cloud computing, AI workloads and digital services.

Deal context and prior reporting

The current negotiations follow Bloomberg's earlier reporting that Stack was considering options including a sale of its Asia operations in a deal valued at more than $30 billion, with IFM and AIP identified among potential bidders. The latest reported price tag of up to $25 billion marks a downward revision from the earlier $30 billion-plus valuation range, though the report did not specify which assets or markets are encompassed by the revised figure. The shift reflects an evolving bidding process rather than a confirmed transaction, as the parties have not yet signed an agreement and due diligence is still ahead.

Market backdrop in Asia Pacific data centers

Global investors have been directing capital into Asia's data center sector, driven by rising demand for cloud computing, AI and digital services. Stack's footprint in Tokyo, Osaka, Sydney and Melbourne places the target at the intersection of mature Asian and Australian markets that have attracted sustained institutional interest. The scale of the potential $25 billion transaction would rank among the largest data center acquisitions tied to the region, reflecting the broader reallocation of institutional capital toward AI-adjacent infrastructure.

Unresolved questions

It remains unclear when a binding agreement might be reached, how the $25 billion figure compares with the previously reported $30 billion-plus valuation, and whether the deal structure will involve AIP, IFM or both as primary equity contributors. BlackRock, IFM Investors, Stack Infrastructure and AIP did not immediately respond to requests for comment on the Bloomberg report. Reuters said it could not immediately verify the report.

Follow-up milestone

The next verifiable step is the completion of due diligence on Stack's Asia Pacific assets and the outcome of exclusive negotiations with Blue Owl Capital, which the consortium aims to conclude with an agreement soon.