BlackRock and IFM-backed group in exclusive negotiations for Stack's Asia Pacific data centers

Who is at the table

According to people familiar with the matter, an investor team linked to BlackRock and IFM has locked in an exclusive window to negotiate for Stack Infrastructure's Asia Pacific facilities. The group features AIP, the Artificial Intelligence Infrastructure Partnership backed by BlackRock, alongside IFM. They are now gearing up to examine the assets in detail.

What is being reviewed and the road ahead

Discussions remain fluid, could stretch out or even fall apart, and other interested buyers may still be in the mix. Bloomberg News had previously reported that Stack was exploring a sale, with AIP and IFM among the potential bidders.

Price check and prior positioning

Talks currently point to a possible price tag in the neighborhood of $20 billion to $25 billion. That follows an earlier push by Blue Owl for a number above $30 billion. Representatives for BlackRock, Global Infrastructure Partners, IFM, MGX, Blue Owl and Stack did not immediately respond to requests for comment.

Why this matters in the AI buildout

Data centers across Asia have become hot property as global investors look to benefit from AI's rapid expansion. AIP was formed by founders including BlackRock's Global Infrastructure Partners, Microsoft Corp., and MGX, which is supported by Mubadala Investment Co., to finance and scale AI infrastructure. AIP's investor list also includes Nvidia Corp., the Kuwait Investment Authority and Temasek Holdings Pte. Stack lists Asia Pacific sites in Tokyo, Osaka, Melbourne, Sydney and Johor Bahru in Malaysia.

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What it could mean for your wallet

If this lands in the low to mid 20 billions, it shows buyers are being price disciplined while still chasing the digital plumbing that powers AI. For everyday investors, the takeaway is simple: the AI wave is not just about chips and models, it is also about the real-world infrastructure behind them, and that is where big checks are getting written.

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