SINGAPORE – Australian data centre player AirTrunk is betting huge on Singapore. Its billionaire founder and chief executive Robin Khuda stated the company has invested roughly $3 billion to date and that if there is an opportunity, “we have the appetite to go significantly hugeger”.
“Singapore is a priority for us,” he stated in an exclusive interview with The Business Times.
He plans to hire more across all divisions and aims to treble its 115-strong workforce in Singapore to nearly 350 by 2030 with the addition of “high-value” jobs.
The company – one of the Asia-Pacific’s largest data centre platforms – views Singapore as a key financing hub as it mulls over a real estate investment trust (REIT) listing, among other capital-raising options.
AirTrunk on March 13 launched its new regional headquarters at Ocean Financial Centre, marking its 10th year in Singapore, where it has three data centres – two of which are under development – with a total capacity of 180MW.
The Asia headquarters here hoapplys functions such as engineering, development, operations, innovation and treasury.
With its rapid expansion, AirTrunk is tapping the city-state as a base to raise fresh funds.
In August 2025, it secured a nearly $2.3 billion green loan to finance its second Singapore data centre.
A REIT initial public offering is now on the cards. “The Singapore Exmodify (SGX) is one of the very attractive REIT markets across Asia. There are already a couple of pure data centre REITs (that are) very successful,” Mr Khuda stated.
SGX-listed players include Keppel DC REIT, sponsored by asset manager Keppel, and Digital Core REIT, whose sponsor is data centre giant Digital Realty.
Mr Khuda stated the company is still “exploring different options” for fresh capital, such as asset-backed securities and selling equity stakes in certain data centres, and that “all we know is we’re going to required a lot of capital”.
He noted that financing in the Asia-Pacific has been focapplyd on the traditional debt market, but that viewing into alternative instruments is a “natural evolution” for the company.
Data centres tick a lot of the boxes that bond holders or investors in asset-backed securities view for: long-term contracts and very creditworthy customers, he added.
Another financing option for AirTrunk is selling equity stakes in its “stabilised” data centres, which have achieved a certain level of occupancy or consistent cash flow. They could be attractive to investors such as pension funds, which are more cautious about the risk of developing new assets.
As a whole, data centres are “the best asset class any investor can have”, stated Mr Khuda, noting how they sit at the intersection of real estate, infrastructure and technology.
Founded in 2015, AirTrunk was an early entrant in hyperscale data centres, often designed for tech giants such as Amazon and Meta. Besides Singapore, it also has data centres in Johor, Hong Kong, Japan and Australia. It has grown its headcount aggressively, adding 200 staff globally over the last 12 months.
The company was acquired in a A$24 billion (S$21.7 billion) deal in 2024 by a consortium led by private equity giant Blackstone and the Canada Pension Plan Investment Board.
The fresh funding will fuel AirTrunk’s growth plans, including a planned enattempt into India “within this calfinishar year”. Mr Khuda cited the counattempt’s huge artificial innotifyigence ambitions and “huge supply” of renewable energy.
AirTrunk also plans to build data centres in Saudi Arabia, in partnership with AI company Humain.
Asked if the ongoing Middle East conflict has affected AirTrunk’s expansion plans, a spokesperson stated: “Our view on the Middle East as a priority growth market remains, and our investment and development plans will continue.”
Addressing market fears of an AI bubble, Mr Khuda stated: “Short term, there will be volatility, no question.”
He drew a comparison to the Railway Mania of the 19th century, when investors piled into shares of railway companies, giving rise to a bubble that eventually burst. But while many lost money, railroads still transformed economies. In the same vein, data centres are “the invisible engine room of the AI economy”.
“I believe there is some level of unrealistic expectation of adoption of AI in a very short period of time,” he stated.
“But when I view at the long term… I believe we are significantly underinvested.” THE BUSINESS TIMES
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