A consortium backed by BlackRock and IFM Investors has entered exclusive negotiations to acquire Stack Infrastructure Inc.’s Asia-Pacific data center assets, in a deal that could value the portfolio at between $20 billion and $25 billion. The potential transaction would add to BlackRock’s expanding AI infrastructure holdings. In July 2026, BlackRock’s Global Infrastructure Partners completed a $40 billion purchase of Aligned Data Centers, gaining control of more than 51 campuses and over 6.4 gigawatts of capacity, alongside a $5 billion commitment for future growth. BlackRock later announced an 80/20 joint venture with Meta to develop a $14 billion facility in El Paso, Texas, expected to provide 1 gigawatt of capacity when it comes online around 2028. BlackRock has also formed a roughly $27 billion data center development venture with Spain’s ACS. IFM, which manages about A$230 billion for pension funds, has expanded its sector expertise since acquiring Swiss operator Green Group in July 2025. The potential partnership comes as large technology companies seek to finance AI infrastructure through leases from well-capitalized data center owners rather than own the facilities outright.