Powering Up: Southeast Asia's Data Centres Gather Pace, 85% of Equity Raised Since 2024

Tracxn, a global market intelligence platform for private company data, today released The Infrastructure Shift: Southeast Asia's Data Centres, an ecosystem snapshot of capital, companies, and exits across the region’s data centre sector, with data as of 25 August 2026. The report describes a market that has scaled abruptly rather than gradually. Southeast Asia’s data centre companies have raised ~$11.5B in disclosed equity funding across 19 rounds and roughly 85% of that capital has arrived since the start of 2024, the period in which AI demand reshaped the region’s infrastructure requirements. The capital is concentrated, with the five most-funded companies accounting for ~98% of the total, and institutional in character, drawn from sovereign wealth funds, pension capital, infrastructure firms, and crossover growth investors.

Capital Arrived Late and All at Once

The sector’s funding history is short and steep. From 2020 through 2023, Southeast Asia’s data centre companies raised a combined $1.68B in disclosed equity. The three years since have each rewritten the scale: $3.2B in 2024, $1.9B in 2025, and $4.7B in 2026 year-to-date, meaning 2025 alone exceeded the entire 2020–2023 total, and 2026 has done so again before the year is out. Each large year has been carried by a small number of large transactions. KKR’s $806M investment in Nxera made up nearly all of 2023’s total; 2024 combined DayOne’s first two rounds ($1.9B) with the KKR-Singtel consortium’s $1.3B stake in ST Telemedia GDC; Stonepeak’s $1.3B preferred equity investment made up roughly two-thirds of 2025; and DayOne’s $4.5B Series C accounted for ~96% of 2026 year-to-date.

Singapore Raises; the Region Builds

All five of the sector’s most-funded companies - DayOne ($6.4B), Princeton Digital Group ($2.2B), ST Telemedia GDC ($1.3B), Nxera ($806M), and Digital Edge ($640M) are headquartered in Singapore, which anchors ~$11.5B of equity funding and the sector’s largest acquisition. These numbers, however, tell you where the capital is raised, not where it is deployed: companies domicile and fund in Singapore, while the data centres themselves are built across the wider region. Deployment spans the wider region. DayOne has committed more than RM28B (~$7B) to Malaysia by end-2026 and is developing a 72MW campus in Batam, Indonesia, in a joint venture with the Indonesia Investment Authority. Princeton Digital Group operates a portfolio of over 1.1GW across six markets, and Digital Edge is present across Japan, Korea, India, Malaysia, Indonesia, and the Philippines.

Exits: Minority Stakes, Control, and a Path to the Public Markets

Four acquisitions have been recorded in the space, and in every case the acquirer is a financial or infrastructure investor, the KKR-Singtel consortium, Partners Group, DigitalBridge, and Keppel DC REIT acquiring portfolio exposure to Southeast Asian digital infrastructure. The pace has quickened: the gap between successive deals has shortened from roughly four and a half years to nine months, placing the two most recent transactions in the same window as the sector’s largest funding rounds. The landmark deal is ST Telemedia GDC, where an 18.3% stake purchased in June 2024 was followed 20 months later by acquisition of the remaining 82% at a S$13.8B enterprise value. Listing activity spans two very different scales. Elitery, an Indonesian colocation and managed services provider, listed on the Indonesia Stock Exchange in January 2023 at a $16M market capitalization, the ecosystem’s first and, to date, only public listing. DayOne has confidentially filed for a US IPO, reported in August 2026, considering a raise of about $5B at the roughly $20B valuation at which its June 2026 Series C was completed. A completed listing would give the sector its first at-scale public price reference, the signal to watch over the next coming months.

Financed Like Infrastructure

The investor register explains the report’s central characterisation. Sovereign and state-linked investors (Indonesia Investment Authority, Mubadala, Temasek), pension capital (Ontario Teachers’ Pension Plan), infrastructure and private equity firms (KKR, Stonepeak, Brookfield Asset Management, Warburg Pincus), and crossover growth investors (Coatue, Hillhouse, SoftBank Vision Fund) hold positions across the top five companies. Once a data centre is operational and generating revenue under long-term leases with hyperscale tenants, its cash flows become predictable and contracted — a profile that supports long-tenor debt. That debt now sits alongside the equity at comparable scale, though it is excluded from the report’s funding totals. Princeton Digital Group’s 2025 capital raise was split between $1.3B of equity and $1.2B of debt, with plans announced in March 2026 to raise up to $5B of debt including a $750M sustainability-linked facility. Digital Edge paired its $640M equity round with $1B of debt, and DayOne is reported to be seeking to expand an existing $3.4B loan facility to as much as $7B.