AirTrunk, Under Blackstone Ownership, Obtains Historic $1.24B Financing for AI Data Center in Tokyo
Led by SMBC, MUFG, Crédit Agricole CIB and Société Générale, a banking consortium comprising 12 institutions has provided unprecedented financing to support AirTrunk's data center expansion project in Tokyo.
AirTrunk, a hyperscale data center operator, has obtained green loan financing totaling 191.6 billion Japanese yen ($1.24 billion) designated for refinancing and expanding its TOK1 data center campus located in the greater Tokyo region. According to the company, this transaction represents the largest data center financing deal ever completed within Japan's borders.
The financing will facilitate upcoming development phases at the TOK1 campus, a facility engineered to achieve capacity exceeding 300 megawatts (MW), according to Tuesday's announcement from the company, which operates under ownership by a consortium headed by Blackstone and CPP Investments. This expansion aims to satisfy growing demand for artificial intelligence infrastructure and cloud services as Japan accelerates its investments in digital computing capabilities.
"Japan is one of the world's most important cloud and AI markets, and we're committed to building the digital infrastructure that enables its long-term growth,"
AirTrunk founder and CEO Robin Khuda
Construction has already commenced at AirTrunk to incorporate more than 100 megawatts of IT load capacity at the site, addressing immediate demand from technology and cloud customers, according to the official announcement.
Consortium of 12 banks backs AirTrunk
A consortium of financial institutions spearheaded by Sumitomo Mitsui Banking Corporation (SMBC), MUFG, Crédit Agricole CIB and Société Générale arranged the financing package. Altogether, 12 lending institutions took part in the transaction serving as mandated lead arrangers and bookrunners.
This financing deal comes on the heels of AirTrunk's recent unveiling of a second hyperscale campus in Osaka alongside plans to establish a new Japan headquarters. The company's total capital investment in Japan has now surpassed $8 billion.
Upon completion of full buildout, the company's four Japanese campuses—TOK1, TOK2, OSK1 and OSK2—are projected to provide approximately 530 MW of total combined capacity, positioning the platform among the country's largest hyperscale data center networks.
The financing was structured under AirTrunk's Green Financing Framework, a program that mandates the company's facilities adhere to rigorous energy efficiency standards designed to reduce power consumption and carbon emissions.
Blackstone-led consortium bought AirTrunk in $16 billion deal
During 2024, a consortium spearheaded by Blackstone and the Canada Pension Plan Investment Board (CPP Investments) acquired AirTrunk in a transaction valued at more than $16 billion, establishing a record as the world's largest data center acquisition.
Cryptocurrency mining operators have been diversifying into AI data center operations. CleanSpark intends to secure approximately $1.15 billion in capital to expand its Bitcoin (BTC) mining operations and data center infrastructure, meanwhile Core Scientific has obtained a $500 million loan facility from Morgan Stanley, featuring an option to extend it to $1 billion, designated for funding data center expansion projects and associated infrastructure.