Southeast Asia’s data center companies have raised about $11.5 billion in disclosed equity funding across 19 rounds and roughly 85 percent of that capital has arrived since the start of 2024, the period in which artificial intelligence (AI) demand reshaped the region’s infrastructure requirements, Tracxn said on Friday.

The firm said in its report that the capital is concentrated, with the five most-funded companies accounting for about 98 percent of the total, and institutional in character, drawn from sovereign wealth funds, pension capital, infrastructure firms, and crossover growth investors.

It is noted that the sector’s funding history is short and steep. From 2020 through 2023, Southeast Asia’s data center companies raised a combined $1.68 billion in disclosed equity.

The three years since have each rewritten the scale: $3.2 billion in 2024, $1.9 billion in 2025, and $4.7 billion 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.

Meanwhile, each large year has been carried by a small number of large transactions. KKR’s $806 million investment in Nxera made up nearly all of 2023’s total; 2024 combined DayOne’s first two rounds ($1.9 billion) with the KKR-Singtel consortium’s $1.3 billion stake in ST Telemedia GDC; Stonepeak’s $1.3 billion preferred equity investment made up roughly two-thirds of 2025; and DayOne’s $4.5 billion Series C accounted for about 96 percent of 2026 year-to-date.

It is noted that all five of the sector’s most-funded companies – DayOne ($6.4 billino), Princeton Digital Group ($2.2 billion), ST Telemedia GDC ($1.3 billion), Nxera ($806 million), and Digital Edge ($640 million) are headquartered in Singapore, which anchors about $11.5 billion 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 centers themselves are built across the wider region,” said Tracxn.

It is also noted that the deployment spans the wider region. DayOne has committed more than MYR 28 billion ($7 billion) 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.

Meanwhile, 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 percent stake purchased in June 2024 was followed 20 months later by acquisition of the remaining 82 percent at a S$13.8 billion ($10.86 billion) 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 $16 million market capitalization, the ecosystem’s first and, to date, only public listing.

DayOne has confidentially filed for a US initial public offering (IPO), reported in August 2026, considering a raise of about $5 billion at the roughly $20 billion 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,” said Tracxn.

Meanwhile, the investor register explains the report’s central characterization. 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 center 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,” said Tracxn.

Princeton Digital Group’s 2025 capital raise was split between $1.3 billion of equity and $1.2 billion of debt, with plans announced in March 2026 to raise up to $5 billion of debt including a $750 million sustainability-linked facility.

Digital Edge paired its $640 million equity round with $1 billion of debt, and DayOne is reported to be seeking to expand an existing $3.4 billion loan facility to as much as $7 billion.

Southeast Asia sees $2.7B in combined equity funding across 12 companies – Tracxn