← Research · Digital Infrastructure Stack
April 2026
The AI infrastructure buildout in Asia-Pacific is no longer a story about a few hyperscalers leasing space in Singapore. It has become a multi-layered capital deployment involving sovereign wealth, private equity, domestic conglomerates, and a new class of AI-native operators — each occupying a distinct position in the supply chain and financing stack. This note maps who is building, where, and with whose capital.
The APAC colocation market is projected to grow from US$29.6 billion in 2025 to US$68.5 billion by 2030 (18.3% CAGR). Hyperscale capacity alone is forecast to reach US$196.7 billion by 2031. But the headline numbers obscure the real story: the market is stratifying into distinct tiers, each with different risk-return profiles and credit dynamics.
The five largest US cloud and AI infrastructure providers — Microsoft, Alphabet, Amazon, Meta, and Oracle — have collectively committed US$660–690 billion in global capex for 2026, nearly doubling 2025 levels. A meaningful share is flowing into APAC, where Equinix, AirTrunk, Digital Realty, STT GDC and a new class of domestic operators are racing to build...
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