According to individuals with knowledge of the matter, data center operator AirTrunk, which is backed by Blackstone, is preparing to confidentially file an application for a real estate investment trust initial public offering in Singapore.

As reported by Bloomberg News in April, AirTrunk is aiming to raise approximately $1.5 billion through the share sale, which would represent the largest such issuance in Singapore since 2017.

The sources indicated that the company could submit a preliminary draft of its application to the Monetary Authority of Singapore and the local stock exchange as early as this week. The individuals requested anonymity as the information is not yet public. They noted that discussions are ongoing and the specific timing remains subject to change.

An IPO of this magnitude would provide a significant boost to Singapore's issuance market. Data compiled by Bloomberg shows that total funds raised via initial public offerings in Singapore so far this year amount to $912 million, while the full-year total for 2025 reached $1.9 billion. The last major offering was by Netlink NBN Trust, which raised $1.7 billion in 2017.

A representative for AirTrunk declined to comment.

Based on the company's website, AirTrunk was founded in 2015 and operates data centers in Australia, Hong Kong (China), India, Japan, Malaysia, Singapore, and Saudi Arabia.