Amid AI Selloff, Stack Seeks $6 Billion Loan to Finance Melbourne Data Center
nashnova research
Data-center operator Stack Infrastructure is seeking a ~US$6 billion five-year loan for its Melbourne project — potentially the largest AI-infrastructure financing in Asia-Pacific — just as the AI debt market hits peak anxiety.
How big is this loan?
Stack plans to borrow ~A$8.6 billion (≈US$6 billion) over five years, earmarked for its Melbourne data-center project.
The company has this week mandated lead arrangers, underwriters, and bookrunners.
This means → if completed, the deal would rank among the largest single financings for AI infrastructure in Asia-Pacific.
Why borrow right now?
The AI sector is in a broad selloff: CoreWeave's bond yields have dropped to above 15% — a level typically flagged as financial-distress territory.
The MSCI Asia-Pacific equity index fell more than 3% on Thursday, led by Seoul — long considered a bellwether for AI investment sentiment.
In plain terms = the market is voting with its feet, saying "AI is burning too much cash for too little proven return" — and Stack is asking for money at precisely this moment.
How large is the overall AI debt pile?
A Goldman Sachs report in September put this year's global AI-related debt issuance at roughly US$578 billion.
Hyperscalers — companies like Amazon and Microsoft that build their own massive server farms — account for 40% of total issuance.
This means → debt is growing far faster than revenue is materializing, and investors are starting to ask: can returns really cover the risk as borrowing costs keep climbing?
What are Stack's peers doing?
Nvidia-backed Firmus Grid abandoned its up-to-US$5.5 billion IPO this month after investors balked at a valuation that had ballooned to US$30 billion.
Data-center firm AirTrunk has reportedly pushed its Singapore REIT IPO to next year.
This reflects a retreat that extends beyond the secondary market — primary-market funding windows are closing too.
What cards does Stack hold?
Stack operates data centers across the Americas, Europe, and Asia, including Sydney and Melbourne in Australia.
Parent company Blue Owl Capital acquired Stack last year through its purchase of IPI Partners.
Bloomberg reported in May that Stack is considering selling some or all of its assets in Australia, Japan, and Malaysia.
In plain terms = Stack is borrowing US$6 billion to expand while potentially selling assets to raise cash — whether this loan closes will be a direct test of how much institutional confidence remains in Asia-Pacific AI-infrastructure debt.
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