Singapore’s BDx Data Centers has signaled that going public could be in its future, as the company looks for ways to fund its rapid expansion across Asia driven by surging artificial intelligence demand.
When asked whether BDx would consider a stock market listing, CEO Mayank Srivastava said the company was keeping its options open. “All options are on the table,” he said in a recent interview. “The only thing that guides us is the capital required for growth.”
Srivastava added that no timeline has been set for a potential IPO and that no listing venues have been ruled out.
BDx is not alone in exploring such moves. AirTrunk is reportedly considering a Singapore IPO for a data center real estate investment trust, while PLDT has plans to list its VITRO data center unit as a REIT in the Philippines.
Here is a closer look at BDx and its plans:
The company was established in 2019 and builds and operates data centers for cloud companies and other large enterprises throughout Asia. It is backed by I Squared Capital, a global infrastructure investment firm founded in 2012 that manages $60 billion in assets.
Srivastava described the current moment as a golden age for the industry, noting that demand has expanded well beyond major cloud providers to include what he called “neoclouds” — newer companies that lease AI computing power to businesses.
Rather than pursuing acquisitions, BDx is focused on building new facilities from scratch, Srivastava said, because the cost of buying existing operations has become too high.
The company is eyeing expansion opportunities across the Asia-Pacific region, generally within a five-hour flight from Singapore. Key factors in site selection include available power supply, market growth potential, and local talent.
Indonesia stands out as a particularly important market. Srivastava said BDx has locked in 1.2 gigawatts of grid power across two locations in the country and has already broken ground at one site for a major customer.
When asked about media reports suggesting that I Squared Capital may be exploring a sale of its stake in BDx, Srivastava declined to address the question.
