AirTrunk will invest an additional $1 billion in its TOK1 data center campus in Inzai, Japan, the company confirmed to Nikkei Asia. The capital funds capacity expansion and liquid cooling systems designed for high-density AI workloads.

The investment takes the form of a green loan led by Sumitomo Mitsui Banking Corp, MUFG Bank, and United Overseas Bank. AirTrunk founder and CEO Robin Khuda said TOK1 is positioned to become the first Japanese campus capable of hosting large-scale AI deployments.

"Due to geopolitical reasons, we are seeing more and more customers looking to Japan from a North Asian perspective," Khuda said.

What does the $1bn finance?

Two infrastructure programs absorb the new funding at TOK1:

• Compute capacity expansion
• Liquid cooling deployment for high-density AI racks

The cooling upgrade responds to growing per-rack power densities that exceed the capabilities of conventional air-cooled designs. AirTrunk did not disclose the specific rack densities TOK1 will target once completed.

How does this expand AirTrunk's Japan footprint?

The new tranche lifts AirTrunk's cumulative Japan investment to $9 billion. Over the next five years, the operator targets $27 billion to $30 billion in regional capital outlays. Operational capacity in Japan will rise from 530MW today to more than 1GW.

Beyond Inzai, the company runs or develops two Tokyo campuses and two Osaka campuses. TOK1 sits inside that five-site Japan portfolio.

What is AirTrunk's broader Asia-Pacific footprint?

The company operates or develops campuses across nine markets:

• Sydney, Australia (3 sites)
• Melbourne, Australia (2)
• Singapore
• Hong Kong
• Johor, Malaysia
• Tokyo, Japan (2)
• Osaka, Japan (2)

In July, AirTrunk secured $2.3 billion in separate funding for its Johor Bahru campus in Malaysia. Earlier in 2025, the company acquired Indian operator Lumina CloudInfra, marking its formal entry into the Indian market.

Who owns AirTrunk?

Blackstone and the Canadian Pension Plan (CPP) closed their takeover of AirTrunk in 2024 at a $16.1 billion enterprise value. The transaction stood as the largest data center acquisition recorded at signing.

Founded in 2018, AirTrunk has since scaled into one of the Asia-Pacific region's largest independent data center operators. The Japan expansion extends a strategy built around hyperscale cloud and AI customers seeking geographically diversified capacity across the region.