AirTrunk has announced four campuses in Johor with more than 700 MW of IT load and RM27 billion of committed investment (w.media, 30 Apr 2026). The first, JHB1, opened on 30 July 2024 (MIDA, 6 Aug 2024) and is described by a lender as a “150+ MW fully contracted facility” (IFC, 13 Jul 2026).
AirTrunk is owned by a consortium led by Blackstone with the Canada Pension Plan Investment Board, which bought it for A$24 billion in a deal completed in December 2024 (AirTrunk, 23 Dec 2024).
- 700+ MW
- IT load across four Johor campuses (w.media, 30 Apr 2026)
- RM27bn
- Committed investment in Malaysia (w.media, 30 Apr 2026)
- RM9.5bn
- Green loan for JHB2 from 30 financial institutions (w.media, 29 Jul 2026)
- 30 Jul 2024
- JHB1 opening (MIDA, 6 Aug 2024)
What are AirTrunk’s Johor campuses?
| Campus | Capacity as published | Detail | Status | Source |
|---|---|---|---|---|
| JHB1, Johor Bahru | 150+ MW | Over 10.3 hectares; liquid and indirect evaporative cooling | Opened 30 July 2024; fully contracted | (MIDA, 6 Aug 2024) (IFC, 13 Jul 2026) |
| JHB2, Iskandar Puteri | Over 270 MW | Adjacent to JHB1; grid connection through TNB’s Green Lane Pathway, with land provided for a new substation | Financed July 2026 | (AirTrunk, 12 Feb 2025) (w.media, 29 Jul 2026) |
| JHB3 and JHB4, Iskandar Puteri | 280 MW combined | RM12bn for the two; cooling to use 100% recycled water | Announced 30 April 2026; no dates given | (w.media, 30 Apr 2026) |
The company states JHB1 and JHB2 together as more than 420 MW of IT load (AirTrunk, 12 Feb 2025). JHB1 and JHB2 are “almost fully contracted” (w.media, 30 Apr 2026).
How are the campuses financed?
- JHB2: a RM9.5bn (US$2.3bn) green loan from 30 local and international financial institutions (w.media, 29 Jul 2026).
- IFC: up to US$175m of debt and equity covering JHB1 and JHB2 (IFC, 13 Jul 2026).
- Commitments: RM9.7bn for JHB1 and JHB2 (AirTrunk, 12 Feb 2025), rising to RM27bn across four campuses (w.media, 30 Apr 2026).
- Local spend: RM423m awarded to local suppliers so far, expected to reach RM5bn, and more than 3,000 construction jobs, by the company’s account (w.media, 30 Apr 2026).
A sale of the Johor data centres to investors including a Malaysian pension fund, at a value of about US$2 billion, has been reported. It is not signed and neither side has commented (w.media, 16 Oct 2026).
What are the power and water arrangements?
- Renewables: JHB1 is part of a 30 MW virtual power purchase agreement under the Corporate Green Power Programme, and has on-site solar (AirTrunk, 12 Feb 2025).
- Efficiency: JHB2 was announced with a design PUE of 1.25 (AirTrunk, 12 Feb 2025); its financing report gives a target of 1.37 (w.media, 29 Jul 2026).
- Water: in July 2026 the company’s water treatment plant was reported as not yet operating (The Star, 23 Jul 2026).
Conflicting figures
Two published points differ.
| Point | One source | Another source |
|---|---|---|
| JHB2 PUE | Design PUE 1.25 (AirTrunk, 12 Feb 2025) | Target PUE 1.37 (w.media, 29 Jul 2026) |
| Reported sale value | About US$2bn, corrected from US$1bn by the wire service (w.media, 16 Oct 2026) | JHB1 alone at A$3bn enterprise value, from unnamed sources (w.media, 4 Feb 2026) |
What is not public
We could not confirm these from a published source as of 11 November 2026. Do not assume them:
- Each owner’s percentage
- Any customer named by the company
- Land area and opening dates for JHB2, JHB3 and JHB4
- Separate capacity for JHB3 and JHB4
- Megawatts contracted with TNB
- Whether the reported sale of the Johor assets has been signed
Croutons Research publishes open data and methods on AI data centres in Malaysia. See the open method for measuring AI work per megawatt.
Sources
- The Star, Johor data centres turn to recycled water (Bernama) (23 Jul 2026)
- w.media, AirTrunk JHB3 and JHB4 (30 Apr 2026)
- MIDA, AirTrunk opens data centre in Johor (6 Aug 2024)
- IFC, AirTrunk Johor project disclosure (13 Jul 2026)
- AirTrunk, acquisition by Blackstone-led consortium completes (23 Dec 2024)
- w.media, AirTrunk RM9.5bn green financing for JHB2 (29 Jul 2026)
- AirTrunk, JHB2 announcement (12 Feb 2025)
- w.media, AirTrunk Johor sale report (16 Oct 2026)
- w.media, AirTrunk JHB1 debt package (4 Feb 2026)
Last checked 11 November 2026