移动通信网 程然
过去两年，生成式 AI 带来的算力需求将亚洲数据中心市场推入前所未有的扩张周期，从新加坡、马来西亚柔佛到印度尼西亚和印度，超大规模项目接连上马。然而进入 2026 年第四季度，这股建设热潮正在撞上现实墙：电力供给不足、变压器和 GPU 等关键设备交付延迟、以及各国监管趋严，正在让亚洲多个数据枢纽的扩产计划明显放缓。
电力与设备交付：双重瓶颈显现
最直接的制约来自电力。AI 训练集群的机架功率密度已从传统的 8-10kW 跃升至 50-100kW，一座超大规模园区的用电需求动辄数百兆瓦，相当于一座中型城市的负荷。在马来西亚柔佛和印尼巴淡等新兴枢纽，电网扩容速度明显落后于数据中心项目的上电时间表，部分项目被迫分期投产。与此同时，全球变压器、高压开关设备和中压电缆的交付周期已拉长至两到三年，GPU 服务器订单虽然供应有所缓解，但网络设备和液冷组件的排队情况依然严峻，整体项目交付周期普遍延至 36 个月以上。
供应链压力之外，成本端的抬升也在侵蚀项目回报。利率维持高位推高了资本开支的融资成本，而建设成本在过去三年累计上涨约三成，使得部分按 AI 需求高峰定价的预租合同面临租金覆盖不足的风险。一些开发商已开始推迟非预租产能的建设，转而聚焦确定性更高的超大规模客户订单。
【关键数据】
- 亚太数据中心年度投资: 2026 年预计超 550 亿美元
- 项目交付周期: 普遍延长至 36 个月以上
- AI 机架功率密度: 从 8-10kW 升至 50-100kW
- 柔佛规划容量: 超 1GW，新加坡解禁后新增约 300MW
区域分化：成熟市场收紧，新兴市场接力
监管层面，新加坡在放宽四年暂停令后采取了"配额+能效"双轨管控，只批准 PUE 表现领先且与绿色能源挂钩的项目；印度虽需求旺盛，但土地、供电审批和多邦监管差异拖慢了落地节奏。与之相对，马来西亚柔佛凭借土地和电力成本优势承接了大量新加坡外溢需求，规划容量已突破 1GW，成为亚太增长最快的二级枢纽；日本和韩国则因电网接入排队时间过长，开始探索与核电站、可再生能源电站直连的供电模式。区域格局正从"一线枢纽集中"转向"多节点分布式扩张"。
降温不等于转向：结构性短缺仍在
从长期看，此轮减速更像建设节奏的校准而非需求的逆转。AI 推理工作负载的快速增长仍将在未来数年支撑算力需求，亚太作为全球增长最快的数据中心区域之一，其结构性供给缺口并未闭合。对产业链而言，具备自有电力资源、液冷工程能力和预租锁定能力的厂商将获得更强的议价权，而依赖电网排队和现货设备采购的中小开发者面临出清压力。电力，而非土地或资本，正在成为决定亚洲算力版图的最终变量。
出处：Asia's data center boom hits speed bumps
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# Asia's data center boom hits speed bumps
Firmus and PLDT pulled data center IPOs this week while governments pressed pause on development in latest hurdles to Asia's data center boom.
[](https://www.lightreading.com/author/robert-clark)
[Robert Clark,](https://www.lightreading.com/author/robert-clark)Contributing Editor,Light Reading
October 9, 2026
2 Min Read
(Source: Dmitriy Shironosov/Alamy Stock Photo)
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Asia-Pacific's hectic data center rollout has hit a series of speed bumps. The most dramatic by far was the collapse Friday of Australian-based Firmus’ planned AU$7.1 billion (US$4.97 billion) IPO, which had been expected to be the biggest ASX debut since Telstra’s 1997 IPO.
Firmus, a neocloud company whose shareholders include Blackstone, Jane Street and Nvidia, withdrew its ASX listing application Friday and said it would seek up to $3 billion through private fund-raising, the Financial Times has [reported](https://www.ft.com/content/205ef7a5-321f-46e3-8097-d055bf1f6b3b?syn-25a6b1a6=1).
It had struggled to win market support at its target price of around AU$11 ($7.67), but even after it offered to cut the price, investors did not have the appetite.
Trading in Maas Group, one of Firmus' shareholders, was halted Friday after the stock dropped 27% in two days. [Maas Group has a 3.2% stake in the company](https://investors.maasgroup.com.au/investor-centre/?page=asx-announcements) as well as outstanding contracts with Firmus worth AU$727 million ($507 million).
Two days earlier, Firmus [had been dumped by CDC Data Centers](https://www.lightreading.com/data-centers/firmus-cdc-end-planned-51b-australian-ai-buildout) from their joint AI infrastructure project in Australia after CDC had become troubled by Firmus’ southeast Asian expansion, which had not been a part of the original partnership.
##### PLDT delays IPO to 2027
Firmus' wasn't the only IPO to go south this week. Philippine telco PLDT put its data center REIT listing on hold until 2027, blaming the decision on higher interest rates. The REIT, Vitro, was expected to generate as much as 24.2 billion Philippine pesos (US$385.1 million) on the Manila bourse.
PLDT [said in an exchange filing](https://edge.pse.com.ph/companyDisclosures/form.do?cmpy_id=6) it had decided to delay the IPO until 2027 due to "current market conditions and rising interest rates." But it said it was committed to the IPO as an important part of its asset monetization and deleveraging plans.
The Philippines'central bank last month hiked interest rates by 25 basis points and is [widely expected to announce two more rate rises](https://tribune.net.ph/2026/10/07/bpi-sees-two-more-bsp-hikes-in-2026) by the year's end.
Southeast Asian governments have also been forced to press pause on the AI boom. Last week, Indonesia's West Java province [halted a 640MW project](https://www.reuters.com/world/asia-pacific/indonesian-governor-orders-halt-data-centre-project-by-singapores-bdx-due-lack-2026-09-30/) by Singapore–based BDX, claiming it had not received key approvals, including an environmental assessment.
A month ago, [Thailand suspended 166 data center projects](https://www.nationthailand.com/business/tech/40070670) – of which 49 were under construction and 117 awaited approval – to allow government committees to write new industry rules that would set standards and maximize the economic benefit to Thailand.
In Malaysia, the center of Asia's data center boom, officials are anxious about soaring the new digital infrastructure's power consumption. Electricity demand growth has gone from 1.5%-2% annually to nearly 10% due to data centers, Siti Safinah Salleh, head of the Malaysian Energy Commission, is [reported to have said](https://w.media/malaysias-power-system-faces-constraints-amid-high-data-center-demand-regulator/).
Salleh warned that recovering energy costs from data center operators is difficult because many are on short-term contracts and have refused to make long-term commitments.
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[Robert Clark](https://www.lightreading.com/author/robert-clark)
Contributing Editor, Light Reading
Robert Clark is an independent technology editor and researcher based in Hong Kong.
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