Asia-Pacific approaches record capital raise driven by artificial intelligence surge

Companies across Asia and the Pacific are set to hit a record in share sales and convertible bonds this year, powered by a booming artificial intelligence sector and increasing investor demand, raising over $327 billion so far, approaching 2021’s peak levels and hinting at continued growth.

Companies across Asia and the Pacific are on course to raise a record amount through share sales and convertible bonds this year, as a surge in artificial intelligence spending drives demand for capital across chips, data centres and power networks. Data from LSEG show issuers in the region have already raised $327.1 billion through equity deals since the start of the year, up 53% from the same period in 2025 and within reach of the annual peak set in 2021.

To surpass that benchmark, the market would need to secure another $230.6 billion in the final quarter, according to the same data. That would make the last three months of the year a record period in their own right. James Wang, who heads equity capital markets for Asia excluding Japan at Goldman Sachs, told Reuters that total issuance could move beyond the 2021 high by year-end, reflecting the scale of the fundraising cycle linked to artificial intelligence and suggesting the theme may continue to shape volumes for the next two years.

The expected pipeline is wide-ranging. Among the deals being watched are the proposed listings of Australia’s Fermi, a developer of AI infrastructure, Singapore data-centre operator DayOne and Yangtze Memory Technologies, the Chinese memory-chip maker, with each potentially seeking about $5 billion. Several initial public offerings and other new share sales due before year-end could add roughly $10.4 billion, including Mainit’s planned Philippine offering and a rights issue from Samsung Biologics, while Reliance Jio Platforms has won approval for a Mumbai listing that could raise about $3.8 billion.

AI-related fundraising is also spreading beyond pure technology plays. LSEG data show advanced technology companies have raised $125.8 billion so far this year, about 38% of all equity financing in the region and more than three times the level a year earlier. That demand was reinforced in the third quarter by transactions such as SK Hynix’s $26.5 billion share sale on Nasdaq and the $7.8 billion raised in Hong Kong by Chinese optical networking equipment maker Zhongji InnoLight.

Yet the flood of issuance is beginning to make investors more selective. Kenneth Chaw, who leads equity capital markets origination and products for Asia-Pacific at Citi, told Reuters that signs of caution are emerging after the recent pace of deals, even though the market remains open to issuers offering terms that are more attractive than those seen two or three months ago. Aaron Oh, co-head of equity capital markets for Asia-Pacific at UBS, said liquidity is still abundant, but investors are favouring companies that can demonstrate real exposure to AI growth and earnings rather than a simple AI narrative.

That caution fits a broader pattern in the region. EY has said 71% of Asia-Pacific chief executives believe their companies must move quickly on generative AI to avoid losing ground to rivals, but the firm also warned that uncertainty over how the technology will translate into business models remains a brake on decision-making. Separate industry research has pointed to a more uneven investment backdrop in Asia-Pacific over the past two years, with venture and private equity activity cooling sharply outside a handful of technology names, even as AI-related funding has remained one of the few major sources of momentum.