东京/堪培拉——随着一系列首次公开募股（IPO）项目的失败以及股市的剧烈波动，亚洲各地的数据中心公司正面临日益严格的投资者审查。这些情况引发了人们对这个蓬勃发展的基础设施行业估值的质疑。
TOKYO/CANBERRA -- Data center companies across Asia are facing growing investor scrutiny as a series of stalled initial public offerings and volatile stock market debuts raises questions about valuations in the booming infrastructure business.
在这些挫折出现的同时，数据中心运营商们仍在加紧建设设施，以应对人工智能计算领域不断增长的需求。投资者们越来越质疑推动这一行业发展的背后所隐藏的高昂借贷成本和市场增长预测；同时，建设进度延误也引发了投资者的负面反应，因为公众的反对情绪可能会阻碍该行业的区域扩张。
The setbacks come as operators race to build facilities to meet soaring demand to power artificial intelligence computing. Investors are increasingly questioning the higher borrowing costs and market growth forecasts behind the push, as well as reacting negatively to construction delays, as a public backlash threatens to slow regional expansion.
“目前市场正在对实际情况进行重新评估，投资者们也逐渐意识到建设数据中心所伴随的风险，”澳大利亚经纪公司 Red Leaf Securities 的首席执行官约翰·阿萨纳西乌（John Athanasiou）表示。
"The market is just going for a reality check right now, and investors are realizing the risk associated with building data centers," said John Athanasiou, chief executive of Red Leaf Securities, an Australian brokerage.
在澳大利亚，这些警示信号尤为明显：由英伟达（Nvidia）支持的数据中心开发商 Firmus 本月早些时候放弃了其 IPO 计划，因为未能吸引到足够的投资者兴趣。该公司原本计划筹集高达 79 亿澳元（约合 55 亿美元）的资金。Firmus 最初是一家比特币挖矿公司，尽管其大部分数据中心建设尚未完成，但仍寻求获得约 300 亿美元的估值。该公司表示将转而寻求私人融资，并探索其他上市途径。
The warning signs for providers have been flashing red in Australia, where Nvidia-backed data center developer Firmus scrapped a planned IPO earlier this month after failing to attract sufficient investor demand. The company aimed to raise up to 7.9 billion Australian dollars ($5.5 billion). The company, which started as a bitcoin miner, had sought a valuation of about $30 billion despite much of its planned data center capacity remaining under development. Firmus said it would instead seek private funding while exploring other listing options.
据媒体报道，另一家澳大利亚运营商 AirTrunk 已将原计划在新加坡上市的房地产投资信托基金的上市时间推迟到了明年，该基金预计可筹集约 15 亿美元。
Another Australian operator, AirTrunk, has postponed until next year a planned listing of a real estate investment trust in Singapore that could raise about $1.5 billion, according to media reports.
据彭博社本周报道，总部位于新加坡的 DayOne Data Centers 正在考虑推迟或缩减其在美国的 IPO 计划。这家由软银（SoftBank）支持的公司在东南亚和日本拥有业务，此前曾寻求约 200 亿美元的估值，并计划筹集高达 50 亿美元的资金，但现在计划筹集的资金规模可能仅为原计划的的一半。
Singapore-based DayOne Data Centers is considering delaying or scaling back its planned U.S. IPO, Bloomberg reported this week. The SoftBank-backed company, which operates across Southeast Asia and Japan had reportedly sought a valuation of about $20 billion and planned to raise as much as $5 billion, but was now considering raising roughly half that amount.
AirTrunk 和 DayOne 均拒绝就其 IPO 计划发表评论。
AirTrunk and DayOne declined to comment on their IPO plans.
SB Energy，一家总部位于美国的数据中心开发商和能源公司，因估值担忧推迟了其纳斯达克首次公开募股（IPO）。美国《信息》杂志周五报道，这家软银集团旗下公司可能将其上市推迟到12月或更晚。
SB Energy, a U.S.-based data center developer and energy company, has delayed its Nasdaq IPO amid valuation concerns. The Information reported on Friday that the SoftBank Group company may postpone its listing until December or later.
这些挑战并不仅限于寻求上市的公司。澳大利亚主要数据中心开发商NextDC的股价周三暴跌近42%，蒸发了约30亿澳元的市值，此前该公司大幅下调了收入预测。
The challenges extend beyond companies seeking to go public. Shares in Australia's major data center developer NextDC plunged nearly 42% on Wednesday, wiping about AU$3 billion from its market value, after the company sharply cut revenue forecasts.
该公司表示，当地反对意见阻碍了增加向墨尔本一家主要数据中心供电的计划，推迟了约1.4亿澳元的合同收入。它还暂停了新的开发项目和土地收购。
It said local opposition had stalled plans to increase power supplies to a major data center in Melbourne, pushing back about AU$140 million in contracted revenue. It also put new development projects and land acquisitions on hold.
“它们资本密集；需要大量电力基础设施，并且需要社区批准，正如我们在NextDC身上看到的那样，收入可能需要数年才能实现，”Red Leaf Securities的阿塔纳西乌向《日经亚洲》表示。
"They're capital intensive; they require a lot of electricity infrastructure, and they need community approval, as we saw with NextDC, and revenue can take years to materialize," Athanasiou of Red Leaf Securities told Nikkei Asia.
在韩国，云和人工智能基础设施提供商Elice周二在科斯达克市场上市首日表现惨淡。其股价从90,500韩元（68美元）的IPO价格暴跌超过30%，次日反弹了近30%。
In South Korea, cloud and AI infrastructure provider Elice suffered a bruising debut on the Kosdaq market on Tuesday. Its shares plunged more than 30% from their IPO price of 90,500 won ($68), before rebounding nearly 30% the following day.
尽管遭遇挫折，一些投资者仍对长期的人工智能基础设施需求保持信心。澳大利亚Tamim资产管理公司的罗恩·沙姆加将近期的动荡描述为暂时的“动荡”，并指出对先进芯片和算力的需求激增。
Despite the setbacks, some investors remain confident in AI infrastructure demand in the long term. Ron Shamgar of Australia's Tamim Asset Management described the recent turbulence as a temporary "wobble," pointing to soaring demand for advanced chips and computing power.
但他警告称，那些专门出租人工智能基础设施并依赖债务的所谓“新云”运营商，如果建设延误导致无法履行客户合同，将面临更大风险。
But he warned that so-called neocloud operators that specialize in renting out AI infrastructure and are dependent on debt face greater risks if construction delays prevent them from fulfilling customer contracts.
“很多这些客户，比如OpenAI和Meta，都与这些新云运营商签订合同，但如果[他们]无法在六个月或一年或任何期限内交付，那么他们可以直接撤离，或者获得补偿，或者其他什么，”沙姆加说。
"A lot of these customers, like OpenAI and Meta, sign these contracts with these neoclouds, but if [they] can't deliver within six months or a year or whatever, then they can just walk away, or they can get compensated or whatever it is," Shamgar said.
“这是一个有点摇摇欲坠的纸牌屋；随着这些项目的延期，它可能会逐渐瓦解，”他补充道。
"It's a bit of a house of cards; it can kind of unravel as these projects get delayed," he added.
他将人工智能热潮比作互联网泡沫时代，那是一段伴随着“狂热”并被回调打断的时期。
He compared the AI boom to the dot-com era, with periods of "exuberance" punctuated by corrections.
“作为这一将持续未来10年的宏大主题的一部分，出现这些大幅回调是很自然的。”
"It's natural to have these big corrections as part of this huge thematic that's going to last for the next 10 years."