Bridge Data Centres, owned by Bain Capital, is in talks with multiple banks to expand its existing loan by more than onefold to about $6.6 billion. According to Sina Finance, people familiar with the matter said the enlarged financing could become one of the largest deals in Asia's data center industry.

The move follows an earlier financing plan. The company secured an initial $2.8 billion loan for its Malaysia business last year and later planned to raise the amount to at least $5 billion. People familiar with the matter said the expanded financing could be launched as early as November.

People familiar with the matter also said a Thai data center loan plan of up to $6 billion has stalled. The pause roughly coincided with Thailand's suspension of 49 data center projects last month over energy consumption concerns.

A Bridge company spokesperson said: "In accordance with company policy, we do not comment on unverified information or market speculation."

Driven by demand growth from the artificial intelligence boom, data center operators have been borrowing heavily to expand. Moody's Ratings expects at least $3 trillion to flow into data center-related areas over the next five years, with most of the funding coming through debt financing.

However, there are already signs that lenders are becoming more cautious about their exposure to the sector as global investors refuse to keep committing capital when they believe valuations are in a bubble.