Capital A plans to list, AirAsia Next, the entity that holds the brandig rights for the aviation and technology group, on the Nasdaq in the third quarter of 2026 via a merger with a US-listed entity. CEO Tony Fernandes told Bloomberg the transaction would value the business at approximately USD1.5 billion.

The deal is expected to be announced by the second quarter of 2026, Fernandes said in an interview. The merger will facilitate a backdoor listing for the unit.

This development follows Capital A's completion of the disposal of its aviation businesses, AirAsia and AirAsia Aviation Group, to AirAsia X in January 2026. The restructuring allows the holding company to pivot toward its non-aviation portfolio, which includes engineering arm Asia Digital Engineering, logistics provider Teleport, AirAsia MOVE, and AirAsia Next.

Fernandes previously attempted a similar listing in 2024, though the plan stalled due to Nasdaq compliance challenges. He has stated an intention to list all non-aviation subsidiaries under the holding company in the coming years.

Regarding the unit's strategy, Fernandes suggested that other carriers in the Association of Southeast Asian Nations (ASEAN) region could license the AirAsia brand. "We can have AirAsia anything," he said.

Currently, all non-Malaysian airlines using the AirAsia brand are run as joint ventures between local entrepreneurs and AirAsia Aviation Group, now owned by AirAsia X.

The aviation disposal involved AirAsia X issuing over 2.3 billion new shares and assuming MYR3.8 billion ringgit (USD974.5 million) in debt previously owed by Capital A. The transaction was a key step in Capital A's efforts to exit its Practice Note 17 (PN17) financially distressed status.