Vantage Data Centers IPO discussions could value company at $100 billion
Reuters reports Vantage is weighing an IPO or sale, while Switch, CyrusOne and DayOne are at differing reported listing stages.
By Colin Brandt · Enterprise Reporter
· 3 min read
Vantage Data Centers IPO discussions could lead to a listing as soon as next year that values the company at about $100 billion and raises roughly $10 billion, Reuters reported, citing people familiar with the matter. The company is also considering a sale, including a sale of a stake, and has not started a formal transaction process.
The proposed figures are possibilities described by sources, not announced terms. Reuters reported that Vantage has held preliminary discussions in recent weeks and met informally with financial advisers; the structure, timing and size of any deal may change, and the company could decide against any transaction.
At $100 billion, a Vantage listing would be the largest data-center IPO to date, according to two of Reuters' sources. Silver Lake declined to comment to Reuters, while Vantage and its other backer, DigitalBridge, did not immediately respond.
What is the status of a Vantage Data Centers IPO?
Vantage is evaluating options rather than pursuing a launched offering. That distinction separates it from other data-center operators reported to be moving toward public markets, though the evidence and reported stages differ across the group.
- Vantage: Reuters reported preliminary IPO-or-sale discussions, with a possible listing as soon as next year. No formal process has begun.
- Switch: Bloomberg News reported that Switch confidentially filed for a U.S. IPO, Reuters reported on August 7. Reuters said it could not independently verify that filing report. Reuters had previously reported that Switch could raise up to $10 billion at a valuation near $80 billion, including debt.
- CyrusOne: Reuters reported that the operator was preparing for a potential IPO as early as 2027. SiliconANGLE, citing Reuters, said one source estimated a possible raise of about $5 billion, with valuation and final size unsettled.
- DayOne: Bloomberg reported, according to SiliconANGLE, that DayOne confidentially filed for a U.S. IPO and was seeking about $5 billion at a valuation near $20 billion. Those reported terms have not been announced by the company.
The comparison is useful only as a status snapshot. A confidential submission does not make the filing public, and the reported valuation figures are not final. Switch's figures illustrate the uncertainty: Reuters previously cited a potential valuation of about $80 billion including debt, while SiliconANGLE relayed a separate Bloomberg report putting its value closer to $50 billion including debt.
Why data-center operators are drawing IPO attention
Reuters said investor interest in data-center operators has increased with demand for computing capacity associated with AI. These operators provide the power, cooling and connectivity used for AI computing, components of the physical base beneath cloud infrastructure.
Vantage has raised roughly $11 billion since late 2023, Reuters reported, including a $9.2 billion equity investment led by DigitalBridge and Silver Lake. Reuters also reported that Vantage partnered with Oracle and OpenAI on a Wisconsin data-center campus tied to Stargate. The company did not disclose a valuation for its recent fundraising, leaving the reported $100 billion IPO scenario untested by public-market investors.
This story draws on original reporting from SiliconANGLE.
