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Vantage Data Centers explores $100B IPO or sale backed by Silver Lake, DigitalBridge

The hyperscale data center operator could raise $10B in the largest data center IPO on record, as AI demand drives sector dealmaking.

Vantage Data Centers explores $100B IPO or sale backed by Silver Lake, DigitalBridge
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What to know

  • Vantage Data Centers is exploring an IPO at ~$100B valuation or a sale, potentially raising $10B as soon as next year, which would be the largest data center IPO on record.
  • The company has held only preliminary, informal discussions with financial advisers; no formal process has launched and any timeline remains fluid.
  • The move reflects surging investor and tech company demand for AI data center capacity, with competitors like Switch and CyrusOne also pursuing public listings.
  • Vantage is backed by Silver Lake and DigitalBridge, has raised $11B since late 2023, and recently partnered with Oracle and OpenAI on Wisconsin data center tied to the $500B Stargate project.

How it unfolded

  1. Reuters reports that Vantage Data Centers, backed by Silver Lake and DigitalBridge, is exploring options including an IPO or sale as soon as next year at a valuation of about $100 billion, which would make it the largest data center IPO on record.

    “Vantage, backed by private equity firm Silver Lake and infrastructure investor DigitalBridge Group, could raise around $10 billion and pursue a stock market listing at a valuation of about $100 billion, which would make it the largest data…”

    Reuters sources · Newswires ↗
  2. The company has held preliminary discussions in recent weeks about possible exit paths and met informally with financial advisers, though no formal process has been launched.

    “No formal process has been launched, the deliberations remain at an early stage and any plans, including the timing, structure and size of a potential transaction, remain subject to change”

    Sources familiar with the matter · Newswires ↗
  3. The discussions come as data center operators attract billions from investors seeking exposure to AI computing capacity growth, with other operators like Switch and CyrusOne also pursuing IPOs.

    “Data center operators have attracted billions of dollars from investors seeking exposure to the rapid growth in computing capacity needed to support artificial intelligence”

    Reuters reporting · Newswires ↗

What people are saying verbatim

“Vantage, backed by private equity firm Silver Lake and infrastructure investor DigitalBridge Group, could raise around $10 billion and pursue a stock market listing at a valuation of about $100 billion, which would make it the largest data center IPO to date”

Reuters sources, Sources familiar with the matter · Channel News Asia / Reuters ↗

“No formal process has been launched, the deliberations remain at an early stage and any plans, including the timing, structure and size of a potential transaction, remain subject to change”

Sources familiar with the matter, People familiar with discussions · Channel News Asia / Reuters ↗

“Data center operators have attracted billions of dollars from investors seeking exposure to the rapid growth in computing capacity needed to support artificial intelligence”

Reuters, Reporting · Channel News Asia / Reuters ↗

“Vantage has raised roughly $11 billion since late 2023, including a $9.2 billion equity investment led by DigitalBridge and Silver Lake”

Reuters, Reporting · Channel News Asia / Reuters ↗