Vantage Data Centers explores IPO next year to raise $10B at $100B valuation

Vantage Data Centers is in early talks about going public in a deal that could value the company at roughly $100 billion and raise around $10 billion, according to a Reuters report. If it happens, it would be the largest data center IPO in history, by a comfortable margin. The company, backed by private equity heavyweights Silver Lake and DigitalBridge Group, is also weighing a full or partial sale as an alternative path. No formal process has been launched, and there’s a real chance Vantage decides not to pursue any transaction at all. AI demand rewrites the playbook Vantage has been on a fundraising tear. The company has pulled in approximately $11 billion since late 2023, including a massive $9.2 billion equity round led by Silver Lake and DigitalBridge. Vantage recently formed a partnership with Oracle and OpenAI to develop a campus in Wisconsin tied to the Stargate AI infrastructure initiative, a project with a funding proposal that could reach as high as $500 billion. A crowded on-ramp to public markets Vantage isn’t the only data center operator eyeing the public markets. Switch is reportedly targeting an $80 billion valuation for its own listing, while CyrusOne is also cons...