Vantage Data Centers is exploring a potential public offering that could value the company at about $100 billion, underscoring how quickly artificial intelligence is turning data-center operators into some of the most valuable infrastructure businesses in the world.
The Colorado-based company could seek to raise roughly $10 billion in an IPO as soon as 2027, according to people familiar with the discussions. A transaction at that level would make it the largest data-center IPO on record.
Vantage is also considering alternatives, including a full or partial sale, and no formal process has been launched.
The valuation is striking because Vantage does not make AI chips or consumer software. It owns and operates the massive facilities that provide the power, cooling and connectivity needed to run them.
That business has become increasingly valuable as technology companies race to secure computing capacity for increasingly power-hungry artificial-intelligence models.
Vantage has raised roughly $11 billion since late 2023, including a $9.2 billion equity investment led by DigitalBridge and Silver Lake.
The potential offering would come amid a broader rush by investors to gain exposure to the physical infrastructure behind AI.
The bigger shift is where investors are finding value in the AI boom. The winners are no longer limited to chipmakers and software companies. The buildings, electricity, cooling systems and land required to keep AI running are becoming an investment class of their own.
For Vantage, a $100 billion valuation would put a dramatic number on that transformation.
JBizNews Desk | Denver
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