Vantage, CyrusOne, and DayOne Eye Blockbuster IPOs as AI Demand Reshapes Data Center Market

Three of the world's largest privately held data center developers—Vantage, CyrusOne, and DayOne—are preparing initial public offerings that could set new records for the sector, according to reports from Reuters and Bloomberg. The listings, which could arrive as early as next year, underscore how the AI infrastructure boom has dramatically inflated valuations across the data center industry, drawing in institutional investors and fueling a wave of capital market activity.

Vantage, backed by private equity firm Silver Lake and infrastructure investor DigitalBridge, is exploring an IPO or a sale as soon as next year, Reuters reported, citing sources familiar with the matter. The company has held preliminary discussions in recent weeks, though no formal process has been launched and deliberations remain at an early stage. A stock market listing could value Vantage at approximately $100 billion, which would make it the largest data center IPO to date. Alternatively, the company is also considering a sale, including a partial stake sale. Vantage currently operates 35 data center campuses across North America, Europe, Africa, Asia, and Australia. Earlier this year, Ares Management Corporation arranged a $2.4 billion debt facility for Vantage to refinance existing debt and support its North American expansion.

CyrusOne, owned by investment funds KKR and Global Infrastructure Partners, is also preparing an IPO for next year, Reuters reported. The developer has approached investment banks, including Goldman Sachs and Morgan Stanley, to pitch for roles in the listing. While the company has yet to decide on the amount it plans to raise or the valuation it will seek, one source told Reuters that a public listing could raise about $5 billion, positioning it among the largest offerings in the sector. CyrusOne operates more than 60 data centers across nine countries in Europe, Asia Pacific, and North America. An IPO would mark a return to public markets for the company, which KKR and GIP took private in 2022 following its previous listing in 2013.

Singapore-based operator DayOne has confidentially filed for a US IPO and could go public as soon as next quarter, Bloomberg reported. According to unnamed sources, the company is targeting a valuation of around $20 billion, though size and timing may still change. DayOne, spun out of Chinese firm GDS in 2025, has a portfolio of more than 500MW of data center capacity in service and under construction across Asia. In January, the company repurchased shares worth $385 million from GDS, which remains a significant minority shareholder. In June, reports emerged that Abu Dhabi investment firm MGX was looking to purchase DayOne, though no agreement had been finalized and an IPO remained a viable path.

The wave of planned listings reflects a broader trend in which AI-driven demand for computing capacity has pushed data center valuations to unprecedented levels. Industry analysts note that the capital intensity of building and operating large-scale facilities, combined with the strategic importance of digital infrastructure, has made the sector a magnet for both private and public investment. The potential IPOs of Vantage, CyrusOne, and DayOne follow a series of recent listings and acquisitions in the sector, signaling that investors remain bullish on the long-term growth prospects of data centers even as construction costs and power constraints pose challenges. If realized, these offerings could reshape the competitive landscape, giving the companies access to deeper capital pools and greater flexibility to fund expansion in key markets worldwide.