Vantage Data Centers, one of the world's largest hyperscale data center developers, is exploring a stock market listing that could value it at about $100 billion and raise around $10 billion — which would make it the largest data center IPO to date — according to people familiar with the matter.

The company, backed by private equity firm Silver Lake and infrastructure investor DigitalBridge Group, may also consider a sale, including a stake sale, the sources said. Reuters reported the exclusive on Thursday. Vantage has held preliminary discussions in recent weeks and met informally with financial advisers, but no formal process has been launched; deliberations remain at an early stage and Vantage could decide against a transaction, the sources cautioned.

The exploration comes as AI-driven demand lifts data center valuations and fuels dealmaking across the sector. Vantage has raised roughly $11 billion since late 2023, including a $9.2 billion equity investment led by DigitalBridge and Silver Lake. The company recently partnered with Oracle and OpenAI on a data center campus in Wisconsin tied to Stargate, the joint venture between SoftBank, OpenAI and Oracle that aims to build up to $500 billion of AI infrastructure.

The discussions come as data center operators have attracted billions of dollars from investors seeking exposure to the rapid growth in computing capacity needed to support artificial intelligence — and as technology companies and other strategic buyers look to secure capacity for AI workloads.

Vantage is not alone in eyeing the public markets: Reuters reported last month that data center operator Switch had hired banks for an IPO that could raise up to $10 billion at a valuation of about $80 billion, while CyrusOne is preparing for a potential IPO as early as 2027.

Sources