Via procore.com
The data center giant backed by Silver Lake and DigitalBridge could become the largest data center IPO ever, riding a wave of AI-driven infrastructure demand
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 considering going public in 2027.
For Vantage, size is its differentiator. A $100 billion valuation would dwarf Switch’s targeted $80 billion and make Vantage the clear category leader on day one of trading. The $10 billion capital raise would also give it significant firepower to continue building out capacity at a time when demand for AI-ready data centers shows no signs of slowing.
The private equity calculus #
For Silver Lake and DigitalBridge, the IPO question is ultimately about returns and timing. Both firms have poured billions into Vantage and watched the AI boom multiply the value of their investment. An IPO at $100 billion would represent a significant markup on capital deployed, particularly the $9.2 billion equity round that anchored recent fundraising. Reuters reported that Vantage is also considering a full or partial sale, which could attract interest from sovereign wealth funds, infrastructure investors, or even hyperscale cloud providers. The partial sale option would allow Silver Lake and DigitalBridge to monetize a portion of their stake while retaining upside.
If the IPO moves forward, it would likely land in 2027, giving Vantage time to formalize the process, select underwriters, and complete the regulatory filings. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our