The data center industry is entering a new phase of capital formation, with Vantage Data Center, CyrusOne and DayOne Data Centers reportedly preparing public-market moves that could reset the scale of infrastructure IPOs. The plans reflect how rapidly AI demand has transformed data centers from a specialized infrastructure asset into a mainstream investment category with enormous growth expectations. Reuters reports that Vantage is exploring an IPO or a sale as soon as next year, with a potential valuation of about $100 billion. If it reaches the market at that level, the company would set a new benchmark for a data center IPO and potentially raise around $10 billion. 

Vantage has held preliminary discussions with advisers in recent weeks, although sources said no formal process has begun and the company could still change its plans. The operator is backed by Silver Lake and DigitalBridge and currently runs 35 data center campuses across North America, Europe, Africa, Asia and Australia. Its financing history also shows the scale of capital required to expand capacity, with Ares Management arranging a $2.4 billion debt facility earlier this year to refinance existing obligations and support its North American buildout. Vantage has raised roughly $11 billion since late 2023, including a $9.2 billion equity investment led by DigitalBridge and Silver Lake.

CyrusOne prepares for a public-market return

CyrusOne is pursuing a different route back to public markets, with Reuters reporting that the operator has approached investment banks including Goldman Sachs and Morgan Stanley about a potential IPO. The company has not yet determined how much capital it would raise or what valuation it would seek, but one source indicated that the offering could raise about $5 billion. CyrusOne operates more than 60 data centers across nine countries, giving investors exposure to infrastructure demand across North America, Europe and Asia Pacific. The potential transaction would also mark a return to public ownership after KKR and Global Infrastructure Partners took the company private in 2022. 

CyrusOne’s possible listing matters because it would test how public investors value established data center platforms after years of private-equity ownership. Its earlier public-market history began with an IPO in 2013, making the prospective return less about introducing an unknown operator and more about repricing an infrastructure business for the AI era. Meanwhile, the broader IPO pipeline suggests investors are looking beyond chips and software to the physical systems required to keep AI workloads running. That shift could give data center operators access to deeper pools of capital while also exposing their growth assumptions to public-market scrutiny.

DayOne targets another major AI infrastructure IPO

Singapore-based DayOne is also reportedly preparing for a US listing, with Bloomberg reporting that the operator has confidentially filed for an IPO that could arrive as soon as next quarter. Sources said the company is targeting a valuation of around $20 billion, although both the offering size and timing remain subject to change. DayOne emerged from Chinese data center company GDS in 2025 and now has more than 500MW of capacity in service and under construction across Asia. Its potential IPO would give public investors another route into the rapidly expanding Asia-Pacific data center market.

DayOne’s ownership story adds another layer to the prospective listing because the company has already attracted strategic interest outside the public markets. Reports in June said Abu Dhabi investment firm MGX was considering an acquisition, although no agreement had been finalized and an IPO remained possible. In January, DayOne said it had repurchased $385 million worth of its shares from GDS, while GDS continued to hold a significant minority position. However, the decision to pursue a US listing would place DayOne directly within a growing global race to monetize data center capacity as AI infrastructure spending accelerates.

AI demand is reshaping infrastructure valuations

Taken together, the three potential offerings point to a market where access to power, land, capacity and long-term AI customers increasingly defines infrastructure value. Vantage’s potential $100 billion valuation would sit at the extreme end of that trend, while CyrusOne’s potential $5 billion raise and DayOne’s targeted $20 billion valuation show that the opportunity spans different scales and geographies. Public investors would therefore gain more visibility into an asset class that private equity has dominated for years. The bigger question is whether public markets will continue assigning premium valuations to operators whose expansion depends on securing power, financing construction and converting future AI demand into contracted revenue.