Vantage Data Centers, a hyperscale data center developer backed by Silver Lake and DigitalBridge, is exploring a $10 billion initial public offering as soon as 2027 at a $100 billion valuation, according to people familiar with the matter.
The company is also weighing a sale as an alternative to going public. Vantage operates data centers across North America, Europe and Asia-Pacific, with capacity serving cloud providers, artificial intelligence infrastructure operators and enterprise customers. The $100 billion valuation would place Vantage among the largest data center operators globally, comparable to publicly traded peers like Equinix and Digital Realty.
Silver Lake and DigitalBridge have held their stakes in Vantage for years as the data center sector has moved to the center of technology infrastructure spending. Data center operators have become critical to the deployment of large language models and generative AI workloads, driving demand for power-intensive facilities with renewable energy access. Vantage has expanded capacity in response, with recent announcements of new facilities in the United States and Europe.
The company's exploration of an IPO comes as private infrastructure firms seek public capital while institutional investors increase allocations to data center real estate. Blackstone, KKR and other large asset managers have deployed billions into data center platforms over the past two years. A $10 billion raise would rank among the largest IPOs for an infrastructure company in recent memory.
The timing of an offering hinges on capital markets conditions and completion of Vantage's ongoing expansion projects. The company would need to file a registration statement with the Securities and Exchange Commission to proceed toward a public listing. No decision has been made, and the company could also pursue a sale to a larger strategic or financial buyer instead.
Vantage's valuation has roughly doubled since Silver Lake and DigitalBridge's last major financing round, driven by rising valuations across the data center sector as artificial intelligence adoption accelerates power demand growth. The company's exploration of exit options comes as private equity firms and infrastructure funds seek liquidity events after years of capital deployment into digital real estate.
The document to watch is any preliminary prospectus Vantage files with the SEC, which would confirm the company's formal entry into the IPO process and reveal detailed financial metrics.
