Vantage, CyrusOne, and DayOne are all planning initial public offerings (IPO) with valuations in the multiple billions, according to reports from Reuters and Bloomberg.

The three companies are all developers and operators of data centers, with each IPO potentially breaking records in the sector.

AI-infrastructure growth has lifted the lid on the data center industry, driving up valuations and fuelling significant investment, including IPOs, mergers, and acquisitions. Vantage, CyrusOne, and DayOne would be the latest in a series of IPOs in the data center industry on the back of this growth.

Vantage

Citing sources familiar with the matter, Reuters reports that Vantage is exploring an IPO or sale as soon as next year.

Vantage has engaged in preliminary discussions over the past few weeks, sources said, but no formal process has been launched, and all deliberations remain at an early stage.

The company is expected to pursue a stock market listing at a valuation of around $100 billion, which would make it the largest data center IPO to date. However, the company is also reportedly considering a sale, including a stake sale.

Vantage currently operates 35 data center campuses across North America, Europe, Africa, Asia, and Australia. It is backed by private equity firm Silver Lake and infrastructure investor DigitalBridge.

Earlier this year, Ares Management Corporation arranged a $2.4 billion debt facility for Vantage in order to refinance the company’s existing debt and support its North American build out.

CyrusOne

Per more anonymous sources, CyrusOne is also preparing an IPO for next year.

Reuters reports that the data center developer has approached investment banks, including Goldman Sachs and Morgan Stanley, to pitch roles for the IPO.

An IPO from CyrusOne also has the potential to be one of the largest in the sector, but, according to Reuters, the company has yet to decide how much it plans to raise or what valuation to seek.

However, one source told Reuters that a public listing could raise about $5 billion.

CyrusOne is currently owned by investment funds KKR and Global Infrastructure Partners. The operator has more than 60 data centers in nine countries around the world, spread across Europe, Asia Pacific, and North America.

An IPO would see CyrusOne return to the public markets, after KKR and GIP took the company private in 2022, following its previous IPO in 2013.

DayOne

Singaporean operator DayOne has reportedly confidentially filed for a US IPO as soon as next quarter, Bloomberg reported.

According to unnamed sources, the operator is aiming for a valuation of around $20 billion. However, considerations are still ongoing, and size and timing may change.

In June, reports emerged that Abu Dhabi investment firm MGX was looking to purchase DayOne, although it was noted at the time that no agreement had been finalized and an IPO could still go ahead.

Spun out of Chinese firm GDS in 2025, DayOne has a portfolio of more than 500MW of data center capacity in service and under construction across Asia.

In January, the company said it had repurchased some of its shares worth $385 million from GDS, though the Chinese firm remains a significant minority shareholder.

The company has been aiming to take itself public for some time.