The landlord behind one of OpenAI's Wisconsin sites is sizing up a $100 billion listing
Reuters reports that Vantage Data Centers, backed by Silver Lake and DigitalBridge, has held early talks about going public at a valuation of around $100 billion and raising roughly $10 billion, possibly as soon as next year. A sale or a stake sale are also on the table; no formal process has begun and the company has so far only met advisers informally. Vantage has taken in about $11 billion since late 2023, including a $9.2 billion equity investment led by its two owners.
Why it mattersThat would be the largest data-centre flotation ever attempted, and it would put a public price on the physical layer of AI rather than on the software running above it. Vantage is one of the builders on the Wisconsin site tied to OpenAI and Oracle's Stargate programme. Two other operators, Switch and CyrusOne, are lining up their own listings — the shovels, not the models, are what the stock market is being offered next.
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