Vantage at $100bn, DayOne at $20bn: three data center landlords queue for public markets

Vantage, CyrusOne and DayOne are each preparing an initial public offering, according to Reuters and Bloomberg reporting summarised by DataCenterDynamics ^[1]. On the reported timings all three listings land inside about a year ^[26], carrying roughly $120bn of headline valuation between Vantage and DayOne alone ^[23], which is enough to change how anyone leasing capacity should read their landlord.

Vantage is the largest and the least settled. Reuters, citing sources familiar with the matter, says Vantage is exploring an IPO or a sale as soon as next year, that discussions have been preliminary over the past few weeks, and that no formal process has been launched ^[4][5]. The expected listing valuation is around $100bn, which would be the largest data center IPO to date ^[6], though a sale, including a stake sale, remains on the table ^[7]. Vantage runs 35 campuses across North America, Europe, Africa, Asia and Australia ^[8] and is backed by Silver Lake and DigitalBridge ^[9]. Its funding so far has been debt-led: earlier this year Ares Management arranged a $2.4bn facility to refinance existing borrowing and support the North American build out ^[10].

CyrusOne is further along procedurally and vaguer on price. Reuters reports the company has approached banks including Goldman Sachs and Morgan Stanley to pitch for IPO roles ^[12] but has not decided how much to raise or what valuation to seek ^[13]; one source put a possible raise at about $5bn ^[14]. It would be a return trip. CyrusOne listed in 2013 and was taken private by KKR and Global Infrastructure Partners in 2022 ^[17], roughly nine years on public markets ^[25], and those two funds still own it ^[15]. The estate is more than 60 data centers in nine countries across Europe, Asia Pacific and North America ^[16].

DayOne is the nearest term. Bloomberg reports it has confidentially filed for a US IPO as soon as next quarter, targeting about $20bn, with size and timing still subject to change ^[18][19]. DayOne was spun out of GDS in 2025 and has more than 500MW in service and under construction across Asia ^[21]; on those two numbers the target implies under roughly $40m per megawatt of built and building capacity ^[24]. In January it repurchased $385m of shares from GDS, which remains a significant minority holder ^[22], and in June it was reported as a purchase target for Abu Dhabi's MGX, with no agreement finalized and an IPO still possible ^[20].

For a buyer signing multi-year capacity, the consequence is not the ticker. Sponsors selling into AI-driven demand ^[3] are choosing exit routes, and the route decides the counterparty: a listed Vantage answers to public shareholders, a sold Vantage answers to whoever buys it ^[7]. Public equity also puts a second funding channel next to the debt facilities that have paid for expansion to date ^[10], which cuts both ways for tenants. Cheaper capital tends to fund new build; a quarterly reporting cycle tends to concentrate attention on yield from capacity already leased.

Watch three things: whether DayOne's confidential filing becomes a public one next quarter ^[18], whether Vantage lands on a listing or a sale ^[4][7], and whether CyrusOne attaches a number to its process ^[13].