Vantage Data Centers is exploring an IPO or sale that could value the company at around $100 billion, according to sources cited by Reuters.
The figure combines operational centres, contracts, land, power connections and future projects. A large share of the value depends on capacity that still needs to be built and occupied.
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A high valuation does not prove stable demand for decades. The architecture remains when models, clients and financial expectations change.
What does an investor actually buy in a data-centre operator?
Buildings and contracts, but above all future access to power, land and clients. The risk is how much of that future is firm and how much remains forecast.
