Csquare, Inc.

Nearly a dozen data center companies have gone public, filed for an IPO or been reported to be exploring one over the past year, with the pace accelerating over the past three months. Recent listings include Blackstone Digital Infrastructure Trust, Brookfield-backed colocation provider Csquare and Texas startup Fermi, while Switch and Singapore-based DayOne have confidentially filed, SoftBank-backed SB Energy has publicly filed and AI data center specialist Nscale is reportedly preparing a listing. Major digital infrastructure players Vantage Data Centers, CyrusOne, Blue Owl, DataBank and EdgeCore are all reportedly at least exploring IPOs, a reversal from 2021 and 2022 when take-private deals including Blackstone's $10B acquisition of QTS left just two listed data center firms. Industry leaders say no single force is driving the shift, attributing it instead to the trillions of dollars required for AI infrastructure and a growing diversity of public equity strategies. Blue Owl is reportedly planning a REIT seeded with around $6.5B of its own stabilized data center assets, while SB Energy is reportedly seeking a valuation of more than $50B despite still developing its first campus.