Data Center Considers $100 Billion IPO After Investors Discover Buildings Can Be Tech Stocks Too

DENVER — Vantage Data Centers is reportedly exploring an IPO or sale that could value the company at around $100 billion, after investors discovered that warehouses filled with extremely expensive computers can apparently be valued like software companies.

The potential valuation reflects soaring demand for AI infrastructure and Wall Street’s growing willingness to describe industrial-scale electricity consumption as “technology.”

“For years, we thought these were buildings,” said one investment banker. “Then someone put GPUs inside them and suddenly the buildings had TAM.”

Data centers have become some of the hottest assets in the AI boom as companies race to secure computing capacity, power, cooling, land, financing, and increasingly creative explanations for why none of this should be considered capital intensive.

Analysts said the sector’s transformation has been remarkable.

“A normal warehouse is worth whatever the rent supports,” said one analyst. “An AI data center is worth whatever number you can say while standing next to the words ‘artificial intelligence.’”

Investors were particularly excited by Vantage’s exposure to long-term secular trends including cloud computing, AI adoption, electricity scarcity, and the possibility that every company on Earth will eventually require its own small nuclear reactor to answer customer-service emails.

At press time, several private equity firms were reportedly reviewing their portfolios to determine which other buildings could become tech companies by installing enough Nvidia chips inside.