Tim Official@tim_official

Segui

Wait, so the big money that owns AI data centers is all trying to offload them at once. tbh, three separate exits got kicked off inside 14 days, and none of them want to be the one stuck holding it. Vantage Data Centers is the headline move. Silver Lake and DigitalBridge are considering a listing around $100 billion, or a full sale, or maybe just selling a stake. That would be the biggest data center IPO ever. CyrusOne started the same play three days earlier. KKR and Global Infrastructure Partners brought in Goldman Sachs and Morgan Stanley to talk about a potential listing as early as 2027. And Switch already hired Goldman and JPMorgan to go public at close to $80 billion including debt, possibly by the fourth quarter. The same few banks are taking every call, which is its own story. Here's the kicker. These are the exact firms that pulled these companies off the public market between June 2021 and early 2022. Blackstone grabbed QTS. KKR and Global Infrastructure Partners took CyrusOne private for about $15 billion. DigitalBridge and IFM took Switch private for about $11 billion. Back then the argument was that data centers burn cash for years before they pay, and public shareholders don't have the patience. Private money did. Now the AI boom has turned those same buildings into something way more valuable. Switch went private at about $11 billion in 2022. Its owners now want close to $80 billion. That's roughly 7x in four years on the same physical assets. And DigitalBridge is on both sides of this. It owns a piece of Vantage and it took Switch private. Now it's looking for the exit on both at the same time. The real question is who's left to buy. There's no bigger private buyer out there. These are already the largest infrastructure funds on Earth, and the price tags now run to $100 billion. The only pocket deep enough is the public market, which means regular investors and index funds. The people who bought low from the public are now setting up to sell high back to the public. And they're doing it while telling everyone the buildout is just getting started. KKR raised a record $19.2 billion for its newest infrastructure fund this month, and in June launched a separate company with over $10 billion committed to finance more construction. So one hand raises fresh billions to build more data centers, and the other hand is selling the finished ones to whoever will take them. None of this proves the boom is ending. Selling into strength is what these firms do, and every one of these deals is early stage and might never happen. But the timing is hard to ignore. The most sophisticated infrastructure investors alive spent four years accumulating these assets in private, and all of them decided in the same two weeks that now is the moment to find someone else to own them. Four years ago they decided the public market was too impatient to own data centers. Now they want the public market to own them again, at 7x the price. Probably just a coincidence, right?

3w

Tim Official@tim_official

Segui

Wait, so the big money that owns AI data centers is all trying to offload them at once. tbh, three separate exits got kicked off inside 14 days, and none of them want to be the one stuck holding it. Vantage Data Centers is the headline move. Silver Lake and DigitalBridge are considering a listing around $100 billion, or a full sale, or maybe just selling a stake. That would be the biggest data center IPO ever. CyrusOne started the same play three days earlier. KKR and Global Infrastructure Partners brought in Goldman Sachs and Morgan Stanley to talk about a potential listing as early as 2027. And Switch already hired Goldman and JPMorgan to go public at close to $80 billion including debt, possibly by the fourth quarter. The same few banks are taking every call, which is its own story. Here's the kicker. These are the exact firms that pulled these companies off the public market between June 2021 and early 2022. Blackstone grabbed QTS. KKR and Global Infrastructure Partners took CyrusOne private for about $15 billion. DigitalBridge and IFM took Switch private for about $11 billion. Back then the argument was that data centers burn cash for years before they pay, and public shareholders don't have the patience. Private money did. Now the AI boom has turned those same buildings into something way more valuable. Switch went private at about $11 billion in 2022. Its owners now want close to $80 billion. That's roughly 7x in four years on the same physical assets. And DigitalBridge is on both sides of this. It owns a piece of Vantage and it took Switch private. Now it's looking for the exit on both at the same time. The real question is who's left to buy. There's no bigger private buyer out there. These are already the largest infrastructure funds on Earth, and the price tags now run to $100 billion. The only pocket deep enough is the public market, which means regular investors and index funds. The people who bought low from the public are now setting up to sell high back to the public. And they're doing it while telling everyone the buildout is just getting started. KKR raised a record $19.2 billion for its newest infrastructure fund this month, and in June launched a separate company with over $10 billion committed to finance more construction. So one hand raises fresh billions to build more data centers, and the other hand is selling the finished ones to whoever will take them. None of this proves the boom is ending. Selling into strength is what these firms do, and every one of these deals is early stage and might never happen. But the timing is hard to ignore. The most sophisticated infrastructure investors alive spent four years accumulating these assets in private, and all of them decided in the same two weeks that now is the moment to find someone else to own them. Four years ago they decided the public market was too impatient to own data centers. Now they want the public market to own them again, at 7x the price. Probably just a coincidence, right?

3w