CyrusOne Eyes 2027 IPO with Potential Raise of Up to $5 Billion
Miles Bennett
Data-center operator CyrusOne is preparing to go public as early as 2027, with the offering potentially reaching $5 billion — a sign that the AI-fueled data-center sector is entering a wave of capitalisation events.
Who is CyrusOne, and why go public now?
CyrusOne operates more than 60 data-center campuses across the US, Europe, and Japan, jointly owned by KKR and BlackRock's Global Infrastructure Partners (GIP).
The two firms took CyrusOne private in 2022 in a deal valued at roughly $15 billion including debt.
This means → the IPO serves a dual purpose: it gives the sponsors an exit while raising capital for CyrusOne to pay down debt accumulated during its expansion — build first, recoup through listing.
A $5 billion IPO — how far along is it?
KKR and GIP met separately last week with banks including Goldman Sachs and Morgan Stanley, which are now competing for underwriting roles.
The company has not finalised the raise size or target valuation, though one source pegged the offering at roughly $5 billion.
In plain terms = the process is still at the "pick banks, shape the deal" stage — the numbers could shift at any point.
Not just CyrusOne — what does a cluster of data-center IPOs signal?
Switch has already selected lead underwriters for a listing valued at close to $80 billion including debt.
SoftBank's SB Energy is preparing a US IPO at a valuation potentially above $50 billion; Brookfield-backed Csquare completed its IPO last month, raising over $1 billion.
This reflects a broader shift: data centers have moved from "infrastructure" to "core AI-era asset" — private-equity sponsors are clustering their exits now because they see a valuation window opening for this asset class.
What else is KKR doing in data centers?
KKR this month closed its latest infrastructure fund at a record $19.2 billion.
In June it launched Helix Digital Infrastructure, a platform focused on digital infrastructure with over $10 billion in committed capital.
This means → KKR is not exiting the data-center thesis after CyrusOne — it is doubling down. The IPO is an exit from one asset, but the firm's overall bet on the sector is still scaling up.
Content is for reference only, not financial advice.