Chinese data center operator Vnet is looking to raise $400 million by issuing bonds.
It will use the proceeds from the financing to expand its network of data centers, as well as to provide working capital to cover other corporate costs, a statement from the company said.
Founded as 21Vianet in the mid-1990s, Vnet claims to operate more than 50 data centers in 30 cities across China, with a total IT capacity of around 486MW.
The company is publicly listed on Nasdaq, but founder Josh Sheng Chen had been considering buying up all share capital and taking Vnet private. However, he withdrew this offer in July 2024. Its share price has risen steadily in 2025, with investor interest in AI infrastructure remaining high, and the business currently has a market cap of $2.9 billion.
In December 2024, it launched a data center investment fund with Chinese insurance company Dajia. The fund made its first investment in Vnet’s Taicang IDC campus in the Jiangsu province north of Shanghai, China, pledging 5.74 billion Yuan ($789m) to expand the site.
Vnet is also facing a potential class action lawsuit over claims of securities fraud.
Interested parties will be able to buy Vnet bonds that will mature on April 1, 2030.
