VNET raises $5B at $190B valuation to expand AI infrastructure
What's the deal? AI data infrastructure company VNET has raised $5 billion in a late-stage round, led by Coatue Management with participation from Blackstone, MGXDealroom has a profile for this one. Try Dealroom →, T. Rowe Price, and Sixth Street GrowthDealroom has a profile for this one. Try Dealroom →. The deal values the company at $190 billion post-money.
What's the endgame? VNET will use the funds to advance its AI infrastructure buildout, product research and development, and acquisitions.
By the numbers: The company's annualised revenue run rate has passed $7 billion, up more than 80% year-on-year, according to co-founder and chief executive officer Ali Ghodsi.
Why it stands out: At $5 billion, this ranks among the largest late-stage venture rounds ever recorded in the telecom sector in China — in the top 1% by size across 129 comparable deals.
The signal: Investor appetite for AI infrastructure remains strong, with capital flowing to companies building the compute and data backbone behind AI. A round of this scale underscores how quickly demand — and valuations — are climbing in the sector.
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Image credit: Jemimus
