CyrusOne plans IPO as early as 2027 in potential major data center sector offering

Data center operator CyrusOne, co-owned by KKR and BlackRock's Global Infrastructure Partners, is preparing for an initial public offering as early as 2027 that could raise about $5 billion. The owners met with Goldman Sachs and Morgan Stanley in August 2026 to pitch for roles. This potential listing joins a growing pipeline of massive data center and AI infrastructure IPOs, including Switch and SB Energy, driven by surging demand for computing capacity.

CyrusOne IPO planning

• ▪A public listing for CyrusOne could potentially raise approximately $5 billion, though the company has not finalized its valuation or fundraising targets as of August 2026.
• ▪CyrusOne's private equity owners met with investment banks including Goldman Sachs and Morgan Stanley in August 2026 to pitch for roles on the planned initial public offering.
• ▪CyrusOne is preparing for an initial public offering as early as 2027, which could be one of the largest IPOs in the data center sector in recent years.

Data center IPO pipeline

• ▪SoftBank-backed SB Energy is preparing for a U.S. initial public offering that could value the company at more than $50 billion.
• ▪Brookfield-backed data center provider Csquare raised more than $1 billion in its initial public offering in July 2026.
• ▪Data center operator Switch has selected lead banks for a public offering that could value the company at close to $80 billion including debt.

KKR ownership stake

• ▪KKR raised a record $19.2 billion for its latest infrastructure fund in August 2026.
• ▪KKR and BlackRock's Global Infrastructure Partners acquired CyrusOne in 2022 in a take-private transaction valued at approximately $15 billion including debt.
• ▪KKR launched Helix Digital Infrastructure in June 2026 with more than $10 billion in committed capital to finance infrastructure build-outs.

BlackRock ownership stake

• ▪BlackRock's Global Infrastructure Partners co-owns data center operator CyrusOne alongside private equity firm KKR.
• ▪BlackRock, KKR, Goldman Sachs, Morgan Stanley, and CyrusOne declined to comment in August 2026 on the discussions regarding CyrusOne's potential initial public offering.

AI infrastructure investment surge

• ▪Spending on computing capacity is driving a growing pipeline of large initial public offerings tied to data centers and artificial intelligence infrastructure.
• ▪Private equity and infrastructure investors are ramping up investments in data centers and related infrastructure to support the build-out of computing capacity.

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