Data Centre IPO Wave: Why a Dozen Companies Are Rushing Back to Public Markets
Bisnow · 13 September 2026
TL;DR
After a wave of take-private deals between 2021 and 2022 reduced listed data centre firms to just two, nearly a dozen companies have now gone public, filed for an IPO, or are actively exploring one. Recent listings include Blackstone Digital Infrastructure Trust, Brookfield-backed Csquare, and startup Fermi. Switch and CyrusOne — both previously taken private — are reportedly considering returns to public markets. Industry experts say there is no single driver: some firms need exits for maturing private equity investors, others want to monetise stabilised hyperscale campuses via REITs, and some startups are capitalising on retail investor appetite for AI infrastructure exposure. With data centre development costs running into the trillions of dollars globally, companies are building increasingly diverse capital stacks — combining private equity, asset-backed securities, CMBS, and public equity — to fund growth at a scale private markets alone can no longer absorb.
Our take
For South African property and infrastructure investors, this global data centre IPO wave carries real local relevance. South Africa is quietly becoming a sub-Saharan African data centre hub, with Johannesburg and Cape Town attracting hyperscale investment from operators like Africa Data Centres, Teraco, and international players eyeing the continent's digital growth story. The structural shift described here — from pure private-equity funding toward diversified public capital stacks — mirrors what SA-listed property funds (REITs on the JSE) have long practised. Local investors should note that JSE-listed Growthpoint, Fortress, and Emira have all been exploring or expanding into data centre and logistics assets as traditional retail and office portfolios face pressure. The emergence of data centre REITs on global exchanges could eventually provide a template for dedicated SA-listed vehicles. For landlords and commercial property owners, the key takeaway is that data centre tenants represent long-lease, rand-hedge income — particularly attractive in a high-inflation, load-shedding environment where reliable power infrastructure commands a premium. Developers with access to stable grid connections or embedded generation capacity are well-positioned to attract this tenant class. The broader lesson: when capital requirements become too large for any single funding source, creative structuring wins. SA developers and fund managers watching this space should be taking notes.