Data Center Operator CyrusOne Lays IPO Groundwork

CyrusOne, a data center operator owned by private equity giants KKR and BlackRock’s Global Infrastructure Partners, is getting ready to interview and hire investment banks to advise on what could be one of the largest initial public offerings next year, according to people familiar with the discussions.

The IPO preparations indicate that some of the world’s largest asset managers are betting public investors will still want to buy shares of companies tied to the AI boom. CyrusOne could use the IPO to pay down debt borrowed to expand its data centers, while allowing private equity owners to cash out. KKR and Global Infrastructure Partners, which later became a unit of BlackRock, took CyrusOne private in early 2022 for $15 billion.