What VNET does

VNET Group (世纪互联), formerly known as 21Vianet and listed on NASDAQ in 2011 (ticker: VNET), is China's first US-listed internet data center services provider, founded in 1996 in Beijing. The company operates a carrier-neutral and cloud-neutral data center platform spanning more than 30 cities across four major economic regions in China (Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, Southwest), with over 50 data centers delivering 907MW of wholesale IDC capacity and more than 49,000 retail colocation cabinets. VNET serves over 7,000 enterprise customers, with primary segments being large internet companies, cloud service providers, and financial institutions, supplemented by telecom operators and government entities.

The company's core technology stack includes the Smart Navigation / Intelligent Navigation Platform (an AI-driven operations management system supporting autonomous data center operation), Energy Router Technology with solid-state transformers (co-developed with Eaton), liquid cooling systems for high-density workloads, and the Hyperscale 2.0 architecture for next-generation large-scale deployments. VNET holds 414 patents, 450 software copyrights, and 697 trademarks as of 2025. Beyond core colocation, VNET operates an expanding portfolio: AI Computing Power Cluster Solutions targeting AGI-era GPU cluster demand, the NEOLINK digital transformation subsidiary, Blue Cloud (the exclusive China operator of Microsoft Azure, Office 365, Dynamics 365, and Power Platform), and DYXnet for enterprise VPN and network services. VNET's DYXnet subsidiary obtained ISO/IEC 42001:2023 AI Management System certification in 2025, an early-mover validation in China's IDC sector, and the company's autonomous data center platform received a Geneva Invention Award silver medal.

VNET generates revenue primarily through recurring subscription-based contracts for wholesale IDC capacity, retail colocation, managed hosting, and cloud services, with pricing negotiated on a quote basis by cabinet/kW, bandwidth, and service level. The company goes to market through a direct enterprise field sales motion targeting hyperscale internet, cloud, telecom, financial, and government accounts, with customized multi-year enterprise contracts. Full-year 2025 revenue reached RMB 9.95 billion (approximately USD 1.42 billion), up 20.5% year-over-year and exceeding 2025 guidance; management is guiding 2026 revenue of RMB 11.5-11.8 billion (15.6%-18.6% growth). VNET is undergoing a significant ownership transition, with CATL-affiliated entities (PJ Millennium I and II) agreeing in May 2026 to acquire approximately 38.1% of total outstanding shares at $1.4486 per share, expected to close in Q4 2026.

Name

VNET

Legal name

Beijing VNET Broadband Data Center Co., Ltd.

Website

https://vnet.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

VNET Group is a Chinese carrier- and cloud-neutral internet data center services provider operating 50+ data centers with 907MW capacity across 30+ cities, serving over 7,000 enterprise customers including hyperscale internet, cloud, financial, and government clients.

Ownership category

akta.pro rank

Product category

Internet Data Center Services

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Cloud Networking Core Services (VPC/VNet, Load Balancing, DNS, NAT) (HDABAAAJ)

akta.pro secondary industries

Cloud Networking & Virtual Networking (VPC/VNet) (HDABAFAG), Private Cloud Networking & SDN/NFV Management (HDABABAK)

Keywords

• Data center services
• Colocation hosting
• Cloud infrastructure
• Enterprise VPN services
• AI computing infrastructure

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Personnel, Operations, Supply Chain, Marketing or Sales

Revenue model

1. IDC Services: Core internet data center services including colocation, managed hosting, and dedicated server hosting. Provides wholesale and retail IDC solutions with customized configurations for enterprise customers.
2. Cloud Services: Cloud computing services including infrastructure, platform, and application services through partnerships with Microsoft Azure, Office 365, Dynamics 365, and Power Platform.
3. Business VPN Services: Enterprise VPN and network connectivity services through subsidiary DYXnet, providing secure network solutions for businesses across China.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

VNET Group is a carrier- and cloud-neutral internet data center services provider operating 50+ data centers across 30+ Chinese cities with 907MW of wholesale capacity and 49,000+ retail cabinets. The company offers wholesale IDC, retail colocation and managed hosting, AI computing power cluster solutions, cloud services through its Blue Cloud subsidiary (Microsoft Azure, Office 365, Dynamics 365, Power Platform), and enterprise VPN/network services through DYXnet, serving more than 7,000 enterprise customers across large internet, cloud, telecom, financial, and government segments.

Product overview

VNET Group operates a dual-engine strategy combining wholesale IDC (data center wholesale) and retail IDC services. The wholesale business provides hyper-scale customized data center solutions with 907MW capacity, while retail offers colocation cabinets and managed hosting with 49,000+ cabinets across 50+ data centers. The portfolio includes Blue Cloud (Microsoft cloud services operator in China), DYXnet (VPN/network services), NEOLINK (digital transformation subsidiary), and AI Computing Power Cluster Solutions. Key technology platforms include the Intelligent Navigation Platform for autonomous data center operations. Services span 30+ cities across Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Southwest regions.

Differentiator

Problem solved

Functional benefit

Brands

• NEOLINK: New infrastructure technology subsidiary brand launched in 2021, serving as a whole lifecycle partner for enterprise digital transformation.
• Blue Cloud (蓝云)
• DYXnet (第一线)

Products and services

• Data Center Wholesale (基地型数据中心大定制) Wholesale IDC solution providing hyper-scale data center capacity for large internet companies and enterprises. Offers customized data center construction with 907MW capacity across 30+ cities in China.
• AI Computing Power Cluster Solutions (算力集群解决方案) AI infrastructure solution providing intelligent computing power for the AGI era, including hyperscale AI computing campuses and GPU clusters for large model training and inference.
• Retail IDC (城市型机柜) Retail IDC service providing colocation cabinets and managed hosting. Operates over 49,000 retail IDC cabinets in 50+ data centers across 30+ cities for diverse enterprise customers.
• Blue Cloud (蓝云) Subsidiary operating Microsoft Azure, Microsoft 365, Dynamics 365, and Power Platform in China. Provides international-standard cloud services and solutions for enterprise digital transformation.
• DYXnet (第一线) Wholly-owned subsidiary providing enterprise VPN and network services across China, offering secure network connectivity solutions for businesses.
• NEOLINK New infrastructure technology subsidiary launched in 2021, positioned as a whole lifecycle partner for enterprise digital transformation, accelerating transition from resource-based to technology-based innovation enterprise.

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core and strategic.

• MicrosoftcoreTechnology or IntegrationStrategic partnership for cloud services including Azure cloud platform, Office 365 productivity suite, Dynamics 365 business applications, and Power Platform low-code development tools. Microsoft is a key technology partner for cloud service delivery.
• Dinghao DH3strategicStrategic or Co-development PartnerCollaboration on the 'Dinghao Super Interconnection AGI Hub' - an AI-related initiative for artificial general intelligence development and interconnection services.
• EatonstrategicTechnology or IntegrationTechnology collaboration on Energy Router project featuring solid-state transformer technology for intelligent power distribution in data centers.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• GDS Holdings: GDS Holdings (NASDAQ:GDS, then privatized) is China's largest carrier-neutral, hyperscale-ready data center operator. Directly comparable to VNET on wholesale IDC model, customer base of large internet/cloud platforms, geographic concentration in tier-1 Chinese cities, and capital-intensity-driven growth strategy.
• Chindata Group: Chindata Group (formerly NASDAQ:CD, now taken private by Bain Capital) is a leading Chinese hyperscale data center platform serving top internet companies. Highly comparable to VNET's wholesale IDC business, with a similar focus on AI-ready capacity and similar exposure to Chinese hyperscale customer concentration.
• Sinnet Technology: Sinnet Technology (SZSE:300383) is a Chinese data center operator that serves as Amazon Web Services' exclusive operator in China. Comparable to VNET's Blue Cloud franchise as a foreign-cloud-localization partner; Sinnet also operates wholesale and retail IDC services across multiple Chinese regions.

Broad incumbents

• Alibaba Cloud (Aliyun): Alibaba Cloud is the largest public cloud platform in China and operates its own data center infrastructure. While broader than VNET (cloud-native vs. carrier-neutral IDC), Alibaba Cloud is both a VNET customer/partner and a competitor in providing scalable computing infrastructure to Chinese enterprises.
• Tencent Cloud: Tencent Cloud operates cloud services and proprietary data centers across China. Comparable to VNET as both a customer (wholesale IDC capacity) and a competitor in the broader Chinese cloud and enterprise infrastructure market, with overlapping reach across major economic regions.
• Baidu Cloud: Baidu Cloud is one of China's top public cloud providers and AI infrastructure operators, with proprietary data centers supporting its AI/ERNIE workloads. Comparable to VNET in serving Chinese enterprise and government cloud demand, particularly around AI compute capacity.
• Equinix: Equinix (NASDAQ:EQIX) is the global leader in carrier-neutral colocation and interconnection. Comparable to VNET's core business model (carrier-neutral, retail colocation, interconnection-rich) and to its premium-multiple positioning, though Equinix operates globally rather than concentrated in China.
• Digital Realty Trust: Digital Realty (NYSE:DLR) is one of the world's largest wholesale and hyperscale data center operators, with a global footprint. Comparable to VNET on wholesale IDC scale economics, REIT-style capital structure, and hyperscale customer relationships, though diversified across geographies and not China-specific.
• JD.com (JD Cloud): JD.com (NASDAQ:JD) operates JD Cloud, a Chinese public cloud platform with proprietary data centers supporting JD's e-commerce and external enterprise workloads. Comparable to VNET as both a potential customer/partner and a competitor in serving Chinese enterprise cloud and infrastructure demand.

Emerging players

• Kingsoft Cloud: Kingsoft Cloud (NASDAQ:KC) is a Chinese independent cloud provider and a prior strategic investor in VNET. Comparable to VNET's Blue Cloud franchise as a third-party public cloud operator in China, with overlapping enterprise customer focus but smaller scale than hyperscale peers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/21vnet
• Facebookfacebook.com/21Vianet-GroupInc-1422535241386927
• LinkedInlinkedin.com/company/21vianet-group-limited

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds19 records

Investors23 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VNET