VNET Surges on AI-Driven Demand, Exceeds 2025 Revenue and EBITDA Guidance

Event summary

  • VNET reported a 20.5% year-over-year increase in full-year 2025 revenues to RMB9.95 billion, exceeding guidance.
  • Wholesale IDC revenues surged 77.4% year-over-year, driven by strong AI-driven demand.
  • Fourth-quarter 2025 wholesale revenues grew 47.1% year-over-year, with 135MW of new orders secured.
  • Adjusted EBITDA increased 22.6% year-over-year to RMB2.98 billion, also exceeding guidance.
  • Capacity in service reached 889MW as of December 31, 2025, with a 70.1% utilization rate.

The big picture

VNET's strong 2025 performance underscores the accelerating demand for AI-driven data center services in China. The company's ability to scale capacity rapidly and efficiently positions it as a leading player in the carrier- and cloud-neutral internet data center market. However, maintaining high utilization rates and financial discipline will be critical as it continues to expand its Hyperscale 2.0 framework.

What we're watching

Capacity Utilization
Whether VNET can maintain high utilization rates amid rapid capacity expansion, particularly in ramp-up wholesale capacity.
AI-Driven Growth
How sustained AI-driven demand will impact future revenue growth and capacity requirements.
Financial Discipline
The pace at which VNET can balance aggressive capital expenditure with disciplined capital allocation to support long-term growth.

Related topics

Revenue Growth