VNET's Wholesale IDC Business Drives 14.2% Revenue Growth in Q2 2026 — VNET Group, Inc.

Event summary

VNET reported a 14.2% year-over-year revenue increase to RMB2.78 billion (US$409.5 million) in Q2 2026, driven by a 29.3% growth in wholesale IDC revenues.
Wholesale capacity in service increased by 49.4% year-over-year to 1,007MW as of June 30, 2026.
VNET secured a 345MW wholesale order from a leading cloud service provider in Q2 2026, bringing total wholesale order wins to 862MW year-to-date.
Adjusted EBITDA increased by 25.4% year-over-year to RMB918.3 million (US$135.3 million), with its margin expanding by 3.0 percentage points to 33.0%.
VNET signed a strategic cooperation agreement with CATL to develop a three-layer integrated compute-energy ecosystem.

The big picture

VNET's Q2 2026 results highlight the growing importance of wholesale IDC services in China's digital infrastructure landscape. The company's strategic partnership with CATL underscores the increasing focus on integrating compute and energy systems to support sustainable data center operations. As VNET continues to expand its capacity and secure large-scale orders, its ability to maintain high utilization rates and financial discipline will be critical to its long-term success.

What we're watching

Capacity Utilization: Whether VNET can sustain high utilization rates amid rapid capacity expansion, particularly in its wholesale segment.
Strategic Partnerships: How the collaboration with CATL will impact VNET's long-term strategy and competitive positioning in the digital energy infrastructure space.
Financial Performance: The pace at which VNET can convert its strong order momentum and long-term customer commitments into consistent profitability.