VNET Group, Inc.
VNET (formerly 21Vianet) builds and operates data centers in China and leases them as wholesale capacity (to large cloud providers) and retail colocation. It also offers managed network, cloud and business VPN services. Revenue comes from long-term recurring contracts on data center space, power and interconnection. In Q2 2026 net revenue was RMB2.78 billion (about US$409.5 million), up 14.2% year over year. Wholesale capacity in service reached 1,007MW as of June 30, 2026, and the company has secured 862MW of wholesale orders year to date in 2026. It has been listed on Nasdaq since 2011 and rebranded from 21Vianet to VNET Group in 2021. Despite its AI-era demand, it is a data center infrastructure company rather than an AI software developer.