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Public Comps and Valuation Multiples for Data Centers

Benchmark revenue and EBITDA valuation multiples for public comps like
Oracle, Arista Networks, Vertiv, Equinix and American Tower.

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Data Centers

Viewing 50 of 63 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
Oracle	$537B	$656B	$67B	9.8x	17.8x
Arista Networks	$178B	$166B	$10B	16.6x	34.4x
Vertiv	$130B	$131B	$12B	11.3x	49.6x
Equinix	$105B	$125B	$10B	13.0x	26.1x
American Tower	$83B	$126B	$11B	11.7x	17.6x
NTT Group	$78B	$163B	$92B	1.8x	7.3x
Digital Realty Trust	$66B	$84B	$6B	13.2x	24.1x
Crown Castle	$39B	$69B	$4B	16.5x	24.7x
Quanta Computer	$37B	$40B	$85B	0.5x	11.6x
China Unicom	$31B	$26B	$57B	0.5x	1.8x
DCI Indonesia	$27B	$27B	—	—	—
NetApp	$24B	$24B	$7B	3.4x	10.5x
Cellnex	$22B	$46B	$5B	9.6x	11.6x
SBA Communications	$22B	$37B	$3B	12.9x	19.0x
Sugon	$21B	$21B	$2B	9.0x	40.6x
Supermicro	$19B	$26B	$38B	0.7x	11.6x
IonQ	$18B	$16B	$181M	90.8x	(67.9x)
IEIT Systems	$15B	$16B	$26B	0.6x	34.7x
Applied Digital	$11B	$12B	$399M	30.8x	136.9x
Lumen	$10B	$22B	$12B	1.8x	7.5x
GDS Holdings	$9B	$14B	$2B	7.8x	16.8x
Nextdc	$8B	$9B	$343M	26.5x	54.3x
Core Scientific	$7B	$9B	$446M	19.2x	118.5x
INWIT	$7B	$13B	$1B	10.6x	11.6x
Oracle Corp Japan	$7B	$7B	$2B	3.8x	11.7x
D-Wave Quantum	$7B	$7B	$32M	206.9x	(72.3x)
Wangsu	$7B	$6B	$717M	8.0x	38.7x
Rigetti	$6B	$5B	$13M	382.9x	(75.9x)
Galaxy Digital	$5B	$8B	$56B	0.1x	95.4x
Sinnet Technology	$4B	$5B	$1B	4.7x	27.2x
Bitdeer	$3B	$5B	$754M	6.6x	49.2x
VNET Group	$3B	$6B	$2B	4.0x	13.3x
Time Dotcom	$3B	$3B	$470M	6.0x	14.3x
DigitalBridge Group	$3B	$4B	$222M	16.1x	—
Solusi Tunas Pratama	$3B	$3B	—	—	—
Insight Enterprises	$3B	$4B	$8B	0.5x	7.3x
Fujian Star-Net	$3B	$3B	$3B	0.9x	10.2x
Quantum Computing Inc.	$2B	$1B	$9M	135.5x	(28.6x)
POET Technologies	$2B	$2B	—	—	—
SUNeVision	$2B	$4B	$399M	10.4x	13.8x
Bitfarms	$2B	$2B	$188M	9.8x	(487.3x)
Beijing Topnew Info	$2B	$2B	—	—	—
Macquarie Technology Group	$1B	$1B	$273M	5.2x	17.3x
Phoenix Group	$1B	$1B	$117M	11.4x	—
Entel	$1B	$4B	$3B	1.0x	3.6x
Cordiant Digital Infrastructure	$1B	$1B	—	—	—
Northern Data	$1B	$2B	—	—	—
2CRSI	$1B	$1B	$454M	2.2x	26.6x
Pakistan Telecom	$941M	$2B	—	—	—
SharonAI	$928M	$959M	$57M	16.8x	50.7x
Whitefiber	$918M		$97M
Chief Telecom	$824M		—
HIVE Digital Technologies	$690M		$323M
Bahnhof	$600M		—
Edarat Group	$548M		—
Digi Power X	$546M		$34M
Kinx	$375M		—
GO plc	$294M		—
Intred	$173M		$67M
Adisyn	$159M		—
Unidata	$98M		$131M
Microdata Morocco	$97M		—
Dynastar Holdings	$19M		—