Bankers are marketing majority stakes in DataBank, EdgeCore, Netrality, and Edged, with DataBank's process reportedly reaching up to $25 billion. Brookfield-backed Csquare also debuted on the NYSE at a $3.2 billion valuation. Blackstone, Apollo, and KKR committed $5.3 billion for a 49% stake in five 2.6 GW behind-the-meter gas plants from Williams, treating onsite generation as an equity asset.
Data center operators are selling into peak demand, shifting build risk to buyers, while power assets are now equity, not just contracts.