VNET Group reported Q1 revenue of RMB 2.69 billion, driven by AI demand and a shift to wholesale data center dominance.
VNET Group reported a 19.8% year-over-year increase in Q1 net revenues to RMB 2.69 billion, with adjusted EBITDA rising 30.6% to RMB 891.5 million. The growth was fueled by strong demand for wholesale data centers, which became the company’s largest revenue stream for the first time.
Wholesale capacity utilization reached 75.7%, while mature wholesale utilization hit 93.8%. The company secured 519 MW of new orders year-to-date, including 517 MW in wholesale, reflecting surging AI-related demand.
VNET reaffirmed its 2026 outlook, guiding for RMB 11.5 billion to RMB 11.8 billion in revenue and RMB 3.55 billion to RMB 3.75 billion in adjusted EBITDA. Full-year capex remains at RMB 10 billion to RMB 12 billion as it targets 450 MW to 500 MW of new capacity.