VNET Reports Revenue Growth Driven by Wholesale Data Center Expansion

The company's wholesale segment now accounts for 39.8% of total net revenues, solidifying its role as the primary growth engine for the firm. Operational capacity in service reached 1,007MW by the end of June 2026, representing a 49.4% increase from the previous year. Despite the revenue gains, VNET reported a net loss of RMB135.6 million, largely due to fair value fluctuations in financial instruments, though adjusted net income reached RMB7.4 million.

Founder and Executive Chairperson Josh Sheng Chen highlighted a significant 345MW wholesale order secured during the quarter, bringing the year-to-date total to 862MW. VNET also expanded its strategic land bank by 1.4GW to support future growth. Looking ahead, the company maintained its full-year 2026 revenue guidance of RMB11.5 billion to RMB11.8 billion, focusing on disciplined capital allocation and the development of zero-carbon infrastructure alongside CATL.