VNET is a carrier-neutral and cloud-neutral internet data center (IDC) provider in China. VNET builds and operates data centers that house customers' servers and IT infrastructure, providing power, cooling, physical security, and network connectivity. VNET serves two core customer types: hyperscalers (wholesale IDC) and enterprises (retail IDC). In wholesale, VNET constructs large-scale, purpose-built data centers to spec for internet giants and cloud providers, earning recurring revenue based on power capacity consumed under long-term contracts. In retail, VNET leases cabinet space to enterprise customers across IT, finance, gaming, e-commerce, and government, charging monthly fees for colocation, power, and connectivity. As of year-end 2025, VNET had 889MW of wholesale capacity in service and ~49,900 retail cabinets, concentrated in the Greater Beijing area and the Yangtze River Delta. VNET's growth strategy centers on expanding wholesale capacity toward a long-term target of 10GW under management by 2036, while upgrading retail cabinets to higher-density, AI-capable configurations to drive higher revenue per cabinet. VNET uses modular construction to reduce build cycles and targets data center delivery within six months of contract signing. The business is capital-intensive, and VNET funds growth partly by recycling assets through private REIT and asset-backed securities structures listed on the Shanghai Stock Exchange. VNET also operates a smaller non-IDC segment, reselling Microsoft cloud products in China and providing enterprise VPN and SD-WAN services across Asia-Pacific under the DYXnet brand.