GDS Holdings is the largest carrier-neutral, high-performance data center developer and operator in China. GDS builds, owns or leases, and operates large-scale data centers across China's major commercial hubs, providing colocation services — critical facilities space, power, racks, and cooling — to customers running mission-critical workloads including cloud computing, AI inferencing, and financial applications. GDS's customers are predominantly China's hyperscale cloud service providers (including Alibaba Cloud and Tencent Cloud), large internet companies, and financial institutions, with cloud and internet customers representing roughly 89% of total committed area. GDS charges customers primarily on long-term contracts (three to ten years) using either unbundled pricing (fixed capacity charge plus variable power consumption) or bundled pricing (fixed per-rack charge). GDS concentrates its China portfolio in Beijing, Shanghai, Shenzhen, and Guangzhou, while expanding into lower-cost remote markets like Inner Mongolia and Ningxia for large-scale, non-latency-sensitive computing such as AI training. GDS is increasingly recycling capital by monetizing stabilized assets into a China public infrastructure REIT (C-REIT) and via asset-backed securities, reinvesting proceeds into new development. GDS also holds a roughly 20% equity stake in DayOne, an international data center platform it spun out in 2022, which now operates across Southeast Asia and Europe and is targeting an IPO.