Yotta nears IPO as GPU orders outpace disclosed demand
The Indian data center operator's public listing will test whether a $7.5bn Nvidia order book can stand in for a hyperscaler-backed revenue contract.
Yotta Data Services is preparing a public listing that will ask investors to value $7.5bn of Nvidia orders before the company has disclosed a single customer contract to support them. Chairman Dashan Hiranandani told Bloomberg that IPO talks are under way, though he declined to name a target valuation or raise size, and the offering follows the termination of a planned SPAC merger at the start of the year, leaving a conventional listing as the remaining route to public capital.
The hardware commitments have been stacking up faster than any disclosed revenue. In February the company said it would spend $2bn on 20,000 Nvidia Blackwell GPUs at its Noida campus; this week Business Standard reported orders for 50,000 Vera Rubin GPUs valued at $7.5bn, plus 45,000 GB300s, and Hiranandani said Yotta has the ability to tap $20bn in GPUs. Since the orders run to Nvidia rather than to customers, they expand Yotta's cost base before they create revenue.
Yotta was founded in 2019 and already operates four hyperscale data centers across Navi Mumbai, Noida and Gujarat, with eight edge facilities planned, and it is targeting 400MW of capacity within 12 to 18 months. That buildout will require a capital envelope far larger than the $2bn Blackwell commitment, and unconfirmed reports have suggested a $900m raise at a $6bn valuation. The company has not disclosed terms, and the coverage so far names no anchor tenant and no contracted revenue backlog; the buildout will also hinge on power availability, which has become the industry's binding limit.
The absence of a signed offtake is the crux. Hyperscaler-anchored assets clear infrastructure pricing; everything else is merchant risk, and Yotta's GPU inventory becomes a bet on spot demand for AI compute in a market that is adding capacity rapidly. Nscale's $3bn US IPO came with a $51bn contracted-revenue backlog, while Lambda's $3bn round left contracted demand undisclosed.
The SPAC termination at the start of the year also changes the audience. IPO investors are less forgiving than SPAC sponsors; they will want to see how a data center operator turns a $7.5bn GPU order into recurring revenue, and Yotta has been moving toward public capital for months without disclosing that answer.
The red herring will settle which path Yotta is on. A hyperscaler commitment or a substantial pre-lease would turn the 400MW target into contracted capacity. Without one, the public market is left to underwrite the company's relationship with Nvidia — a supply relationship, not a demand one — and the $7.5bn Vera Rubin order starts looking like a depreciation schedule rather than an asset.