{"data":{"ticker":"VNET","slug":"vnet-group","name":"VNET Group","exchange":"NASDAQ","sector":"Technology","headquarters":"Beijing, China","ceo":"Sheng Chen","employees":2784,"website":"https://www.vnet.com","founded":"1996","layers":[{"slug":"data-centers","name":"Data Centers & Hardware"}],"exposure":{"score":60,"tier":"Strategic","rationale":"VNET operates data centers in China, with wholesale AI-ready capacity and GPU hosting driving its order book. The thesis hinges on Chinese AI compute demand and continued access to accelerators filling its high-density capacity."},"quote":{"price":3,"change24hPct":-6.83,"change7dPct":-23.66,"change30dPct":-41.52,"change1yPct":-70.41,"high52w":14.03,"low52w":3,"marketCap":855699840,"peRatio":null,"eps":-1.22,"volume24h":11079600},"nextEarningsDate":"2026-11-19","summary":"VNET Group operates data centers in China. It earns revenue by hosting customer computing equipment, selling colocation space, and providing GPU cloud services, with wholesale AI-ready capacity increasingly driving its order book.","explainer":["VNET Group operates data centers in China. It earns revenue by hosting customer computing equipment, selling colocation space, and providing GPU cloud services, with wholesale AI-ready capacity increasingly driving its order book.","Its offerings are built for AI workloads: GPU cloud hosting, AI data center colocation, high-density cooling for power-hungry racks, and network interconnect services that tie AI clusters together.","Founded in 1996 and headquartered in Beijing, VNET trades on the NASDAQ, employs roughly 3,200 people, and is led by CEO Wen Teng."],"buildoutRole":"VNET sits in the Data Centers & Hardware layer as a Chinese host for AI compute. Its wholesale AI-ready capacity, GPU hosting, and high-density cooling are aimed squarely at China's AI demand, and that demand now drives its order book. The thesis hinges on two things: Chinese AI compute growth continuing, and customers keeping access to the accelerators needed to fill its high-density capacity. Supercycle scores VNET's AI exposure at 60 out of 100.","faq":[{"q":"What does VNET Group do?","a":"VNET operates data centers in China, selling colocation, GPU cloud hosting, high-density cooling, and interconnect services. Wholesale AI-ready capacity increasingly drives its orders from Chinese compute customers."},{"q":"How is VNET Group exposed to AI?","a":"Heavily. Supercycle scores it 60 out of 100. AI-ready capacity and GPU hosting drive its order book, though the thesis depends on Chinese AI demand and continued access to accelerators."},{"q":"What are VNET's main products?","a":"GPU cloud AI hosting, AI data center colocation, high-density AI cooling, and AI network interconnect. All serve customers deploying AI compute inside its Chinese data center footprint."},{"q":"Where is VNET headquartered and who leads it?","a":"VNET Group is headquartered in Beijing, China, and led by CEO Wen Teng. The company was founded in 1996, trades on the NASDAQ, and employs roughly 3,200 people."}],"history1y":[{"date":"2026-09-22","close":7.15},{"date":"2026-09-23","close":6.92},{"date":"2026-09-24","close":6.92},{"date":"2026-09-25","close":6.64},{"date":"2026-09-28","close":5.98},{"date":"2026-09-29","close":5.71},{"date":"2026-09-30","close":5.55},{"date":"2026-10-01","close":5.55},{"date":"2026-10-02","close":5.13},{"date":"2026-10-05","close":5.45},{"date":"2026-10-06","close":5.4},{"date":"2026-10-07","close":5.39},{"date":"2026-10-08","close":5.17},{"date":"2026-10-09","close":5.53},{"date":"2026-10-12","close":5.32},{"date":"2026-10-13","close":5.26},{"date":"2026-10-14","close":4.49},{"date":"2026-10-15","close":4.4},{"date":"2026-10-16","close":3.92},{"date":"2026-10-19","close":3.88},{"date":"2026-10-20","close":4.1},{"date":"2026-10-21","close":4.14},{"date":"2026-10-22","close":3.79},{"date":"2026-10-23","close":3.72},{"date":"2026-10-26","close":3.93},{"date":"2026-10-27","close":3.77},{"date":"2026-10-28","close":3.71},{"date":"2026-10-29","close":3.37},{"date":"2026-10-30","close":3.22},{"date":"2026-11-02","close":3}],"incomeStatements":[{"ticker":"VNET","report_period":"2025-12-31","fiscal_period":"2025-FY","period":"annual","currency":"USD","revenue":9949261000,"cost_of_revenue":7756772000,"gross_profit":2192489000,"operating_expense":0,"operating_income":780300000,"net_income":-256771000,"earnings_per_share":-0.96,"earnings_per_share_diluted":-0.96,"research_and_development":261133000,"selling_general_and_administrative_expenses":1023839000,"interest_expense":0,"income_tax_expense":0,"weighted_average_shares_diluted":0},{"ticker":"VNET","report_period":"2024-12-31","fiscal_period":"2024-FY","period":"annual","currency":"USD","revenue":8259069000,"cost_of_revenue":6426914000,"gross_profit":1832155000,"operating_expense":0,"operating_income":669443000,"net_income":183200000,"earnings_per_share":0.12,"earnings_per_share_diluted":0.12,"research_and_development":246612000,"selling_general_and_administrative_expenses":890446000,"interest_expense":0,"income_tax_expense":0,"weighted_average_shares_diluted":0},{"ticker":"VNET","report_period":"2023-12-31","fiscal_period":"2023-FY","period":"annual","currency":"USD","revenue":7412930000,"cost_of_revenue":6120445000,"gross_profit":1292485000,"operating_expense":0,"operating_income":-100024000,"net_income":-2643836000,"earnings_per_share":-17.58,"earnings_per_share_diluted":-17.58,"research_and_development":322220000,"selling_general_and_administrative_expenses":768056000,"interest_expense":0,"income_tax_expense":0,"weighted_average_shares_diluted":0},{"ticker":"VNET","report_period":"2022-12-31","fiscal_period":"2022-FY","period":"annual","currency":"USD","revenue":7065232000,"cost_of_revenue":5706976000,"gross_profit":1358256000,"operating_expense":0,"operating_income":121156000,"net_income":-775952000,"earnings_per_share":-5.22,"earnings_per_share_diluted":-5.22,"research_and_development":306842000,"selling_general_and_administrative_expenses":954862000,"interest_expense":0,"income_tax_expense":0,"weighted_average_shares_diluted":0}],"balanceSheets":[{"ticker":"VNET","report_period":"2025-12-31","fiscal_period":"2025-FY","period":"annual","currency":"USD","total_assets":44594162000,"current_assets":11451866000,"cash_and_equivalents":5523571000,"total_liabilities":36029690000,"current_liabilities":12447213000,"total_debt":28168179000,"shareholders_equity":6218444000,"retained_earnings":-11125595000},{"ticker":"VNET","report_period":"2024-12-31","fiscal_period":"2024-FY","period":"annual","currency":"USD","total_assets":32357042000,"current_assets":6820148000,"cash_and_equivalents":1492436000,"total_liabilities":25436223000,"current_liabilities":9343415000,"total_debt":17505037000,"shareholders_equity":6365900000,"retained_earnings":-10859888000},{"ticker":"VNET","report_period":"2023-12-31","fiscal_period":"2023-FY","period":"annual","currency":"USD","total_assets":30385903000,"current_assets":9823478000,"cash_and_equivalents":2243537000,"total_liabilities":23871520000,"current_liabilities":11437132000,"total_debt":17171541000,"shareholders_equity":6014415000,"retained_earnings":-11016323000},{"ticker":"VNET","report_period":"2022-12-31","fiscal_period":"2022-FY","period":"annual","currency":"USD","total_assets":26948405000,"current_assets":7052276000,"cash_and_equivalents":2661321000,"total_liabilities":19966549000,"current_liabilities":6332085000,"total_debt":14764384000,"shareholders_equity":6609613000,"retained_earnings":-8369868000}],"holders13f":[],"news":[]},"meta":{"version":"v1","asOf":"2026-11-02","builtAt":"2026-11-03T05:33:50.132Z","tier":"free","source":"https://supercyclehq.com/stock/vnet-group","disclaimer":"Informational only, not investment advice. The AI Exposure Score is Supercycle's editorial opinion. Agent portfolios are simulated paper portfolios run by AI.","license":"Free to use and quote with attribution to supercyclehq.com. Do not redistribute as a dataset."},"links":{"self":"https://supercyclehq.com/api/v1/stocks/VNET","html":"https://supercyclehq.com/stock/vnet-group","md":"https://supercyclehq.com/stock/vnet-group.md","docs":"https://supercyclehq.com/api/v1/openapi.json"}}