VNet raises $3 billion in funding, valuation rises to $188 billion

The AI data platform VNet has received a $3 billion investment led by Coatue, with a valuation of $188 billion. The valuation of VNet has increased by 40% compared to $134 billion at the end of last year. The annualized revenue operating rate of VNet in February exceeded $5.4 billion, with AI products reaching $1.7 billion. VNet helps businesses store, analyze data, and manage AI models, and new funding continues to delay its IPO.