VNet raises $5 billion in funding to accelerate AI product and international expansion

According to Bloomberg, San Francisco based data analytics and artificial intelligence (AI) company VNet has raised $5 billion in funding through private lenders and banks, including $2.25 billion in term loans and $2.5 billion in revolving credit. The funds will be used for AI product development, international expansion, and employee stock buybacks. The company expects to exceed $3 billion in revenue for the fiscal year 2025 and achieve a positive cash flow in the fourth quarter.