VNET Group Stock is a Tax Loss Selling Play VNET Group (NASDAQ:VNET) reported second-quarter 2026 revenue growth driven by its wholesale internet data center business, while management said demand for AI computing infrastructure continued to support new orders, capacity expansion and longer-term customer reservations. Total net revenue rose 14.2% year over year to RMB 2.78 billion. Adjusted EBITDA increased 25.4% to RMB 918.3 million, and adjusted net income was RMB 7.4 million, compared with an adjusted net loss in the prior-year quarter, according to Peter Zhang, senior vice president of operational finance. → Applied Materials Beat Everything but Wall Street's Expectations for Margins The company reiterated its full-year outlook, forecasting 2026 revenue of RMB 11.5 billion to RMB 11.8 billion, representing year-over-year growth of 15.6% to 18.6%.
It continues to expect adjusted EBITDA of RMB 3.55 billion to RMB 3.75 billion, up 19.2% to 25.9% from 2025. Rotating President Wen Teng said VNET secured 347 megawatts of new orders during the quarter, including 345 megawatts from its wholesale IDC business. The wholesale order came from a leading cloud service provider for a data center in the greater Beijing area. → AMG's Alternatives Boom Powers Record Growth Including 517 megawatts of orders announced in the prior quarter, VNET's wholesale IDC business secured 862 megawatts of new orders in the first half of 2026.
The company also received about 2 megawatts of retail orders from customers in IT services, local services and financial services. As of June 30, wholesale capacity in service had increased 49.4% year over year to 1,007 megawatts, surpassing one gigawatt for the first time. Customer-utilized wholesale capacity increased 45.5% to 744 megawatts, resulting in a utilization rate of 73.9%.
Mature capacity utilization was 92.5%. → Microsoft's Maia 300 Chip Targets NVIDIA's AI Dominance VNET said 96.3% of its in-service wholesale capacity was committed by customers. Its 585 megawatts of wholesale capacity under construction was 94.2% pre-committed. More than 90% of wholesale IDC revenue was recurring, and the weighted average remaining lease term for committed capacity was seven years.
Customer reservations stood at 355 megawatts at the end of the quarter, bringing total orders and reservations to more than 1.2 gigawatts. Teng said reservations are typically included in the same sales agreements as firm orders and represent future expansion capacity locked in by customers at the same location. He said all customer reservations historically had converted into firm orders, although timing depends on customers' deployment schedules.
Approximately 287 megawatts of orders are scheduled for delivery in 2026. About 345 megawatts are expected to be delivered in 2027. Roughly 230 megawatts are scheduled for delivery in 2028 and beyond.
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