CyrusOne, a data center operator owned by private equity giants KKR and BlackRock’s Global Infrastructure Partners, is getting ready to interview and hire investment banks to advise on what could be one of the largest initial public offerings next year, according to people familiar with the discussions.

The IPO preparations indicate that some of the world’s largest asset managers are betting public investors will still want to buy shares of companies tied to the AI boom. CyrusOne could use the IPO to pay down debt borrowed to expand its data centers, while allowing private equity owners to cash out. KKR and Global Infrastructure Partners, which later became a unit of BlackRock, took CyrusOne private in early 2022 for $15 billion.

A jittery stock market isn’t the best environment for new public listings. But one young startup with deep ties to the AI boom is marching ahead with its IPO plans, at least for now.

Nscale, a UK-based AI cloud provider heavily backed by Nvidia, has been meeting with prospective investors recently and scheduled an investor day to pitch analysts and investors next week in New York, according to people familiar with the matter. It’s working with Goldman Sachs and JP Morgan on the IPO, which could happen as soon as this fall, though Nscale could still choose to delay it.