The country’s expanding artificial intelligence ecosystem could create opportunities for private infrastructure companies to access public markets, according to Goldman Sachs’ report, India Strategy: India AI Complex, Part 2: The Rise of Private AI Contenders, Widening the Opportunity Set, published on October 19, 2026.
The report identifies 84 private AI contenders in India with an estimated combined value of around $55 billion. These companies span the AI value chain, from infrastructure and computing to model development and applications. The report groups them into three segments: upstream AI enablers, midstream AI core engines and downstream AI adopters.
For the data centre industry, the upstream segment is particularly relevant. Goldman Sachs estimates the value of this group, which includes power, data centres and semiconductors, at around $35 billion.
Four data centre operators to watch
The report identifies four private data centre operators within its assessment of India’s AI ecosystem: CtrlS Data Centers, Nxtra Data, Pi Datacenters and Sify Infinit Spaces. Their inclusion highlights the role of physical infrastructure in supporting the development and deployment of AI. Data centres form part of the upstream layer that enables computing-intensive activities, alongside power and semiconductor infrastructure.
However, the report does not identify these four companies as confirmed IPO candidates. Their inclusion in the study should not be interpreted as evidence that they have filed for a public listing or announced plans to go public.
A potential opening for AI companies in public markets
Goldman Sachs estimates that 71 of the 84 companies it has identified are at the growth, late-stage, infrastructure or buyout stages. Their combined estimated value is around $54 billion.
The report models a scenario in which 25% to 50% of these companies list over the next two to five years. Assuming a weighted average IPO valuation around four times their current estimated values, Goldman Sachs estimates that these listings could add $50 billion to $100 billion to the market capitalisation of India’s listed AI ecosystem.
This is a scenario based on the report’s assumptions, rather than a forecast of confirmed offerings. It also covers the wider private AI ecosystem, not data centre companies alone.
Beyond data centre operators
The report’s AI infrastructure landscape also includes companies working on computing and cloud capabilities. It names Neysa, Nava Cloud AI and Simplismart among the companies operating in this broader ecosystem.
Their presence illustrates how the infrastructure opportunity extends beyond physical facilities to the technology and services needed to train, deploy and manage AI models.
For investors tracking India’s potential AI listings, the report offers a framework for identifying companies across the value chain. But it does not provide a confirmed data centre IPO calendar or establish which operators will list first.
The key question is how these private companies develop their businesses and whether the broader growth of AI creates a route from private investment to public-market listings.
