Data centers have numerous opportunities to participate in demand response programs considering their large capacities, flexible working environments and work loads, redundant design and operation, etc. Frequency regulation, as one service provided in demand response programs, can also benefits the data centers. This paper aims to develop a real-time multi-market optimization framework for a data center without storage systems to maximize their benefits from participating in both the energy market and the regulation market. Then a case study is conducted to numerically investigate the optimal bids at each hour by considering the energy cost, demand costs, and regulation revenues using a virtual data center located in PJM. Simulation results show that the proposed multi-market optimization framework can help data centers maintain minimum costs by getting maximum regulation revenues while satisfying energy and demand goals.