DayOne Data Centers Files for U.S. IPO, Seeking Up to $5 Billion

DayOne Data Centers, a Singapore-based data center operator, has filed an F-1 registration statement with the U.S. Securities and Exchange Commission for a Nasdaq listing. According to Bloomberg, the IPO could raise up to $5 billion, valuing the company at roughly $20 billion. DayOne said it plans to use part of the proceeds to develop new data center projects.

The company currently has 4.6 gigawatts of resources, with 2.3 gigawatts of bookings mainly from seven global hyperscale and leading technology customers. Revenue reached $484 million in 2025 and $512 million in the first half of 2026, with Malaysia accounting for 81.5% and 87.0% of revenue in those periods, respectively. Its largest customer contributed nearly 70% of revenue, reported to be ByteDance, which had committed to purchasing 838 megawatts of capacity from DayOne sites in Malaysia, Thailand and Finland as of September 2026.

DayOne was formerly GDS International, the overseas business arm of GDS Holdings, and was renamed in January 2025. Current shareholders include Coatue, Hillhouse Capital and GDS Holdings, each holding around 19.5%, 19.5% and 19.4% respectively. The company has been diversifying its customer base, with Oracle reportedly its second-largest customer.

Amid a cooling AI infrastructure investment climate, recent IPO efforts by other players such as Nscale and Firmus have stalled. DayOne has indicated it may delay or shrink its offering, potentially raising $2.5 billion to $3 billion, about half its original target.