DayOne Data Centers says IPO may be delayed, offering cut to $2.5B-$3B

On Oct 21 Beijing time, Singapore-based data center operator DayOne Data Centers said in a statement that its initial public offering may be delayed or scaled down, with the final size potentially reduced to around $2.5 billion to $3 billion, roughly half of its original target.

The company recently filed an F-1 registration statement with the U.S. SEC for a Nasdaq listing. Bloomberg reported that DayOne had initially sought to raise up to $5 billion at a valuation of about $20 billion. According to its prospectus, DayOne has 4.6 gigawatts of resources, of which 2.3 GW have been pre-booked by seven global hyperscale and leading technology customers. The Information reported that its largest customer is ByteDance, which accounts for nearly 70% of revenue, while its second-largest customer is believed to be Oracle.

The adjustment comes as capital markets have turned cautious toward AI infrastructure companies. In recent weeks, AI cloud provider Nscale faced investor pushback on its IPO valuation, Firmus canceled its Australian IPO on Oct 9, and Blackstone-backed data center operator AirTrunk is reported to have paused a Singapore REIT listing. DayOne has said its operating cash flow remains far below capital needs and it needs to raise more funds through the offering. As of June 30, 2026, the company's total outstanding debt stood at $4.9 billion.

Financially, DayOne reported revenue of $484 million in 2025 and $512 million in the first half of 2026, up about 238% year over year. The company remains loss-making, with revenue highly concentrated in Malaysia and a single customer.