DayOne Data Centers Files for US IPO Amid Surge in Data Centre Demand

DayOne Data Centers, headquartered in Singapore, has officially filed for an initial public offering (IPO) in the United States, aiming to raise up to $5 billion at a projected valuation of around $20 billion. This move aligns with a broader trend of data centre operators seeking to capitalize on the growing demand for artificial intelligence (AI) infrastructure, as reported by Bloomberg and The Business Times.

For the first half of 2026, DayOne reported revenues of $512 million, a significant increase from $151.5 million during the same period in the previous year. However, the company also recorded a net loss of $81.9 million, compared to a loss of $13.5 million a year earlier. The substantial revenue growth is attributed primarily to its operations in Malaysia.

“The company noted that its business and growth prospects significantly depend on a limited number of global hyperscale customers, and it may not succeed in diversifying its customer base.”DayOne Data Centers, prospectus

DayOne, which rebranded from GDS International in 2025, has rapidly expanded since its inception in 2022, securing over 1.5 gigawatts (GW) of bookings for data centre capacity across Asia-Pacific and Europe. The firm operates or is developing facilities in several countries, including Singapore, Malaysia, Indonesia, Thailand, Japan, Finland, and Spain. Its recent $4.5 billion Series C funding round in June, led by Coatue Management and Hillhouse, has further bolstered its growth prospects.

The IPO filing, submitted to the US Securities and Exchange Commission, is being underwritten by major financial institutions including Morgan Stanley, JPMorgan Chase & Co., Bank of America, and Citigroup. DayOne's American depositary receipts are expected to trade on the Nasdaq under the ticker symbol DODC.

In addition to the US listing, there are discussions about a potential dual listing on the Singapore Exchange (SGX), although this has not been formally confirmed in the prospectus. Analysts suggest that the IPO could enhance DayOne's financial flexibility and support its ongoing expansion plans, which are critical given the competitive landscape of the data centre sector.

“The upcoming listing is viewed as a milestone for DayOne, which began as a subsidiary of Shanghai-based GDS Holdings.”The Business Times

DayOne's growth strategy heavily relies on securing long-term contracts with global hyperscale customers, which poses risks due to its dependency on a limited number of clients. The company has noted that two of its existing customers have been designated as Chinese military companies by the US Department of War, which could impact its operations if sanctions or export controls are applied.

As the data centre market continues to evolve, DayOne's IPO filing reflects the increasing investor interest in AI-related infrastructure. Other firms in the sector, such as Switch and Nscale, are also preparing for public listings, indicating a robust appetite for investment in this rapidly expanding market.