DayOne files for Nasdaq IPO, with offer size and pricing unconfirmed
The Singapore-headquartered data centre operator reported US$512 million in first-half revenue, with Malaysia contributing 87 per cent.
DayOne Data Centers filed on Oct 6 for a proposed initial public offering on Nasdaq. The Singapore-headquartered company has not confirmed how many American depositary shares it would offer or the proposed price range.
Reuters reported in February that DayOne sought to raise up to US$5 billion, potentially valuing it at US$20 billion. The company said in its prospectus that IPO proceeds would fund new data centre development and construction, working capital and general corporate purposes.
For the six months ended Jun 30, DayOne reported revenue of US$512 million, against US$151.5 million a year earlier. Its net loss widened to US$81.9 million from US$13.5 million, according to the prospectus.
Malaysia generated 87 per cent of first-half revenue. DayOne has 10 customers in Johor and about 1.4 gigawatts (GW) of bookings there. Across its operations, booking capacity stood at 2.3 GW on Sep 20.
An unnamed technology company operating a leading short-form video platform contributed 69.2 per cent of first-half revenue. DayOne warned that its business and growth prospects rely heavily on a small group of global hyperscale customers and that efforts to broaden its customer base might fail.
DayOne supplies data centre space, electricity, cooling and connectivity to cloud computing and artificial intelligence customers, mainly through long-term contracts. It said it does not expect to pay dividends for the foreseeable future.
The company was formerly GDS International and adopted the DayOne name in January 2025 after separating from Shanghai-based GDS Holdings. It raised US$4.5 billion in a Series C round in June. Following that fundraising and a share buyback, GDS holds 19.4 per cent, making it DayOne’s third-largest shareholder behind Coatue and Hillhouse.
