Singapore data centre operator DayOne files for US IPO at potential US$20 billion valuation

[SINGAPORE] DayOne Data Centers, a global digital infrastructure platform headquartered in Singapore, has filed for a proposed initial public offering in the US.

In a media statement on Tuesday (Oct 6), DayOne announced that it has filed the paperwork with the US Securities and Exchange Commission for its proposed offering. The company plans to list its shares on the Nasdaq stock exchange.

While the number of American depositary shares to be offered and the price range for the proposed offering have not yet been determined, Reuters reported in February that it was aiming to raise as much ​as US$5 billion at a potential valuation of US$20 billion.

Operations, global expansion

DayOne develops and operates data centres for cloud computing and artificial intelligence customers, providing space, power, cooling ​and connectivity, primarily under long-term contracts.

The company’s current footprint spans 10 markets – including Singapore, Japan, Thailand, Spain and Finlan – representing a total booking capacity of 2.3 gigawatts.

In Singapore, it was also one of four recipients to be awarded capacity under the Republic’s Data Centre-Call for Application programme.

DayOne also marked its entry into Europe last year by unveiling a 1.2 billion euro (US$1.4 billion) investment in a hyperscale data centre campus in Lahti, Finland.

The data centre operator recorded a net loss of US$81.9 million on revenue of US$512 million for the six months ended Jun 30, compared with a net loss of US$13.5 million on revenue of US$151.5 million in the corresponding period a year earlier, according to its filing on Monday with the US Securities and Exchange Commission.

Milestone for the ex-GDS subsidiary

The upcoming listing represents a milestone for DayOne, which began as a subsidiary of Shanghai-based GDS Holdings.

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GDS, one of China’s largest carrier-neutral data centre operators, established the international unit in Singapore in 2022 to spearhead its expansion outside of mainland China.

In late 2024, GDS’ stake in the business was diluted from 52.7 per cent to 35.6 per cent following a US$1.2 billion Series B funding round.

Consequently, GDS deconsolidated the unit at year-end for accounting purposes, classifying it as an equity investee without the right to appoint the majority of its board directors.

In January 2025, the separated entity officially rebranded from GDS International to DayOne. It now operates under a distinct ownership and governance framework.

Prior to this IPO filing, DayOne had tapped investors for a Series C fundraising round in June, targeting a valuation of US$4 billion to US$5 billion to further support its growth plans.

Since 2024, DayOne has raised more than US$6 billion in equity financing. The company is backed by a formidable roster of global investors, with Coatue and Hillhouse standing as its two largest shareholders, alongside the SoftBank Vision Fund, Indonesia Investment Authority, Achi Capital, Boyu Capital and Baupost Group.

The data centre operator is part of a wave of companies in the sector eyeing IPOs as soon as 2026.

Others include Switch, which is seeking a valuation approaching US$50 billion including debt, and London-based Nscale, which could raise as much as US$3 billion, Bloomberg reported.