Singapore data center operator DayOne (DODC.US) applies for US listing, valuation may reach 20 billions

According to Zhihu Finance APP, Singapore-headquartered data center operator DayOne Data Centers submitted an F-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on Monday, planning to list American Depositary Shares (ADS) on the Nasdaq Stock Market under the ticker symbol “DODC” for its initial public offering (IPO). DayOne intends to use the funds raised from the IPO to develop and construct new data center projects, as well as for working capital and other general corporate purposes. DayOne has not yet disclosed the size of the offering; however, previous reports stated that the company aims to raise up to $5 billion, with a potential valuation reaching $20 billion.

DayOne develops and operates data centers for cloud computing and artificial intelligence (AI) clients, providing services such as server room space, power, cooling, and network connectivity, mainly through long-term contracts. According to documents filed by the company, DayOne’s business extends across the Asia-Pacific region and Europe, including Malaysia, Indonesia, Thailand, Hong Kong (China), Japan, Finland, and Spain.

Meanwhile, documents disclosed by DayOne show a significant increase in its revenue driven by strong demand from the AI boom. Data shows that in the six months ended June 30, the company’s revenue reached $512 million, compared to $151.5 million in the same period last year. However, net losses also widened from a $12.6 million loss in the same period last year to a $77.2 million loss.

DayOne is among a group of data center companies planning to go public as early as this year. According to informed sources, other companies planning IPOs include Switch Inc., which is seeking a valuation (including debt) close to $50 billion; and London-headquartered Nscale, which could raise up to $3 billion.

DayOne is not relying on future fundraising stories. In June this year, DayOne completed a $4.5 billion Series C round led by its largest shareholders Coatue Management and Hillhouse, with new investors Achi Capital Partners and the Indonesian Investment Authority also participating. Other backers include SoftBank Vision Fund and Citadel founder Ken Griffin.

Since its establishment in 2022, the company has secured over 1.5 GW capacity bookings across Asia-Pacific and Europe, and has clearly defined the construction of “AI-ready” data center campuses aimed at hyperscale cloud providers and enterprise clients. Therefore, this IPO is essentially delivering the already private capital-validated model of "power + land + server rooms + AI computing capacity" to the world’s largest public equity capital market for repricing during the strongest AI-driven capital expenditure cycle.

It is worth noting that DayOne's IPO filing comes as U.S. bond yields surge and interest rates remain high, casting a shadow over the autumn IPO market and prompting several large IPOs to be postponed. Data centers are also under scrutiny for their substantial consumption of electricity, water, and land, with local communities increasingly concerned about their impact on power grids, utility costs, and regional resources. Despite the challenging market environment, DayOne is still expected to attract capital by leveraging ongoing strong investor demand for AI infrastructure.