Singapore’s DayOne Files for US IPO Joining Data Center Rush

DayOne Data Centers Ltd. filed for a US initial public offering, setting the Singapore-headquartered firm up to capture investors’ resilient demand for artificial intelligence infrastructure.

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

Once an international affiliate of Chinese data center operator GDS Holdings Ltd., DayOne was previously known as GDS International before rebranding last year. The company filed confidentially in August for a US IPO that may seek to raise as much as $5 billion at a valuation of about $20 billion, Bloomberg News has reported .

The data center operator is part of a wave of firms in the sector eyeing IPOs as soon as this year. Others include Switch Inc., which is seeking a valuation approaching $50 billion including debt, and London-based Nscale, which could raise as much as $3 billion, people familiar with the matter have said.

DayOne closed a $4.5 billion Series C funding round in June, led by its biggest shareholders, Coatue Management and Hillhouse, and also including new backers Achi Capital Partners and the Indonesian Investment Authority.

The company booked about 2.3 GW of data center capacity as of Sept. 20, nearly all of which it expects to deliver by the end of 2028, the filing shows. Along with GDS, which remains an investor, its backers also include SoftBank Vision Fund and Citadel’s Ken Griffin.

DayOne is running or developing data centers in Singapore, Malaysia, Indonesia, Thailand, Hong Kong, Japan, Finland and Spain, its filing shows.

The offering is being led by Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. The company expects its American depositary receipts to trade on the Nasdaq Stock Market under the symbol DODC.

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