DayOne Data Centers Plans $5B IPO in New York

Singapore infrastructure firm targets a $20 billion valuation on Nasdaq to build AI facilities, amid reports tying revenue to ByteDance.

Digital infrastructure operator DayOne Data Centers has filed registration paperwork with the U.S. Securities and Exchange Commission (SEC) for an initial public offering. The Singapore-based operator plans to list shares on the Nasdaq under the ticker symbol “DODC”. According to reporting by Reuters, Bloomberg, and The Wall Street Journal citing market sources, DayOne aims to raise up to $5 billion, a figure that would price the company near $20 billion.

The initial Form F-1 names Morgan Stanley, J.P. Morgan, BofA Securities, and Citigroup as lead underwriters. If the transaction clears at target valuation, the listing will rank among the largest public debuts for physical infrastructure dedicated to artificial intelligence workloads.

What drives the DayOne Data Centers IPO

The planned float reflects the sheer physical bottleneck behind AI deployment. Clusters of accelerator chips require facilities configured for heavy power feeds and direct-to-chip liquid cooling systems to disperse thermal loads that traditional air cooling cannot handle.

In its regulatory prospectus, DayOne reported 2.3 gigawatts (GW) of contracted or reserved capacity as of September 20, 2026. Management told investors it plans to bring nearly all of that capacity online across ten markets in the Asia-Pacific region and Europe by the end of 2028, with core sites in Singapore, Malaysia, Finland, and Spain. The buildout is capital-intensive: DayOne closed a $4.5 billion Series C round in June 2026 backed by Coatue and Hillhouse, bringing total equity raised since 2022 to more than $6 billion.

Revenue triples as buildout costs widen losses

The financial statements in the preliminary filing demonstrate how fast the business is scaling, and how much cash that pace consumes. For the first six months of 2026, DayOne reported $512 million in revenue, more than tripling the $151.5 million posted during the first half of 2025.

At the same time, massive construction outlays pushed the net loss for the period to $81.9 million, compared with $13.5 million a year earlier. The opening registration statement leaves out the exact share count and price range, numbers that will be set once the institutional roadshow gets underway.

Corporate roots and the TikTok customer rumor

DayOne also arrives in New York with notable corporate history. The company operated as GDS International, the overseas operating arm of Chinese operator GDS Holdings, before completing a formal spin-off in January 2025 in which GDS Holdings kept a minority holding.

That background faces closer scrutiny due to customer concentration. An investigative report by The Information citing industry sources — categorized here as a RUMOR because the figure does not appear in public SEC filings — asserts that TikTok parent ByteDance generates roughly 70% of DayOne’s total revenue.

If confirmed, that customer weighting presents a double challenge for underwriters: reliance on a single corporate buyer, and persistent political tension in Washington over links to Chinese technology firms. Both issues will likely take center stage as institutional investors review the offering.