DayOne files for Nasdaq IPO, reportedly seeks up to $5B for data centers

DayOne Data Centers builds and runs facilities where hyperscale cloud and technology companies install their servers, while DayOne supplies the space, power and cooling. The Singapore-headquartered company filed for a Nasdaq initial public offering on October 5. Mint, in an article produced with inputs from The Wall Street Journal, said DayOne is seeking up to $5 billion and plans to list by year-end; the filing confirms the proposed offering but not that target.

DayOne secures anchor customer commitments early, lines up powered land and uses modular, prefabricated construction to bring a campus online. Customers install, manage and operate the computing equipment; DayOne keeps the buildings and utilities running against service-level commitments. Substantially all revenue comes from long-term contracts for capacity, with electricity generally charged according to actual consumption.

That model has produced about 2.3 gigawatts of contracted bookings, primarily from seven global hyperscale and leading technology customers, according to the filing. DayOne had 962 megawatts in service as of September 20 and expects to deliver substantially all booked capacity by the end of 2028. Completing those bookings is expected to cost about $11.4 billion more, though the company says existing capital resources can fund them.

Growth is already showing up in the income statement. First-half revenue climbed to $512 million from $151.5 million a year earlier as more capacity started billing in Johor, Batam and Thailand. The net loss attributable to ordinary shareholders widened to $81.9 million from $13.5 million.

The geographic concentration matters. DayOne built its first regional cluster across Singapore, Johor in Malaysia and Batam in Indonesia, using the latter two markets to add capacity near constrained Singapore. Malaysia supplied 87% of first-half revenue, and about 1.4 gigawatts of bookings in Johor came from five global hyperscalers. DayOne is now trying to repeat the model in other Asian and European markets.

It is an expensive expansion. DayOne made approximately $3.11 billion of payments and prepayments for property, equipment, land rights and construction deposits in the first half, and carried $4.9 billion of debt, including finance leases, at June 30. It had also raised $4.5 billion through its Series C across 2025 and 2026. The filing says IPO proceeds would go toward new data-center construction and working capital.