The asset that will decide whether DayOne becomes one of the year’s biggest listings is not a single building. It is a map. The Singapore-headquartered company runs data centers across ten markets, from Johor in Malaysia to Finland and Spain, and it has spent the past two years signing up the cloud and AI customers who are consuming power faster than anyone can build. This week DayOne filed with the U.S. Securities and Exchange Commission to list on the Nasdaq, seeking to raise as much as $5 billion at a valuation of about $20 billion.
The filing, reported by The Wall Street Journal on Oct. 6, turns a company that barely existed three years ago into one of the largest data center offerings ever attempted. DayOne began life in 2022 as the international arm of GDS Holdings, the Shanghai-based data center operator, which set up the Singapore subsidiary to expand beyond mainland China. It rebranded as DayOne in January 2025 and now operates under separate ownership.
That ownership roster reads like a list of the investors most convinced that AI will keep demanding power and cooling. Coatue Management and Hillhouse are the largest shareholders, joined by SoftBank Vision Fund, Citadel’s Ken Griffin, the Indonesia Investment Authority, Achi Capital, Boyu Capital and Baupost Group. Since 2024 the company has raised more than $6 billion in equity.
SoftBank’s presence ties the listing to the ambitions of Masayoshi Son, who has spent the past two years steering the Japanese group’s capital toward AI infrastructure, including a partnership with OpenAI and large stakes in chip and power projects. DayOne represents the same bet from the other side: owning the buildings where AI workloads actually run.
The numbers explain the rush. DayOne reported $512 million in revenue for the first half of 2026, up from $151.5 million a year earlier, while its net loss widened to $81.9 million as it scaled construction. The company has booked more than 1.5 gigawatts of capacity since 2022 and holds about 2.3 gigawatts of committed capacity, a measure of how much power its customers have reserved years in advance.
Morgan Stanley and J.P. Morgan will lead the offering, with BofA Securities and Citigroup also acting as underwriters. The shares will trade as American depositary shares under the ticker DODC. DayOne has not yet set a price range or the number of shares it will sell.
The listing lands in the middle of a data center IPO wave. Switch, another operator, has been reported to be targeting a valuation around $50 billion, and smaller rivals have filed or listed at lower figures. The question hanging over all of them is whether public markets will pay the premium prices that private investors accepted in recent rounds.
DayOne’s pitch is that its customer base is broader than a single hyperscaler. The company sells co-location space, power, cooling and connectivity under long-term contracts to cloud and AI customers, a model meant to look steadier than a data center built around one anchor tenant. Investors have shown a preference for operators with diversified customers and clear demand visibility, and DayOne’s filing leans on that.
The risks are the same ones that have shadowed the sector. Interest rates have made construction financing more expensive, and land and power constraints in Singapore have pushed operators to build in Johor, Malaysia and further afield. DayOne’s losses show that the build-out is not yet paying for itself, and public investors will have to decide whether the contracted future capacity justifies the price.
For Singapore, the listing reinforces the city-state’s role as a hub for digital infrastructure capital, even as its own power and land limits force the actual buildings across borders. For SoftBank, it is the latest in a series of moves, spanning data centers, chips and power, that position the group for the possibility that AI demand keeps compounding.
The demand DayOne is selling into is not theoretical. The power needed to run large AI models has turned electricity into the binding constraint on the industry’s growth, and operators that can secure land, grid connections and cooling years in advance are commanding terms once reserved for utilities. Hyperscalers have been signing contracts that reserve capacity before the buildings exist, which is why a company with three years of history can carry commitments measured in gigawatts rather than megawatts, and why investors are being asked to value it like a utility with a growth curve attached.
DayOne has said little beyond the filing. The company declined to comment on timing, and people familiar with the matter have cautioned that the plans could change. What the filing makes plain is that a company born from a Chinese operator’s push abroad has become a global infrastructure platform, and that the market for AI compute has grown big enough to carry a $20 billion bet to the public markets.
