DayOne Data Centers filed to raise up to $5 billion on Nasdaq at a roughly $20 billion valuation on October 5, 2026 — and one customer accounts for 69% of its revenue.
DayOne, a Singapore-based data-center operator, filed a Form F-1 with the SEC to list American depositary shares on Nasdaq under the ticker DODC, according to Reuters, via Investing.com. Morgan Stanley, J.P. Morgan, BofA Securities, Citi and BNP Paribas are leading the offering. The company was spun out of Shanghai-based GDS Holdings (Nasdaq: GDS), which established GDS International in Singapore in 2022 before deconsolidating and rebranding it as DayOne in January 2025.
DayOne Data Centers IPO: The Revenue Behind the $20 Billion Target
DayOne's revenue nearly tripled in 2025 and has already exceeded that full-year total halfway through 2026 — the growth underwriters are pointing to as the case for a near-$20 billion valuation on a company that didn't exist under its current name until January 2025.
| Metric | 2024 (FY) | 2025 (FY) | H1 2026 |
|---|---|---|---|
| Revenue | $178.1M | $484.3M | $512.0M |
| YoY revenue growth | — | +171.9% | +238% vs. H1 2025 |
| Net income / (loss) | — | — | ($77.2M), vs. ($12.6M) in H1 2025 |
| Top customer, % of revenue | — | 69.4% | 69.2% |
| No. 2 customer, % of revenue | — | 12.3% | 15.1% |
| Trailing-twelve-month revenue (to Jun 2026) | — | — | ~$845M |
Source: DayOne Data Centers Form F-1, filed with the SEC October 5, 2026. YoY and TTM figures are Value Add VC calculations from the disclosed period revenue; all other figures are as stated in the filing.
Where DayOne Operates and What It Sells
DayOne sells data-center space, power, cooling and connectivity under long-term contracts to cloud and AI customers, with facilities across Malaysia, Indonesia, Thailand, Hong Kong, Japan, Finland and Spain — an Asia-Pacific-and-Europe footprint, deliberately excluding mainland China. Since its 2022 inception as a GDS Holdings spinout, the company has secured 4.6 gigawatts of combined capacity in service, under construction, or on secured powered land, including roughly 2.3 gigawatts of contracted bookings from seven global hyperscale and technology customers.
DayOne's own F-1 names its largest customer only as "a global technology company with a leading short-form video platform serving a worldwide audience" — language that points to one of the world's largest short-video platforms without the filing naming it outright. That single relationship drove more than two-thirds of DayOne's revenue in both 2025 and the first half of 2026, and public-market investors tend to price that kind of dependency very differently than growth-stage venture investors do. For comparison, established US data-center operators like Equinix and Digital Realty disclose far more diversified tenant bases, which is part of why they trade at different multiples than a single-customer-anchored AI-infrastructure play like DayOne.
DayOne's IPO Lands in the Middle of an AI Data Center Funding Wave
DayOne is one of several AI-infrastructure operators testing the market in 2026. Nscale is pursuing a $3.5 billion NYSE raise at a roughly $30 billion valuation backed by a $103 billion contracted backlog, while privately held builders have raised at similar multiples: Firmus closed a $2 billion round at a $10.5 billion valuation with Nvidia and Blackstone backing, and Fluidstack raised $1.5 billion at an $18 billion valuation from Jane Street. Set against that group, DayOne's roughly $20 billion target on $845 million of trailing revenue isn't an outlier multiple — it's consistent with how the market is currently pricing AI capacity providers, hyperscaler-anchor-customer risk and all.
What the headline misses
DayOne's filing lands one week after Oura pulled its own $2.2 billion IPO citing market uncertainty, and amid a broader wave of AI-infrastructure capital-raising that includes Nscale's pending NYSE listing. Unlike Oura's deal, which was roughly 73% secondary shares benefiting existing shareholders, DayOne's offering is framed around funding new data-center construction — a distinction investors are likely to weigh given how poorly secondary-heavy IPOs have fared this fall. But a $20 billion target on roughly $845 million of trailing-twelve-month revenue implies a premium multiple that assumes the 69% customer-concentration risk gets diversified away quickly. That's a bet on renewal terms nobody outside the F-1's exhibits can currently see, not a certainty, and it's the single number likely to move the final valuation more than any other line in the filing.
Revenue nearly tripled in 2025. One customer is 69% of it.
DayOne's $20 billion target prices in rapid diversification away from a single tenant — a bet the roadshow, not the F-1, will actually test.
Read the original Pulse coverage of DayOne's F-1 filing, and track the rest of the 2026 IPO pipeline on the IPO tracker at Value Add VC.
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