Analysis
DayOne Data Centers formally filed its F-1 registration statement with the SEC on Oct. 5, confirming it will seek a Nasdaq listing of American Depositary Shares under ticker DODC, according to a company announcement. The filing names Morgan Stanley, J.P. Morgan, BofA Securities and Citigroup as underwriters but does not yet set a share count or price range — details Pulse previously covered as targeting up to $5 billion at roughly a $20 billion valuation.
What's new since that earlier report is the financial detail now in the public record: DayOne's revenue reached $512 million in the first half of 2026 alone, already ahead of its full-year 2025 revenue of $484.3 million, TechNode reported.
“With share pricing still unset, the real test of whether the $20 billion target valuation holds comes once underwriters start building the order book in the weeks ahead.”
The Singapore-headquartered operator has also disclosed it raised $1.3 billion in private capital in 2025 and another $3.2 billion in 2026 ahead of this listing, and has secured 4.6 gigawatts of resources across 10 markets since its 2022 founding, including 2.3 gigawatts already booked by customers.
The same reporting shows DayOne's net loss widened to $77.2 million in H1 2026, a reminder that triple-digit revenue growth in data-center infrastructure still comes with heavy upfront capital costs — the company is spending ahead of contracted demand to build out capacity, a pattern common among AI-era data-center operators racing to lock in customers before competitors do. With share pricing still unset, the real test of whether the $20 billion target valuation holds comes once underwriters start building the order book in the weeks ahead.