Analysis
DayOne's in-service data center capacity rose from 675 megawatts in June to 962 megawatts as of September 20, a 43% jump in roughly three months, as the Singapore-based operator pushes toward a Nasdaq listing under the ticker DODC, Light Reading reported. The company previously disclosed first-half 2026 revenue of about $512 million, more than triple the $151.5 million it reported a year earlier, when it filed its F-1 with the SEC on October 5.
DayOne was spun out as the international arm of GDS Holdings, which still holds a minority stake in the rebranded company. Underwriters and deal-size estimates vary by source:
“- Renaissance Capital estimate -- the deal could raise around $3 billion; no size has been finalized.”
- Underwriters -- Morgan Stanley, J.P. Morgan, BofA Securities and Citigroup are leading the offering.
- Renaissance Capital estimate -- the deal could raise around $3 billion; no size has been finalized.
- Other reports -- a target closer to $5 billion at a roughly $20 billion valuation, also unconfirmed.
The filing also discloses that one unnamed customer accounted for about 69% of first-half revenue, a concentration that will sit alongside the capacity numbers in every investor conversation about this listing.
DayOne's timing puts it in a data center IPO market that just got noticeably more skeptical. Firmus Grid recently pulled its own offering after investors balked at how little of its pipeline was actually built, and Nscale's Nasdaq plans, built on Microsoft and Anthropic contracts, have been described as "looking shaky" by people close to the deal. DayOne's pitch is different in one respect: its 962MW is capacity already in service, not a pipeline target. But the headline capacity number overstates how de-risked this listing is -- with 69% of revenue tied to a single customer, DayOne's IPO story is really a bet on that one relationship holding, a dynamic underwriters will have to address directly in roadshow meetings over the next several weeks.