Singapore data center firm DayOne eyes dual IPO

DayOne, a Singapore-based data center operator, is considering a dual IPO in Singapore and the US after initially exploring a New York-only listing.

The company was encouraged by Singapore market officials to consider a co-listing.

DayOne planned to raise US$5 billion in a US listing that could value it at about US$20 billion, though the company declined to comment on the latest plans.

DayOne was rebranded from GDS International in January 2025 after separating from Shanghai-based GDS Holdings, which still owns a minority stake.

It raised more than US$2 billion in a January series C round led by Coatue.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

DayOne’s valuation rests on AI-ready data centers and fast expansion

DayOne says it has customer commitments for about 1 gigawatt of capacity, giving it a large pipeline before projects come online 1.
Its data centers are built for AI work, with liquid cooling for dense Nvidia chip racks and prefabricated modules that the company says can add the equivalent of 500 megawatts a year 2.
That buildout is centered in Finland and Batam, Indonesia, an Indonesian island near Singapore. The Batam expansion is backed by a power purchase agreement for about 450 megawatts 3.
Its latest financing round came in at a 100 percent premium to the previous round, a sign that investors are willing to pay more for the business 4.

A potential dual listing would move DayOne toward public-market funding

A Singapore-US initial public offering would be a new step for DayOne. The company rebranded from GDS International in January 2025 after separating from Shanghai-based GDS Holdings, which still owns a minority stake 5.
The dual listing could help DayOne draw more Western investors, keep close ties with partners such as Nvidia, and grow further in Asia 3.
Support from sovereign wealth funds and state-owned investors, including the Indonesia Investment Authority, Indonesia’s sovereign wealth fund, gives the company backing that can help fund expensive digital infrastructure projects 1.
If it works, the IPO could offer a model for other AI infrastructure companies that need large amounts of capital and want another route beyond private funding rounds 2.