DayOne Data Centers, a Singapore-based developer with campuses across Asia and Europe, publicly filed Monday for an initial public offering on Nasdaq under the ticker DODC, Reuters reported. Its filing shows revenue for the first half of 2026 rising to $512 million from $151.5 million a year earlier, alongside a sharply larger loss.

What Happened

DayOne plans to list American depositary shares and has not yet set the size or price of the offering. Reuters reported in February that the company was aiming for a valuation of about $20 billion and could raise as much as $5 billion. IPO research firm Renaissance Capital estimates the deal at $3 billion. The company filed confidentially on Aug. 10, according to Renaissance Capital.

Net loss for the six months ended June 30 widened to $77.2 million from $12.6 million a year earlier. Renaissance Capital puts revenue for the 12 months through June at $845 million.

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DayOne provides space, power, cooling and connectivity to cloud and AI customers, mostly under long-term contracts. Renaissance Capital said the company has 4.6 gigawatts of combined capacity, counting facilities in service, under construction and powered land it has secured, and about 2.3 gigawatts of contracted bookings from seven global hyperscale and technology customers. Its markets include Malaysia, which generated the majority of first-half revenue, along with Indonesia, Singapore, Thailand, Japan, Hong Kong, Finland and Spain.

Morgan Stanley, J.P. Morgan, BofA Securities and Citigroup are leading the deal, with BNP Paribas also listed as a bookrunner by Renaissance Capital. Proceeds are earmarked for new data center projects and general corporate purposes.

Why It Matters

DayOne grew out of Shanghai-based GDS Holdings, which set up GDS International in Singapore in 2022 to expand outside China. GDS deconsolidated the unit at the end of 2024, and it rebranded as DayOne in January 2025. GDS itself already trades on Nasdaq under the ticker GDS, so DayOne would join its former parent on the same exchange.

The revenue jump, driven mainly by Malaysia, shows how quickly new Southeast Asian capacity is being taken up by cloud and AI customers. A listing at the reported valuation would make DayOne one of the largest pure-play data center IPOs, offering public investors direct exposure to AI infrastructure buildouts outside the U.S. and China.

Risks in the Filing

The business is capital-intensive and loss-making, and its revenue depends on a handful of very large customers whose spending plans can shift. Reuters also noted difficult market conditions: higher bond yields and interest rates have led several large listings to be postponed. Data center operators also face growing scrutiny over their use of electricity, water and land, Reuters said.

What to Watch

The next milestones are an amended filing with a price range and share count, then a roadshow. Investors will weigh the pace of revenue growth against the widening loss, the concentration of revenue in Malaysia and a small customer base, and whether rate volatility pushes the deal back, as it has for other large offerings.