AI caution gives established data-centre builder DayOne an edge
DayOne could seek up to $5 billion in New York. Customer concentration and its construction pipeline pose risks, though its operating record supports the IPO.
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what happened
Newsmetry API reports that Singapore-based DayOne Data Centres submitted paperwork on October 6 for a New York initial public offering. The company could target proceeds of up to $5 billion at a $20 billion valuation, according to a Reuters report from February. DayOne is moving to capture strong Asian demand, while neocloud provider Firmus abandoned its planned listing.
Its prospectus showed 962 megawatts of operating capacity on September 20, 2026, with another 962 MW under construction in six markets. Revenue for the six months through June 30 reached $512 million, up from $151.5 million a year earlier. Malaysia generated 87% of the total, and the two largest customers represented 84.3%. DayOne described its biggest client as a "global technology company with a leading short-form video platform serving a worldwide audience." Research group SemiAnalysis said in June 2025 that ByteDance and Oracle were the company’s two largest customers.
why it matters
The proposed offering highlights both the scale of data-centre expansion and the risks from customer concentration and unfinished projects. DayOne’s operating history and clearer delivery dates provide a stronger basis than Firmus had, without removing those risks.
instruments
sources
- AI caution favours old-school data centre builder — Newsmetry API, 13 October 2026 at 03:41 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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