# DayOne files for a Nasdaq IPO at a $20 billion target | QANATONE

> Singapore-based data center developer DayOne filed for an IPO aiming to raise about $5 billion. First-half revenue hit $512 million, but…

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# DayOne files for a Nasdaq IPO at a $20 billion target

6 Oct 2026 3 min read News · Infrastructure

Singapore-based data center developer DayOne filed for an IPO aiming to raise about $5 billion. First-half revenue hit $512 million, but two-thirds comes from one customer.

## What happened

Singapore-based hyperscale data center developer DayOne Data Centers filed with the SEC to list American Depositary Shares on Nasdaq under the ticker DODC. Reports say it aims to raise about $5 billion at a valuation near $20 billion.

## The numbers

Revenue rose 171.9% from $178.1 million in 2024 to $484.3 million in 2025, then reached $512 million in the first half of 2026 alone, up about 238% year on year. It posted a $77.2 million net loss in the period, common for fast-growing infrastructure companies.

**$512M** first-half 2026 revenue, above all of 2025

## Who it is

Founded in 2022, DayOne targets fast-growing regions outside the US and China, across Asia-Pacific and Europe. Its flagship is the SIJORI corridor of Singapore, Johor in Malaysia and Batam in Indonesia, where land and power limits in Singapore have pushed data center investment across the border.

## The main risk

Customer concentration: the largest customer accounted for 69.4% of 2025 revenue and 69.2% in the first half of 2026. One customer changing plans could hit revenue directly.

## What hyperscale means

Hyperscale sites host thousands of servers and draw tens or hundreds of megawatts. Their customers are cloud providers and big AI firms on 10-15 year contracts, which gives revenue visibility but concentrates it in a few names, as DayOne's 69% figure shows. AI loads need far more power and cooling, so new sites use liquid cooling.

## Why it matters

AI demand has made data center capacity a global bottleneck, and the listing will show how public markets price it.

## Why losses are normal

Data center firms spend heavily on land, buildings, power and cooling before revenue arrives, so depreciation and financing costs weigh on profits during fast growth. What matters is how much future cash flow long-term contracts lock in.

## What it means for your business

Where capacity sits shapes AI prices and latency. Choose cloud regions close to your users, factor in data-protection rules, and plan a fallback provider for critical AI workloads when GPU capacity tightens.

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