DayOne Data Centers has filed a preliminary registration statement for a U.S. IPO, proposing to list American depositary shares on Nasdaq under the ticker DODC. The filing does not yet disclose how many shares it will sell, a price range or the offering size. Reuters previously reported that the company was targeting a raise of up to $5 billion; that figure is not a confirmed IPO amount.
What DayOne filed—and what remains unknown
DayOne filed a preliminary Form F-1 with the U.S. Securities and Exchange Commission on October 5, 2026. The proposed offering is for American depositary shares (ADSs), which represent interests in a foreign company’s shares, with a proposed Nasdaq listing under the symbol DODC. The preliminary filing also provides underwriters with a 30-day option to buy additional ADSs.
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The prospectus is subject to completion. In the version filed, the number of ADSs to be offered, the price range and the total offering size are blank. It therefore confirms a proposed IPO, but not its final terms or when trading will begin. Reuters reported that proceeds are intended for new data-center projects, working capital and general corporate purposes.
How to read the $5 billion figure
Reuters reported earlier that DayOne was seeking to raise up to $5 billion and could pursue a valuation of $20 billion. Those are reported targets, not figures confirmed by the preliminary F-1 or final IPO terms. The eventual amount raised and valuation will depend on the terms disclosed in a completed prospectus and the offering itself.
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What DayOne does
Singapore-headquartered DayOne develops and operates data centers for cloud and technology customers. Its long-term service contracts provide space, power and cooling for customers’ IT equipment; power is typically billed according to actual use. The company describes a platform expanding across Asia-Pacific and Europe.
DayOne says it originated as GDS International, formed in 2022, and was rebranded in January 2025 after separating from GDS. In its F-1, the company reported securing 4.6 gigawatts (GW) of resources across ten markets and approximately 2.3 GW of bookings, primarily from seven global hyperscale and leading technology customers. These are company-reported operating measures, not independently verified totals.
Revenue is growing, but the company is still losing money
DayOne reported first-half 2026 revenue of $512.024 million, up from $151.5 million in the same period of 2025. It also reported a $77.2 million net loss for first-half 2026, compared with a $12.6 million net loss a year earlier. Full-year 2025 revenue was $484.308 million.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitches| Period | Revenue | Net income (loss) |
|---|---|---|
| Six months ended June 30, 2025 | $151.5 million | $(12.6) million |
| Six months ended June 30, 2026 | $512.024 million | $(77.2) million |
| Year ended December 31, 2025 | $484.308 million | Not stated for this comparison |
The figures are from DayOne’s F-1. The revenue increase shows rapid expansion, but revenue alone does not establish profitability or how much cash the business will need to fund new capacity. Data centers require substantial investment, and DayOne says continued financing and capital expenditure are necessary for growth.
Financing history and the earlier Series C announcement
DayOne’s F-1 reports $1.9 billion raised through Series A and B in 2024, followed by $1.3 billion in 2025 and $3.2 billion in 2026 in connection with Series C. Separately, a January 5, 2026 company announcement described definitive agreements for more than $2.0 billion in Series C financing led by Coatue, with participation from Indonesia Investment Authority (INA). The company said those funds would support expansion in Europe and Asia-Pacific. The January announcement and later F-1 figures refer to financing disclosures at different points in time; they should not be treated as separate amounts to add together.
In that announcement, CEO Jamie Khoo characterized the financing as a vote of confidence in DayOne’s platform and said it would help expand its regional operations and develop AI-ready capacity. That was the company’s description of its strategy, not independent confirmation of customer demand or future performance.
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Customer and geographic concentration
For the six months ended June 30, 2026, Malaysia accounted for 87.0% of DayOne’s revenue, while its two largest customers together accounted for 84.3%. The company warns that a major customer could reduce activity or fail to meet its obligations, and that a concentrated customer base may have greater pricing leverage. A loss of business or a change in customer requirements could therefore have a significant effect.
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Capital needs and execution
Building data centers takes capital and time. DayOne’s expansion plans depend on financing projects and completing construction as intended. Delays or higher costs can affect when new capacity becomes available and when it can generate revenue.
Power, permits and land use
The company identifies power availability, permitting, land use, environmental requirements and other regulations as potential constraints. They can increase costs, delay projects or prevent development. These issues are particularly relevant because the reported use of IPO proceeds includes building new data centers.
What to check before judging the IPO
The preliminary filing does not provide enough information to assess the final offer price or size. Once DayOne publishes completed offering terms, readers can evaluate them alongside the company’s results and risks rather than treating the reported targets as settled facts.
- Check the final ADS count, price range, offer size and any updated terms in the completed prospectus.
- Compare the final valuation with reported revenue and losses, while accounting for the capital investment required to build capacity.
- Assess whether the company’s customer and Malaysia revenue concentrations have changed in more recent disclosures.
- Consider whether the company can secure power, permits and financing and deliver projects on schedule.
Until final terms are published, the ticker DODC and the proposed Nasdaq listing describe the plan—not a confirmed first trading date. Reuters’ earlier $5 billion target and possible $20 billion valuation should likewise be read as reported figures, not final IPO terms.
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