Singaporean data center operator DayOne (DODC.US) applies for US listing valuation or sprint to $20 billion

The Zhitong Finance App learned that the Singapore-based data center operator DayOne Data Centers submitted an F-1 registration statement to the US Securities and Exchange Commission (SEC) on Monday to publicly issue American Depositary Shares (ADS) on the NASDAQ stock market. The stock code is “DODC”. DayOne plans to use the capital raised from the IPO to develop and build new data center projects, as well as working capital and other general corporate purposes. DayOne has yet to disclose the scale of this offering, but it was previously reported that the company plans to raise up to 5 billion US dollars, and the potential valuation could reach 20 billion US dollars.

DayOne develops and operates data centers for cloud computing and artificial intelligence (AI) customers, providing services such as computer room space, electricity, cooling, and network connectivity, mainly through long-term contracts. According to documents submitted by the company, DayOne operates throughout the Asia-Pacific region and Europe, including Malaysia, Indonesia, Thailand, Hong Kong, Japan, Finland, and Spain.

Meanwhile, documents disclosed by DayOne show that its revenue grew substantially due to strong demand triggered by the artificial intelligence (AI) boom. The data shows that in the six months ending June 30, the company's revenue was $512 million, compared to $151.5 million for the same period last year. However, the scale of the loss also increased from a loss of 12.6 million US dollars in the same period last year to a loss of 77.2 million US dollars.

DayOne is one of a group of companies in the data center industry that are planning an IPO as soon as this year. Other companies to be listed include Switch Inc., which is seeking a valuation (including debt) of nearly $50 billion; and London-based Nscale, which could raise up to $3 billion, according to people familiar with the matter.

DayOne does not rely on forward story financing. In June of this year, DayOne completed Series C financing of 4.5 billion US dollars, led by its largest shareholders, Coatue Management and Hillhouse. New investors Achi Capital Partners and the Indonesian Investment Authority (Indonesian Investment Authority) also participated in the financing. Other supporters of the company include SoftBank Vision Fund and Citadel founder Ken Griffin.

Since its establishment in 2022, it has secured more than 1.5GW capacity bookings (Capacity Bookings) in Asia Pacific and Europe, and has clearly built an “AI-ready” data center campus for hyperscale cloud computing vendors and enterprise customers. Therefore, this IPO is essentially repricing the “power+land+computer room+AI computing power carrying capacity” that has already been verified by private capital into the world's largest open stock capital market in the capital expenditure cycle where AI is booming the strongest.

It is worth mentioning that at the time of the disclosure of DayOne's current IPO documents, the sharp rise in US bond yields and high interest rates are casting a shadow over the prospects of the fall IPO market and causing several major IPOs to be postponed. Data centers are also being scrutinized for their heavy consumption of electricity, water resources, and land, and communities around the world are beginning to worry about their impact on power grids, electricity bills, and local resources. Despite the challenging market environment, DayOne is expected to attract capital through continued strong investor demand for AI infrastructure.