DayOne Data Centers filed for an initial public offering in the United States on Monday, seeking to list American depositary shares on Nasdaq under the symbol DODC. For the six months ended June 30, the company posted a net loss of $77.2 million on revenue of $512 million, compared with a loss of $12.6 million on revenue of $151.5 million a year earlier. Revenue therefore grew roughly 3.4 times year over year while losses widened about sixfold, the familiar profile of a data-center builder spending ahead of contracted cash flows.
DayOne develops and operates data centers for cloud and AI customers, primarily under long-term contracts, across Asia-Pacific and Europe including Malaysia, Indonesia, Thailand, Hong Kong, Japan, Finland and Spain. The company was set up as GDS International in Singapore in 2022 by Shanghai-based GDS Holdings and rebranded as DayOne in January 2025 after separating from its parent. Reuters reported in February that the company was targeting a raise of as much as $5 billion at a potential $20 billion valuation; the filing did not disclose the offering size. Morgan Stanley, J.P. Morgan, BofA Securities and Citigroup are among the underwriters, and proceeds are earmarked for new data-center construction and working capital.
The filing lands in a difficult issuance window. Reuters noted that surging bond yields and elevated interest rates have clouded the fall IPO market and prompted several major listings to be postponed, while data centers face growing community scrutiny over electricity, water and land use. A successful DayOne listing would signal that AI infrastructure assets can still clear the public market at premium valuations; a weak reception or further delay would be read as a constraint on the equity funding leg of the AI buildout.