❯ Data center operator DayOne files for a US IPO as first-half revenue more than triples, with nearly 70% coming from one customer

The filing is inSingapore-based data center developer and operator DayOne filed with the US SEC on October 6 to list American depositary shares on Nasdaq under the ticker DODC. According to Mingtiandi, the filing shows first-half revenue of $512 million, up from $151.5 million a year earlier, while its net loss widened from $12.6 million to $77.2 million. The number of shares and the price range are undetermined, and earlier reports put the target at up to $5 billion in proceeds at a $20 billion valuation.

Spun out of GDSDayOne was established in 2022 as the international business of GDS Holdings and took its current name in January 2025, with GDS retaining a 19.4% stake. It builds and operates data centers in Malaysia, Singapore, Indonesia, Thailand, Japan, Finland and elsewhere, leasing space and power to technology companies. In June it closed a $4.5 billion Series C led by Coatue and Hillhouse.

More under construction than in serviceThe company has 962 megawatts in service and 1,328 megawatts under construction, 99.3% of it committed to customers. Completing those projects will cost another $11.4 billion, expected by the end of 2028. Its outstanding debt was $4.4 billion at the end of June. Underwriters include Morgan Stanley, JP Morgan, BofA Securities and Citigroup.

One customer behind nearly 70% of revenueThe biggest risk in the filing is concentration: 69.2% of first-half revenue came from one unnamed technology and short-video company, and the top two customers accounted for 84.3%. Malaysia contributed 87% of revenue. Investors are in effect buying one or two customers’ compute expansion in Southeast Asia, and if those customers change plans, DayOne’s growth and ability to service debt are both affected.

▮ SIGNALIn a data center company’s prospectus, the line most worth reading is often not revenue growth but the share that comes from the largest customer.