Data center operator DayOne files for $5B IPO with ByteDance driving nearly 70% of revenue
智东西 · wechat · 2026-11-09
Singapore-based data center builder DayOne has filed a Form F-1 with the SEC for a Nasdaq IPO in 2026, targeting up to $5 billion in raises at a potential $20 billion valuation.
Key points
- Customer concentration: One anonymous client — reportedly ByteDance per The Information — contributed nearly 70% of revenue in 2025 and H1 2026, with 838 MW committed across Malaysia, Thailand and Finland; Oracle is the #2 customer at 15%. Together they account for 85% of revenue.
- Rapid growth but losses: Revenue hit $484M in 2025 (+172% YoY) and $512M in H1 2026 alone (+238% YoY), yet the company lost $367M in 2025 and $77.2M in H1 2026.
- Business model: Wholesale hyperscale data centers leased in MW units under 10–15 year take-or-pay contracts; modular prefabrication cuts delivery to 8.5–12 months with costs 20–30% below rivals like AirTrunk and Equinix.
- Backing: A spin-off of GDS International (2025), DayOne has raised $6.4B in equity since 2022; Coatue and Hillhouse each hold 19.5%. Total resources stand at 4.6 GW across 10 markets.
- Risk context: The IPO comes amid Neocloud turbulence, with CoreWeave and Nebius dropping 20–25% in a week.
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