DayOne files for a Nasdaq listing with a 2.3GW capacity target

DayOne has filed an IPO prospectus with the SEC and intends to list on Nasdaq under the ticker DODC. The Singapore-based operator says it will more than double its active data center capacity to 2.3GW over the next two years, measured against the 962MW it reported in service as of September 20.

That in-service figure stood at 675MW in June, so the company energized 287MW in a little over three months, a gain of roughly 43% in a single quarter. Another 1.3GW is under construction, up from 1.1GW in June, and DayOne expects to deliver that capacity by December 2028.

Put the two together and the pipeline lands at about 2.26GW, near enough to the stated goal to suggest the 2.3GW target is a delivery schedule for capital already committed rather than a fresh round of development. The mix inside that pipeline moved the other way over the same three months: construction grew about 18% while the in-service base grew about 43%, leaving the projects still being built smaller relative to the portfolio already running than they were in June.

The two-year horizon and the December 2028 delivery date describe roughly the same point on the calendar, which is the clearest indication in the disclosure that the 2.3GW figure is a completion target the company can date rather than a demand forecast it cannot.

Revenue shows what the ramp has produced so far. DayOne reported $512 million of income for the six months to the end of June 2026, up from $151 million for the same period a year earlier, and a net loss of $77 million over that half, compared with $12 million in the prior-year stretch. Annualized, the top line sits a little over $1 billion, off a base a year ago that was less than a third of it. Revenue compounding while the bottom line widens is what depreciation and financing costs look like when they land on newly energized capacity ahead of the revenue those megawatts are meant to earn.

The company was the international business unit of the Chinese data center operator GDS until it spun out as an independent business last year, and it runs sites in Hong Kong, Singapore, Johor in Malaysia, Batam in Indonesia and Tokyo. It broke ground recently on a facility in Thailand and a second one in Singapore, announced a campus in Lahti, Finland last year as its first move beyond Asia, and has a 300MW facility in the works in Spain.

Rumors of a listing first surfaced in January, and the company has not announced how much it hopes to raise. Reuters reported in February that DayOne was aiming for $5 billion at a $20 billion valuation, and this week's coverage of the filing updates neither figure.

What the report as published leaves open is the composition of the 962MW. It does not say who the tenants are or how much of that capacity is leased. Public buyers price the two kinds of megawatts a developer can hand them very differently: capacity already contracted to tenants trades on the durability of the cash flow behind it, while capacity built against expected demand trades on the cost of capital and the pace of leasing that follows. A 2.3GW target with no contracted share attached cannot be sorted into either column, and that is the number a public-market buyer would be underwriting first.

The power side runs through the same gap. The coverage does not describe how the pipeline is contracted for electricity, and for a developer building in Johor, Batam, Thailand and Spain, the interconnection position behind each project is arguably a better read on value than the nameplate total. Whether a raise is sized to finish the 1.3GW under construction or to fund a step beyond it is another question the coverage does not answer.

For allocators who have taken data center exposure through private vehicles, this filing offers a public-screen comparison, though only on the numbers the company is willing to publish.

The construction book is due by December 2028, when the 2.3GW claim meets delivered capacity rather than a prospectus. Before then the market sets the other figure: what a business with $512 million of half-year revenue, a $77 million loss, an operating footprint in Hong Kong, Singapore, Malaysia, Indonesia and Japan, ground broken in Thailand and announced projects in Finland and Spain is worth against the $20 billion valuation Reuters reported in February.