---
title: Singapore Data-Centre Developer Heading to Nasdaq Nearly Tripled Its Revenue in 2025
description: DayOne's Nasdaq IPO filing shows revenue of $484.3m in 2025, 87% of it from Malaysia and 69% from one customer, with $11.4bn still to spend.
author: Darie Nani (Editor-in-Chief)
date: 2026-10-05T23:40:44.337Z
updated: 2026-10-05T23:40:44.347Z
canonical: https://www.sovereignmagazine.com/article/dayone-nasdaq-ipo-filing-johor-revenue
image: https://cdn.nanimediahouse.com/dayone-johor-nusajaya-campus-398731.webp
categories: Markets
content_type: News
region: Global
publication: Sovereign Magazine
schema_type: Article
---

DayOne Data Centers, a Singapore-based company that develops and runs data centres for global cloud and technology companies, had revenue of $512.0 million in the first six months of 2026, more than in the whole of 2025, according to the registration statement it made public with the US Securities and Exchange Commission on 5 October ahead of a planned Nasdaq listing.

Revenue rose from $178.1 million in 2024 to $484.3 million in 2025, an increase of 171.9%, and the first-half figure compares with $151.5 million a year earlier. DayOne had 962MW of capacity in service as of 20 September, against 49MW at the end of 2023. Customers, mostly seven global hyperscale and technology companies, have signed binding contracts for about 2.3GW, and hold reservation rights on a further 1.1GW that they may or may not take up. Counting capacity in service, capacity under construction and land with power already secured, DayOne has 4.6GW across ten markets.

DayOne has applied to list American depositary shares on the Nasdaq Global Select Market under the ticker DODC, with Morgan Stanley, J.P. Morgan, BofA Securities and Citigroup as underwriters. It has not yet set the number of shares or a price range, and the registration statement is not yet effective. Reuters reported on 28 September, citing three people familiar with the matter, that DayOne aimed to list as soon as November. Reuters has also reported that the IPO could raise as much as $5 billion at a valuation of about $20 billion. DayOne declined to comment to Reuters.

## Malaysia Accounted for 87% of DayOne's Revenue in the First Half of 2026

DayOne earns most of its revenue in Johor, the southern Malaysian state, where it has two campuses, at Nusajaya Tech Park and Kempas Tech Park, about 1.4GW of its bookings and five global hyperscalers it brought into the market. Its first campus opened at Nusajaya in 2023. Malaysia accounted for 81.5% of revenue in 2025 and 87.0% in the six months to 30 June 2026. Of the 444MW DayOne was billing customers for at the end of 2025, up from 121MW a year earlier, 287MW was in Johor and 34MW in Batam, in Indonesia's Riau Islands. "The majority of our in-service capacity and Bookings are concentrated at two data center campuses located in the same market," the company says in its risk factors.

DayOne says it was "the catalyst for the creation of the SIJORI market", the cross-border cluster of Singapore, Johor and Batam that grew because Singapore ran short of data-centre capacity. Structure Research, cited in the filing, puts DayOne's share of SIJORI at 33%, measured by bookings. Since 2024 the company has expanded to Thailand, Japan, Finland and Spain, and to Kuala Lumpur.

DayOne does not name its largest customer, describing it only as "a global technology company with a leading short-form video platform serving a worldwide audience". That customer paid 69.4% of DayOne's 2025 revenue and 69.2% in the first half of 2026. The second-largest customer accounted for 12.3% and 15.1%, so two customers made up 84.3% of revenue in the latest half. Three hyperscale customers each have bookings of around or above 200MW across several markets. Most customer contracts run for 10 to 15 years, typically with options to renew for five more.

## DayOne Began Inside China's GDS Holdings, Which Still Owns 19.4%

DayOne was incorporated in the Cayman Islands in May 2022 as DigitalLand Holdings and took its current name on 1 January 2025. It started as a consolidated subsidiary of GDS Holdings, a data-centre developer and operator in China listed on Nasdaq and in Hong Kong, until GDS deconsolidated it at the end of 2024. Before the offering GDS holds 19.4%, behind Coatue and Hillhouse at 19.5% each, with Achi holding 15.6%. In January 2026 DayOne bought back shares from GDS for $385 million, and in June it paid GDS $62.0 million to end a customer-referral fee arrangement. No non-compete agreement between the two companies continues after the IPO.

William Wei Huang, chairman of GDS and its chief executive since 2002, has sat on DayOne's board since 2022. Jamie Khoo, DayOne's chief executive since 2024, spent a decade at GDS as deputy chief financial officer and later chief operating officer.

Among its risk factors, DayOne lists a letter several members of the US Congress sent to the Commerce Department on 30 October 2025, urging an investigation of and restrictions on adversary products in industries including AI infrastructure. According to the filing, the letter alleged that DayOne is "a China-linked company operating in the AI sector". DayOne says it is not aware of any action resulting from the letter. It also says geopolitical tensions could affect its largest customer's future deployments, and that sanctions or restrictions on that customer would reduce demand for its services.

## Most of DayOne's $367.1 Million Loss in 2025 Was Share-Based Pay

DayOne lost $57.6 million in 2024, $367.1 million in 2025 and $77.2 million in the first half of 2026, against $12.6 million a year earlier. Selling, general and administrative costs rose to $455.5 million in 2025 from $54.7 million, which DayOne attributes "primarily" to $338.8 million of share-based compensation, mostly from in-the-money options that vested in full when they were granted. First-half 2026 costs included $38.0 million of share-based pay and the $62.0 million payment to GDS.

## DayOne Has Raised $6.4 Billion in Equity and Expects to Spend $11.4 Billion More

DayOne raised $1.9 billion in its Series A and B rounds in 2024, then $4.5 billion in a Series C that brought in $1.3 billion in 2025 and $3.2 billion in 2026. Coatue led the Series C, which also drew the Indonesia Investment Authority, the country's sovereign wealth fund, and DayOne said in January that the round was priced at a 100% premium to the previous one. In 2025 DayOne also arranged a mezzanine debt facility of up to €1 billion from Brookfield and a sovereign investor. Its borrowings and finance leases totalled $4.9 billion at 30 June 2026.

Finishing the 2.3GW already booked will cost about $11.4 billion beyond what DayOne had spent by 30 June, the company estimates. It expects to deliver substantially all of that capacity by the end of 2028, says its current capital resources are enough to fund it in full, and expects a development yield of "around mid-teens". Structure Research says DayOne delivers capacity in Southeast Asia at around 20% to 30% below the industry-average cost and within 12 months, and forecasts that [the ten largest hyperscalers](https://www.sovereignmagazine.com/article/ai-capex-oil-gas-compute-futures-2026) will invest $7.3 trillion between 2026 and 2030, against $1.4 trillion in the previous five years.

## Investors Are Scrutinising Data-Centre IPOs More Closely After SB Energy Postponed Its Offering

SoftBank-backed SB Energy has postponed formally marketing its IPO while it addresses further questions from the SEC, and amid investor concerns over its valuation and its reliance on OpenAI as a major customer, Reuters reported on 28 September. Companies with a broad customer base and clear visibility of demand can still attract interest, while projects that depend on a single AI customer or need large amounts of capital upfront face closer scrutiny, according to the Reuters report. Credit analysts in the [data-centre bond market](https://www.sovereignmagazine.com/article/data-center-abs-master-trust-520-million) also watch tenant concentration, because revenue held by a few tenants raises the risk at lease renewal.

"The dividing line is whether demand is contracted and already energised, or only planned," Ke Yan, head of research at Singapore-based Shenton Research, told Reuters. DayOne's spread across several countries, and the fact that it already runs data centres rather than only planning them, have helped set it apart from some rivals in investors' eyes, one of the people told Reuters.

Switch has filed confidentially for an IPO and is expected to launch its offering after DayOne, according to one of the people Reuters spoke to. Vantage Data Centers and CyrusOne are also exploring or preparing listings.

More on DayOne is at [dayonedc.com](https://dayonedc.com).

## FAQ

**Q: How does DayOne make money from its data centres?**
DayOne earns service fees for providing space, power and cooling under long-term contracts, while customers install and run their own IT equipment inside its buildings. Power is generally charged on customers' actual consumption, on a pass-through basis, according to the filing.

**Q: Does DayOne operate a data centre in Singapore?**
Not yet. DayOne is headquartered in Singapore and was approved to develop a data centre there in 2023, but its Singapore campus is still under development.

**Q: Will DayOne pay dividends after the IPO?**
DayOne says it does not expect to pay dividends in the foreseeable future, so buyers of its shares would rely on any rise in the share price for a return.

**Q: Who chairs DayOne's board?**
Lim Ah Doo, a director since 2024, has chaired the board since April 2026. He was a director of the data-centre operator STT GDC and its parent, ST Telemedia, chaired Olam Group until April 2026, and spent 18 years at Morgan Grenfell earlier in his career.