DayOne Files for Nasdaq IPO as One Short-Video Giant Drives 69.2% of Revenue

DayOne Data Centers filed for a proposed Nasdaq initial public offering in the United States on Tuesday, October 6, joining what The Business Times calls a wave of artificial intelligence and AI-related companies tapping the public equity markets. The Singapore-headquartered operator's prospectus shows its largest customer, an unnamed tech company with a leading short-form video platform, accounted for 69.2% of first-half revenue.

Darling, this is the kind of filing that makes a market sit up straight. Let us walk through the room.

What DayOne sells, and how fast

DayOne develops and operates data centers for cloud computing and AI customers, providing space, power, cooling and connectivity, mostly under long-term contracts. It operates in Singapore, Japan, Thailand, Spain and Finland, and it was one of four recipients awarded capacity in Singapore's 2023 pilot Data Centre Call for Application programme.

The growth is dazzling. According to the prospectus, DayOne booked US$512 million in revenue for the six months ended June 30, more than triple the US$151.5 million a year earlier. The net loss widened too, to US$81.9 million from US$13.5 million. Growth at this speed is expensive, and the ledger says so.

The geography is concentrated. In the first half, 87% of revenue came from Malaysia, where DayOne has 10 customers in Johor and about 1.4 gigawatts of bookings. Across the whole company, total booking capacity stood at 2.3 GW as of September 20.

The customer in the spotlight

Here is the line everyone is circling. The prospectus does not name the customer behind that 69.2%. The Information's headline links the IPO to TikTok, but the prospectus leaves the largest customer unnamed.

DayOne itself is candid about the risk. "Our business and growth prospects significantly depend on a limited number of global hyperscale customers, and we may not succeed in diversifying our customer base," it said in the filing.

There is a second disclosure that deserves its own spotlight. The prospectus reveals that two existing customers have been designated "Chinese military companies" by the US Department of War, according to The Business Times. DayOne did not reveal who they are or how much revenue they contribute, but it noted that its operations could be affected if customers and suppliers are added to sanctions or export controls.

The money and the cap table

The fundraising history is a parade. DayOne raised US$4.5 billion in a Series C round in June, ahead of its October IPO filing, and has raised more than US$6 billion in equity since 2024. Investors include the SoftBank Vision Fund, Indonesia Investment Authority, Achi Capital, Boyu Capital and Baupost Group. Its capitalisation stands at US$11.2 billion, per the prospectus.

The origin story is a delicious twist. GDS Holdings, the Shanghai-based operator, established the international unit in Singapore in 2022 to expand outside mainland China. After a US$1.2 billion Series B in late 2024, GDS's stake fell to 35.6% from 52.7%. The unit rebranded from GDS International to DayOne in January 2025. Following the latest round and a share buyback, GDS holds 19.4%, making it the third-largest shareholder behind Coatue and Hillhouse.

What the public gets so far is thin on price. The number of American depositary shares and the price range were not confirmed at filing. Reuters reported in February that DayOne was aiming to raise as much as US$5 billion at a potential valuation of US$20 billion. Proceeds are earmarked for new data center construction, working capital and general corporate purposes. And a note for income seekers: "We do not expect to pay dividends in the foreseeable future," the company said.

What it means, and what to watch

DayOne is not alone at the door. Beyond the well-publicised candidates Anthropic and OpenAI, The Business Times lists Switch, seeking a valuation approaching US$50 billion including debt, and London-based Nscale, at US$35 billion according to Reuters. In Asia, Deepseek is aiming to list in Shanghai next year, and Moonshot AI is eyeing the Hong Kong exchange. The market for AI infrastructure is open, and everyone is queuing in their best gold.

The story for investors is simple and thrilling: DayOne's AI picks-and-shovels pitch comes with more than tripled revenue and 2.3 GW in bookings. The question is whether a business leaning on one dominant customer, with a widening loss and disclosed sanctions exposure, earns the valuation talk.

Watch for these:

• The price range, share count and the valuation the final terms imply.
• Whether the prospectus language on the largest customer gets sharper.
• The identities and revenue weight of the two customers on the US list, which the filing does not give.
• A possible later SGX listing. The prospectus makes no mention of a dual listing, but The Business Times understands it has not been ruled out.

The filing is in; the final share count and price range are still to come. Keep your calendar clear.