DayOne Data Centers Files For Nasdaq IPO With One Customer Behind 69.2% Of Sales
The Singapore data center developer's F-1 shows $512.0 million in first-half revenue, a $77.2 million loss and blank offering terms.
DayOne Data Centers, the Singapore-based data center developer, filed an F-1 on Monday to list American depositary shares on Nasdaq under the proposed symbol DODC. The filing shows revenue of $512.0 million in the first half of 2026, but also that one customer supplied 69.2% of it.
What the F-1 says
Revenue was $512.0 million in the six months ended June 30, 2026, against $151.5 million a year earlier. The company still lost $77.2 million in that period, and $367.1 million in 2025. The 2025 loss was driven by $341.8 million of share-based compensation, the filing says.
The largest customer, a global technology company with a short-form video platform, accounted for 69.2% of first-half 2026 revenue. Malaysia accounted for 87.0%.
Total debt, including borrowings and finance leases, stood at $4.9 billion as of June 30, 2026, with substantially all long-term debt at floating rates. The filing also reports material weaknesses in internal controls over financial reporting.
Morgan Stanley, J.P. Morgan, BofA Securities, Citigroup and BNP Paribas are on the cover.
Terms are blank
The share count, price range and offering size are empty, so no terms have been set. The filing says proceeds would go to new data center development and general corporate purposes, with the percentages left blank.
The preliminary prospectus says there is no public market for the ADSs yet, and that the company has applied to list on Nasdaq.
Who owns it and what it has to build
DayOne began as a subsidiary of GDS, the China-based data center operator, and was deconsolidated at the end of 2024. GDS now holds 19.4%. Coatue and Hillhouse entities each hold 19.5%.
The company funded its buildout with Series A, B and C preferred share rounds from private equity and strategic investors, plus bank debt. It says it has booked about 2.3GW of customer capacity and estimates $11.4 billion of cost to complete it.
A later amendment to the F-1 would need to set the share count and price range before the Nasdaq listing can proceed.
Sources
- F-1 — DayOne Data Centers Ltd — SEC EDGAR
