DayOne Data Centers is plotting a dual listing in the US and Singapore that could value the company at up to $20 billion. That would represent a roughly 2x jump from its pre-IPO valuation of about $10 billion, set during a Series C round that closed at more than $2 billion.
From GDS International to DayOne
DayOne was previously known as GDS International, the overseas arm of GDS Holdings, one of China’s largest data center operators. The rebrand and corporate restructuring positioned DayOne as an independent entity focused squarely on markets outside mainland China.
The company now runs data centers across Singapore, Malaysia, Indonesia, Thailand, Hong Kong, Tokyo, and Finland.
DayOne raised $1.9 billion across two funding rounds in 2024 alone, pulling in checks from Coatue Management, Hillhouse Investment, SoftBank Vision Fund, Boyu Capital, and Ken Griffin, the Citadel founder whose personal investment activity has increasingly tilted toward infrastructure plays.
GDS Holdings, the parent company, sold $385 million worth of DayOne shares in January. Even after that sale, its remaining stake was valued at over $2.2 billion.
Why dual listing, and why now
A Singapore listing gives DayOne proximity to its core operating markets and access to Southeast Asian institutional capital. A US listing opens the door to the deepest equity market on the planet, where data center stocks have been among the best performers over the past two years.
The Finland operation is an interesting wrinkle. Nordic countries offer cheap, renewable energy and naturally cool climates, both of which dramatically reduce operating costs for high-density compute facilities.
What this means for digital asset infrastructure
DayOne’s footprint in Singapore is particularly relevant. The city-state has positioned itself as Asia’s premier hub for regulated digital asset activity, with the Monetary Authority of Singapore granting licenses to a growing roster of crypto firms.
Chinese-origin companies listing in the US have faced heightened scrutiny since the Holding Foreign Companies Accountable Act tightened audit requirements. DayOne’s corporate restructuring and rebranding as an independent, non-China-domiciled entity appears designed in part to sidestep those concerns.
With $2 billion in fresh capital and a roster of blue-chip backers, DayOne has the balance sheet to wait for the right market window.
