$5 Billion IPO: DayOne Data Centers Pivots on Dual Listing
DayOne Data Centers, an international data-center operator spun off from China's GDS Holdings, is preparing for a dual listing on both the US exchange and Singapore Exchange. The move aims to raise around $5 billion and value the company at up to $20 billion.
The listing would be one of the year's largest tech IPOs and the first major test case for SGX's new dual-listing framework with Nasdaq, designed to facilitate simultaneous access to US and Asian capital pools. To qualify, a minimum of 15% of the offering must occur on SGX.
DayOne has already secured significant funding, closing a $2 billion Series C round in January 2026 and topping it off with an additional $4.5 billion in June 2026. This brings total equity raised since its establishment in 2022 to over $6 billion, with investors including Coatue Management, Hillhouse, SoftBank Vision Fund, and Ken Griffin.
The dual listing will enable DayOne to tap into both US and Singaporean investor bases, particularly relevant given its operations in Asia-Pacific and Europe. The company's hyperscale data centers have already secured over 1.5 gigawatts of capacity, positioning it at the forefront of the current AI infrastructure gold rush.