---
title: DayOne files for US listing with 130 billion yuan valuation
url: https://www.dataloco.com/en/dayone-files-for-us-listing-with-130-billion-yuan-valuation
published: 2026-11-14T17:21:02+00:00
language: en
section: Cloud
source: https://www.tmtpost.com/8201448.html
organizations: DayOne, GDS, ByteDance, Oracle, Hillhouse Capital, Coatue Management
publisher: Dataloco
---

# DayOne files for US listing with 130 billion yuan valuation

DayOne, a Singapore based data center operator, has submitted a prospectus to the US Securities and Exchange Commission to list on the Nasdaq. The company aims to raise up to 5 billion dollars, targeting a valuation of 20 billion dollars, which is approximately 130 billion yuan. This move follows its spin off from GDS International, the overseas arm of GDS, in 2025. The company reported revenue of 512 million dollars in the first half of 2026, a 238 percent increase year over year, surpassing its full year 2025 revenue of 484 million dollars. Despite this growth, DayOne recorded a net loss of 77.2 million dollars in the same period, up from 12.6 million dollars in the prior year, primarily due to share based compensation expenses. The company's adjusted EBITDA margin improved to 40.2 percent from 32.3 percent, indicating better operational performance. However, capital expenditure for fixed assets and land rights reached 3.11 billion dollars in the first half of 2026, more than six times its revenue, while operating cash flow was only 14.01 million dollars.

As of June 2026, total assets stood at 12.836 billion dollars, with total liabilities of 6.497 billion dollars, including 4.426 billion dollars in interest bearing debt. The company has raised approximately 6.4 billion dollars in equity financing since inception, with investors including Hillhouse Capital, Coatue Management, and SoftBank Vision Fund. GDS remains a significant shareholder. DayOne faces a requirement to complete its IPO by the end of 2030 to avoid triggering exit rights for certain convertible preferred shareholders. The company's revenue is heavily concentrated in a single client, which accounted for 69.2 percent of revenue in the first half of 2026. This client is widely identified as ByteDance, which has committed to leasing 838 megawatts of capacity in Malaysia, Thailand, and Finland. Oracle is the second largest client, contributing 15.1 percent of revenue.

Malaysia generated 87 percent of the company's revenue in the first half of 2026, leveraging lower land and power costs compared to Singapore. DayOne has signed capacity of 2.3 gigawatts and holds global resources of 4.6 gigawatts across 10 markets. The company is also exploring new technologies, including a biological data center prototype with Cortical Labs and the National University of Singapore. The IPO comes amid challenges for other AI infrastructure firms, such as Firmus and Nscale, which faced valuation concerns and delays. DayOne's operational base is stronger than peers still in construction phases, but it faces risks from customer concentration and high capital intensity.

## This story in other languages

- [Italiano](https://www.dataloco.com/it/loperatore-di-centri-dati-dayone-deposita-listanza-per-lofferta-pubblica-iniziale-negli-stati-uniti)