IPO · Technology · Proposed listing on Nasdaq
DayOne IPO: how the business makes money
DayOne builds data centers in Asia and Europe and rents the space and power to large technology companies. In the six months to Jun 30, 2026, revenue was $512.0 million and the net loss $81.9 million.
By Hardik Bhandare · Checked against filings:
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DayOne Data Centers Limited · Singapore · Founded 2022
Based on the registration statement (Form F-1) dated .
Figures: from the preliminary prospectus (F-1), subject to change.
The company has publicly filed its registration statement (Form S-1 or F-1) with the SEC. No price range is set yet.
Last updated
- Revenue, six months to Jun 30, 2026
- $512.0M
- Net loss for ordinary shareholders, six months to Jun 30, 2026
- $81.9M
- Debt as stated in the F-1, Jun 30, 2026
- $4.9B
- Largest customer's share of revenue, six months to Jun 30, 2026
- 69.2%
- Proposed listing
- Nasdaq: DODC
The short version
The DayOne IPO in 5 points
1 · What it sells
DayOne builds data centers and rents space, power and cooling to large technology companies on long contracts, with 962 MW in service at Sep 20, 2026 and revenue of $512.0 million in the six months to Jun 30, 2026.
2 · Who pays it
In the six months to Jun 30, 2026, DayOne's largest customer, not named in the F-1, paid 69.2% of revenue, the second largest 15.1%, and all others 15.7% (Cityfort calculation from F-1 filed Oct 5, 2026).
3 · What it keeps from $100
Of every $100 that came in during the six months to Jun 30, 2026, DayOne kept nothing and lost $13.7, a result that includes a one-time $62.0 million fee to GDS, and its operating loss was $40.3 million.
4 · Where the operating profit comes from
DayOne made $136.4 million of gross profit in the six months to Jun 30, 2026, and $176.7 million of selling and overhead costs, including the $62.0 million fee and $38.0 million of stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, left an operating loss of $40.3 million.
5 · The one thing to watch
In the six months to Jun 30, 2026, DayOne's operating cash flow was $14.0 million and its payments for property, land use rights and construction deposits were $3,110.0 million, and it stated $4.9 billion of debt at that date.
Sources: From DayOne's Form F-1 dated Oct 5, 2026 · checked
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01The business in one line
What does DayOne do?
Large technology companies pay DayOne on long contracts for space, power and cooling in its data centers; most of the money goes on power, wear and tear and overhead, and so far costs exceed what comes in.
- One customer, not named in the F-1, paid 69.2% of revenue in the six months to Jun 30, 2026.
- Of every $100 that came in during those six months, DayOne lost $13.7.
02The offer
What is the DayOne IPO?
- New shares sold by the company
- Not yet in the filing
- To list on
- Nasdaq
- Proposed ticker
- DODC
- Lock-up on existing holders
- 180 days
- New shares: DayOne itself sells everything in the offering, so the money, after underwriting costs, goes to the company. The F-1 names no selling shareholders.
- What is sold: American depositary shares (ADSs), US-traded certificates that stand for ordinary shares of a foreign company. The number of shares per ADS is blank.
- The underwriters get a 30-day option to buy extra ADSs from DayOne. The F-1 leaves that number blank.
- The ADS count, price range, money raised, dilution and share count after the offering are all blank. An amended registration statement (F-1/A) would add them.
- DayOne is a Cayman Islands company based in Singapore. It has applied to list ADSs on Nasdaq under the symbol DODC.
The F-1 gives a 180-day lock-upA period after an IPO when insiders agree not to sell their shares. Learn more on DayOne. The words extending it to officers, directors, existing shareholders and award holders are still in brackets, so they are not final.
Share classes and votes
- Underwriters
- 5 named in the S-1 (lead: Morgan Stanley, J.P. Morgan, BofA Securities, Citigroup, BNP Paribas)
- Controlled company
- The F-1 has no statement that DayOne will be a controlled company. It says DayOne will follow home-country practice, so its compensation and nominating committees need not be fully independent.
- Directed share programme
- A paragraph still in brackets, with the share count blank, describes a program for directors, officers, employees, business associates and related persons. It is not final.
- Lead underwriters
- Morgan Stanley, J.P. Morgan, BofA Securities, Citigroup, BNP Paribas
- Transfer agent
- Not named in the F-1 dated Oct 5, 2026. The ADS depositary's name is also blank.
Learn: How to read an S-1: Anthropic's IPO registration statement · IPO lock-up agreements: what they are and when they end
03Where the new money goes
What will DayOne do with the money it raises?
- Developing and building new data center projectsThe F-1 leaves the percentage and the amount blank. It states no payment to an affiliate.Amount not fixed
- Working capital and other general corporate purposesThe F-1 leaves the percentage and the amount blank. It says management will have significant flexibility and discretion over the money.Amount not fixed
The F-1 leaves both percentages and all amounts blank. It says management will have significant flexibility and discretion, and it states no payment to an affiliate.
Only the shares the company sells raise money for it; money from shares sold by existing stockholders goes to them.
04Key dates
What are the key dates for the DayOne IPO?
Learn: IPO lock-up agreements: what they are and when they end
05What it sells
What does DayOne sell?
Contracted data center capacity
Measured in megawatts (MW) of power for computer equipment. Contracts run mostly 10 to 15 years, with renewals of typically 5 years. At Sep 20, 2026, 962 MW was in service and 1,328 MW under construction.
Power, passed on to customers
Customers generally pay for the power they use, at actual use. Power cost DayOne $203.1 million in the six months to Jun 30, 2026. The F-1 does not split revenue between service fees and power.
Campuses and land in ten markets
At Sep 20, 2026 the company counted 4,597 MW across capacity in service, capacity under construction and secured land with power. Johor, Malaysia was 1,613 MW of that, and Kuala Lumpur 1,448 MW.
Think of it like this
Like a landlord for computers: it builds the building and brings in the power, and tenants sign long leases.
What it does
- Does: Builds data center campuses and supplies space, power and cooling
- Does: Signs customers before building: 99.3% of capacity under construction was already committed at Sep 20, 2026, as the company counts it
- Does: Passes power costs through to customers, generally at actual use
What it does not do
- Does not: Belong to GDS any more: GDS stopped consolidating it from Dec 31, 2024 and held 19.4% at Oct 5, 2026
- Does not: Name its largest customer: the F-1 only describes it
- Does not: Have any capacity in service in Singapore, Japan, Spain, Finland or Kuala Lumpur yet, at Sep 20, 2026
06Who pays it
Who pays DayOne?
Largest customer (not named)
69%
of revenue
The F-1 describes it only as a global technology company with a short-form video platform serving a worldwide audience. It paid $354.2 million in the six months to Jun 30, 2026.
Second largest customer (not named)
15%
of revenue
It paid $77.3 million in the six months to Jun 30, 2026.
All other customers
16%
of revenue
They paid $80.6 million, or 15.7% of revenue (Cityfort calculation from F-1 filed Oct 5, 2026: revenue minus the two largest customers).
- Largest customer (not named)69%
- Second largest customer (not named)15%
- All other customers16%
Customer concentration
The largest customer's share of revenue was 79.3% in FY2024 (Cityfort calculation from F-1 filed Oct 5, 2026: largest customer's revenue ÷ total revenue), 69.4% in FY2025 and 69.2% in the six months to Jun 30, 2026. The top two were 84.3% in that period. The F-1's customer letters change between periods, so this page says largest and second largest. Customers with contracted capacity rose from 9 at Dec 31, 2024 to 15 at Sep 20, 2026.
- Largest customer
- 69%
07How the money flows · Six months to Jun 30, 2026
How does money flow through DayOne?
Money in
- Revenue (data center services and power)$512M
- Interest income, other income and a tax credit$52.5M
The company
DayOne
$565M came in
Money out
- Power$203M
- Depreciation of data centers (in cost of revenue)$131M
- Other running costs of data centers$41.3M
- Selling, general and administrative$177M
- Interest expense$62.3M
- Foreign-exchange loss$27.1M
- Net loss−$77.2M
- Customers paid $512.0 million in the six months to Jun 30, 2026 (unaudited). Interest on raised cash, other income and a tax credit added $52.5 million.
- Running the data centers took $375.6 million: power $203.1 million, depreciation $131.2 million and other costs $41.3 million. That left a gross profit of $136.4 million.
- Selling and overhead costs were $176.7 million, including a one-time $62.0 million fee to GDS and $38.0 million of stock-based pay. That left an operating loss of $40.3 million.
- Interest cost $62.3 million, after another $83.1 million was capitalized into building costs. A foreign-exchange loss took $27.1 million.
- Costs were $77.2 million more than the money that came in. After minority holders' share in subsidiaries, the net loss for ordinary shareholders was $81.9 million.
08Where the money goes · Six months to Jun 30, 2026
Where does $100 of DayOne's money go?
DayOne · Six months to Jun 30, 2026
Receipt for every $100
| Power | $36.0 |
|---|---|
| Depreciation of data centers | $23.2 |
| Other running costs | $7.3 |
| Selling, general and administrative | $31.3 |
| Interest expense | $11.0 |
| Foreign-exchange loss | $4.8 |
| Loss (spent more than came in) | −$13.7 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from F-1 filed Oct 5, 2026. Of every $100 that came in during the six months to Jun 30, 2026 (revenue plus interest income, other income and a tax credit). Each line = line ÷ total money in × 100; the loss line is negative, so the lines add to 100.
09What it needs to run
What does DayOne need to run?
Land with power
2,308 MW of secured land with power at Sep 20, 2026, as the company counts it. Most of it, 1,320 MW, is in Kuala Lumpur.
Money to build
The company estimates about $11.4 billion of cost to complete its contracted capacity, after spending to Jun 30, 2026. It also had $4,937.3 million of unconditional purchase commitments.
Electricity
Power was DayOne's largest cost: $203.1 million in the six months to Jun 30, 2026. Customers generally pay for it at actual use.
People
1,280 employees at Jun 30, 2026, up from 401 at Dec 31, 2024. Data center operations were 630 of them, or 49%.
10Why it makes money
Why does DayOne make money?
Long contracts bring fees only after a data center is built, so spending comes years ahead of the cash it earns.
DayOne signs a long contract, then builds and borrows. Fees start when capacity goes into service. In the six months to Jun 30, 2026, it paid $3,110.0 million for property, land use rights and construction deposits, while operating cash flow was $14.0 million.
Gross profit per $100 of revenue
$28.4$26.6
FY2024 to Six months to Jun 30, 2026
- Secure land with power
- Sign a long contract with a large customer
- Raise debt and equity and build the capacity
- Start billing when capacity goes into service
- Earn fees over 10 to 15 years while paying for interest and running costs
↺ Step 5 feeds back into step 1.
11Where it sells · Six months to Jun 30, 2026
Where does DayOne sell?
- Malaysia87%
- Indonesia9%
- Hong Kong3%
- Other1%
- Thailand0%
12Competitors and what protects it
Who does DayOne compete with?
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Contract length3 of 5
Contracts run mostly 10 to 15 years and are substantially all take-or-pay, per the F-1. All of them let customers leave by paying set costs and penalties.
- Land and power3 of 5
The company counts 2,308 MW of secured land with power at Sep 20, 2026, of which 1,320 MW is in Kuala Lumpur. Spain's 304 MW had no customer commitment yet.
- Customer spread1 of 5
The two largest customers paid 84.3% of revenue in the six months to Jun 30, 2026, per the F-1.
- Place spread2 of 5
Malaysia was 87.0% of revenue in the six months to Jun 30, 2026. Two Johor campuses held 82.1% of capacity in service at Sep 20, 2026 (Cityfort calculation from F-1 filed Oct 5, 2026: 47.8% + 34.3%).
Weak spot
One customer pays most of the bills
The largest customer paid 69.2% of revenue in the six months to Jun 30, 2026. The F-1 says tensions between governments could affect that customer's future deployments.
13Where growth could come from
Where could DayOne's growth come from?
DayOne says in its F-1 (Oct 5, 2026) that it expects to deliver substantially all its 2,281 MW of Bookings by Dec 31, 2028. It estimates about $11.4 billion of remaining cost, and says it believes its resources fully fund those Bookings.
Johor, Malaysia
Working789 MW in service and 1,398 MW of Bookings at Sep 20, 2026 (F-1)
DayOne's largest market, and 87.0% of revenue came from Malaysia in the six months to Jun 30, 2026.
Status: Working, on track against what the company said.
Batam, Indonesia
Working72 MW in service and 312 MW of Bookings at Sep 20, 2026 (F-1)
Indonesia brought $46.4 million of revenue in the six months to Jun 30, 2026. A sovereign wealth fund holds 40% of the local company.
Status: Working, on track against what the company said.
Greater Bangkok, Thailand
Early73 MW in service and 120 MW of Bookings at Sep 20, 2026 (F-1)
Thailand brought $1.7 million of revenue in the six months to Jun 30, 2026, and none a year earlier.
Status: Early, too early to judge.
Greater Helsinki, Finland
Early281 MW under construction and in Bookings, none in service, at Sep 20, 2026 (F-1)
DayOne's first European site with customers. A partner, Hyperco Oy, holds 45% of the Finnish company.
Status: Early, too early to judge.
Kuala Lumpur, Malaysia
New128 MW under construction and 1,320 MW of secured land at Sep 20, 2026 (F-1)
DayOne entered this market in 2026. It holds the most secured land of any of its markets.
Status: New, recently announced.
Zaragoza, Spain
New304 MW of secured land, no Bookings, at Sep 20, 2026 (F-1)
The F-1 says Spain has no customer commitment yet and that discussions are under way.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
14The numbers · Consolidated · US$
How has DayOne done?
Revenue
$484MFY2025
Revenue rose from $178.1 million in FY2024 to $484.3 million in FY2025, and was $512.0 million in the first half of 2026 (unaudited), up from $151.5 million a year earlier.
US$
See the numbers
Net profit
−$369MFY2025
Net loss for ordinary shareholders grew from $56.5 million in FY2024 to $369.0 million in FY2025, when stock-based pay was $341.8 million, or 70.6% of revenue (Cityfort calculation from F-1 filed Oct 5, 2026: stock-based pay ÷ revenue).
US$
See the numbers
Profit kept per $100 of revenue
−$76.2FY2025
Ordinary shareholders lost $76.2 for every $100 of FY2025 revenue, against $31.8 in FY2024; EBITDA here is a Cityfort calculation from F-1 filed Oct 5, 2026: operating loss plus depreciation and land-use amortization.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$2.2BFY2025
Free cash flow (Cityfort calculation from F-1 filed Oct 5, 2026: operating cash flow minus payments for property, land use rights and construction deposits) was negative $2,240.9 million in FY2025.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net loss was $367.1 million. Minority holders in subsidiaries earned $1.9 million, so ordinary shareholders' loss was $369.0 million.
DayOne says in its F-1 that it is an emerging growth company, so the filing gives two audited years instead of three.
Latest part-year · Six months ended Jun 30, 2026 (6 months to Jun 30, 2026)
- Revenue
- $512M
- EBITDA
- $104M
- Net profit
- −$81.9M
- EPS (not annualised)
- −$1.25
A part-year can't be compared with a full year. Audited figures from the F-1 (interim period unaudited), converted from US$ thousands to US$ million.
Learn: Stock-based compensation and dilution: pay that becomes shares
15The company's own measures · FY2025 to Sep 20, 2026 (dated on each item)
What do DayOne's own measures show?
Official (GAAP): Net loss, six months to Jun 30, 2026
−$77.2M
Company's own measure: Adjusted EBITDA, six months to Jun 30, 2026
$206M
The company's measure: net loss without interest, tax, depreciation, land-use amortization, currency effects, the gain on disposal of a subsidiary, stock-based pay and the one-time $62.0 million fee to GDS. Its margin was 40.2% of revenue, against a net loss margin of 15.1%.
Official (GAAP): Net loss, FY2025
−$367M
Company's own measure: Adjusted EBITDA, FY2025
$181M
Same definition. It leaves out $341.8 million of stock-based pay in FY2025.
Official (GAAP): Gross profit, six months to Jun 30, 2026
$136M
Company's own measure: Adjusted gross profit, six months to Jun 30, 2026
$270M
The company's measure: gross profit plus depreciation and stock-based pay in cost of revenue. Its margin was 52.7%, against a gross margin of 26.6%. The company also estimates in its F-1 (Oct 5, 2026) a development yield of around mid-teens across its Booked projects. It defines that as annualized adjusted gross profit once a site is stabilized, over capital spending plus cost to complete.
Official (GAAP): Remaining performance obligations, Jun 30, 2026
$5.0B
Company's own measure: Remaining total contract value, Sep 20, 2026
$34.0B
The company's measure, stated as about $34 billion: future contracted service fees, leaving out options. It is not revenue and is not added to revenue. The GAAP figure beside it is revenue yet to be recognized. It leaves out variable fees and is dated earlier.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Bookings, Sep 20, 2026
2,281 MW
The company's measure: power capacity for computer equipment committed under binding contracts. It was 1,250 MW at Dec 31, 2025 and 1,786 MW at Jun 30, 2026.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Billings, Sep 20, 2026
953 MW
The company's measure: the part of Bookings already earning income. It was 444 MW at Dec 31, 2025 and 666 MW at Jun 30, 2026.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Backlog, Sep 20, 2026
1,328 MW
The company's measure: the part of Bookings not yet earning income.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Capacity in service, Sep 20, 2026
962 MW
The company's measure. It was 454 MW at Dec 31, 2025 and 675 MW at Jun 30, 2026. Billings were 99.1% of it at Sep 20, 2026.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
16Financial strength · Jun 30, 2026
How much debt does DayOne have?
- Total debt$4.9B
- Cash and investments$3.4B
- Net debt (debt minus cash)$1.5B
- Net worth (shareholders' money)−$165M
- Debt here is borrowings of $4,426.5 million plus finance leases of $430.4 million. The F-1 states total outstanding debt of $4.9 billion.
- Cash is $1,981.6 million, and short-term investments $1,400.0 million. Counting cash alone, net debt would be $2,875.2 million.
- Net worth here is the shareholders' deficit. Preferred shares of $6,363.5 million sit outside equity and convert at the IPO.
- Substantially all long-term debt has a floating rate, and swaps cover 21.0%. The weighted average long-term rate was 6.7%.
- $1,821.4 million of loan facilities were unused at Jun 30, 2026. The Johor loan facilities were amended on Sep 10, 2026, after that date.
- $1,216.3 million of capital spending was accrued but not yet paid at Jun 30, 2026, so it is not in the cash flow figures.
17Who owns it before the IPO · Oct 5, 2026
Who owns DayOne before the IPO?
- Officers and directors (as a group), shares
- 6.4%
Largest stockholders before the IPO
From the prospectus table of principal stockholders. Holdings fall after the IPO when new shares are sold; the prospectus also shows the holding after the offering.
18Who runs it
Who runs DayOne, and did they deliver?
Jamie Khoo
Chief Executive Officer and director · since 2024
A director since 2026. Spent a decade at GDS, as deputy CFO and COO.
Yan Chengkang (CK)
Chief Financial Officer · since 2026
At Hillhouse from 2023 to 2026, and before that at KKR and Citi.
Daniel Fertig
Chief Legal Officer · since 2026
Previously at Simpson Thacher.
Lim Ah Doo
Chairman and director · since 2024
Chairman since April 2026 and audit committee chair. Past chair of Olam. The F-1 cites more than a decade as a director of STT GDC.
William Wei Huang
Director · since 2022
Chairman and CEO of GDS, and chair of DayOne's compensation committee. He keeps special board rights after the IPO.
Andy Okada
Director · since 2023
President of a SoftBank-Alibaba joint venture, and President and CEO of Alibaba Japan.
Alejandro Nicolas Aguzin
Director · since 2026
CEO of Hong Kong Exchanges and Clearing from 2021 to 2024.
Timothy Chu-Wan Chen
Director · since 2026
A partner at Achi Capital, whose entities hold 15.6% before the IPO.
Douglas Farrell
Director · since 2026
Founder of Quintet Partners.
Bob McCooey
Director from when the registration statement takes effect
Vice Chairman of Nasdaq, the proposed listing venue, and a board advisor since 2024. He will sit on the audit committee and chair the nominating committee.
19Governance signals
What do DayOne's governance filings show?
- Auditor
- KPMG LLP, Singapore, since 2024
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- DayOne's main related party is GDS, its former parent and a 19.4% holder. In January 2026 DayOne bought back ordinary shares from GDS for $385 million, paid from its Series C money. It paid GDS a one-time $62.0 million fee in June 2026 to end a customer support fee.
- Credit rating
- No public credit rating found
Flags to know about
other
Two material weaknesses in internal control
The F-1 reports too few US GAAP and SEC reporting skills in financial reporting, and weaknesses in general IT controls.
other
One director keeps special board rights
William Huang appoints and removes Class I directors while he holds at least 1.0%, and may serve as chairman or name one. Shareholders cannot remove Class I to III directors, per the F-1.
regulatory
Letter from members of the US Congress
The F-1 says an Oct 30, 2025 letter from members of Congress to a US Commerce Department office alleged that DayOne is a China-linked company. The company says it is not aware of any action.
shares as collateral
Hillhouse shares used as collateral
Shares held by three Hillhouse holding companies are used as collateral for financings with a group of lenders, per the F-1. Hillhouse entities hold 19.5%.
disclosure
Less disclosure as a foreign private issuer
DayOne is a foreign private issuer and an emerging growth company, so it gives reduced disclosure and two audited years. It does not name its largest customer or any competitor.
20Group and related parties
How much does DayOne rely on related parties?
- DayOne was formerly a wholly owned GDS subsidiary. GDS stopped consolidating it from Dec 31, 2024, after the Series B round.
- In January 2026 DayOne bought back ordinary shares from GDS for $385 million, paid from Series C money.
- GDS service and license agreements ended on Dec 31, 2025. A customer support fee ended on Mar 31, 2026, for a one-time $62.0 million fee paid in June 2026.
- DayOne paid GDS $13.6 million in 2024 and $20.9 million in 2025. Revenue through GDS as a sales agent was $14.5 million and $13.2 million.
- GDS guarantees remain on a small number of land leases and one customer contract. No non-compete applies after the offering, and the F-1 says GDS may expand internationally and compete.
- In Indonesia, a sovereign wealth fund that also holds DayOne shares owns 40% of the local company. After the listing it may swap that stake for DayOne ordinary shares, or DayOne may pay it in cash or by promissory note.
- In Finland, Hyperco Oy holds 45% of the local company and DayOne 55%.
21Legal cases · as of Oct 5, 2026
What legal cases does the DayOne offer document list?
Cases are listed as the offer document describes them. A pending case is an allegation until a court or regulator decides it.
22What could go wrong
What could go wrong for DayOne?
- Concentration
One customer pays most of the revenue
The largest customer paid 69.2% of revenue in the six months to Jun 30, 2026, and the top two 84.3%. The F-1 calls the pool of very large customers limited.
Watch The largest customer's share of revenue in the next filing.
- Demand
Customers can end contracts by paying penalties
All contracts let customers end them by paying set costs and penalties. After some years those payments would usually be less than the revenue left to term, per the F-1.
Watch Any terminated or shortened contract reported in a later filing.
- Concentration
Most capacity is in one place
At Sep 20, 2026, two Johor campuses held 82.1% of capacity in service and 61.3% of Bookings (Cityfort calculation from F-1 filed Oct 5, 2026: 47.8% + 34.3% and 28.8% + 32.5%). Malaysia brought 87.0% of revenue in the six months to Jun 30, 2026.
Watch Capacity in service outside Johor, by market.
- Debt
Heavy spending paid for with debt and new shares
Operating cash flow was $14.0 million in the six months to Jun 30, 2026, and capital payments $3,110.0 million. The F-1 says DayOne expects to raise more equity or debt as it wins new Bookings.
Watch New loan facilities and capital spending in the next filing.
- Debt
Debt is mostly at floating rates
The company states $4.9 billion of debt at Jun 30, 2026, and swaps cover 21.0% of its long-term floating debt. A change of control above 35% of votes can require repayment of the Johor loans.
Watch Interest cost, which was $145.4 million in the six months to Jun 30, 2026.
- Regulation
Tension between governments
The F-1 says an Oct 30, 2025 letter from members of the US Congress alleged DayOne is China-linked; the company is not aware of any action. It says tensions could affect its largest customer's future deployments.
Watch Any US government action named in a later filing.
- Legal
Customers and suppliers on US government lists
The F-1 says two customers are on the US Defense Department's Chinese Military Companies list. Its supply chain may include parts from makers on the US Entity List.
Watch Changes to those lists or to US export rules.
- Execution
Losses every year, and a short history
DayOne has made a loss every year since it began in 2022, per the F-1. Its accumulated deficit was $611.7 million at Jun 30, 2026.
Watch Operating result: an $8.4 million profit in the three months to Jun 30, 2026, and a loss in four of the five earlier quarters.
- Currency
Currency swings
The company does not use derivatives to hedge its foreign currency exposure, per the F-1. A foreign-exchange loss was $27.1 million in the six months to Jun 30, 2026, against a $27.0 million gain a year earlier.
Watch The foreign-exchange line in the next filing.
23Risks of the offer
What risks does the DayOne offer document flag?
Size and price not yet set
The F-1 leaves the ADS count, price range, money raised and share count after the offering blank. It warns buyers will face immediate dilution; those figures are blank too.
Broad discretion over the money
The split between new data centers and general purposes is blank, and the F-1 says management will have significant flexibility and discretion.
One director's rights outlast the IPO
William Huang can appoint and remove Class I directors while he holds at least 1.0%. Changing these articles needs 85% of votes cast, and his written consent if his rights are hurt.
Shares unlocked after 180 days
The F-1 lists future sales as a risk. Holders above 5% get rights to demand registration of their shares starting 180 days after the offering, and the lock-up wording for holders is not final.
US investment rules could change
DayOne says it believes it is not a covered foreign person under the US outbound investment rule and the COINS Act. The F-1 says changes could bar US persons from buying ADSs.
Cayman company with home-country governance
DayOne will follow home-country practice on some governance rules, and the F-1 flags limits on enforcing rights against a Cayman Islands company. It also gives reduced disclosure as a foreign private issuer.
No dividend plan and no assured market
DayOne has no present plan to pay dividends, per the F-1. It also says an active market for the ADSs may not develop.
24How it got here
How did DayOne get here?
2022
Milestone
Founded
Incorporated in the Cayman Islands on May 18, 2022 as DigitalLand Holdings Limited. It was formerly a wholly owned GDS subsidiary.
2023
Milestone
First campus in Johor
Delivered its first campus at Nusajaya Tech Park (NTP) in Johor, Malaysia, and bought land at Kempas Tech Park (KTP). It reached 49 MW in service.
2024
Business-model change
Series A and B, and out of GDS's accounts
Raised $1.9 billion in Series A and B preferred shares and entered Greater Bangkok and Tokyo. GDS stopped consolidating it from Dec 31, 2024 after Series B.
2025
Milestone
Europe and Batam
Took its current name on Jan 1, 2025. Entered Greater Helsinki, opened its first Batam data center and raised $1.3 billion in Series C.
2026
Business-model change
Buyback from GDS and more markets
Bought back ordinary shares from GDS for $385 million and raised a further $3.2 billion in Series C. Entered Kuala Lumpur, Zaragoza and Kyushu.
2026
Milestone
F-1 filed
After confidential drafts from Aug 10, 2026, DayOne publicly filed its Form F-1 with the SEC on Oct 5, 2026.
25Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose from $151.5 million in the six months to Jun 30, 2025 to $512.0 million a year later.
- The company counts 2,281 MW of Bookings at Sep 20, 2026, up from 1,250 MW at Dec 31, 2025.
- The company states about $34 billion of remaining contract value at Sep 20, 2026; it is not revenue and leaves out options. GAAP remaining performance obligations were $4,952.5 million at Jun 30, 2026, leaving out variable fees.
- Contracts run mostly 10 to 15 years and are substantially all take-or-pay, per the F-1.
- Operating profit was $8.4 million in the three months to Jun 30, 2026, per the F-1.
What critics point to
- Net loss for ordinary shareholders was $81.9 million in the six months to Jun 30, 2026, and $369.0 million in FY2025.
- The largest customer paid 69.2% of revenue in the six months to Jun 30, 2026, and Malaysia brought 87.0%.
- Capital payments were $3,110.0 million in the six months to Jun 30, 2026, against $14.0 million of operating cash flow.
- The company states $4.9 billion of debt at Jun 30, 2026, mostly at floating rates.
- The F-1 reports two material weaknesses in internal control, and all contracts let customers leave by paying penalties.
26What to watch next
What should you watch next for DayOne?
Next event
Amended F-1 (F-1/A) with a price range and share count
Date not announced yet.
Price range and ADS count
An amended F-1 would state the ADSs offered, the shares per ADS, the price range, the money raised and the split of its use.
Ownership after the offering
Post-offering share counts and percentages are blank, and the lock-up wording for holders is still in brackets.
The largest customer's share
It was 69.2% of revenue in the six months to Jun 30, 2026, and 63.5% a year earlier (Cityfort calculation from F-1 filed Oct 5, 2026: largest customer's revenue ÷ total revenue).
Capacity going into service
962 MW was in service and 1,328 MW under construction at Sep 20, 2026, as the company counts them.
Debt and capital spending
Debt was $4,856.8 million at Jun 30, 2026. The company estimates about $11.4 billion of cost to complete its Bookings.
Internal controls
Progress on fixing the two material weaknesses reported in the F-1.
27Key facts
Key facts about DayOne
- What does DayOne do?
- DayOne (DayOne Data Centers Limited, Singapore) builds data centers and provides space, power and cooling for customers' computer equipment. Revenue was $512.0 million in the six months to Jun 30, 2026. At Sep 20, 2026 it had 962 MW of capacity in service, per its F-1 dated Oct 5, 2026. Its largest market is Johor, Malaysia.
- How does DayOne make money?
- DayOne earns service fees from customers that contract for data center capacity, and customers generally also pay for the power they actually use. DayOne's revenue was $512.0 million in the six months to Jun 30, 2026, per its F-1. The filing gives no split between fees and power.
- What is DayOne's business model?
- DayOne signs customers to contracts of mostly 10 to 15 years, then builds the capacity, per its F-1 dated Oct 5, 2026. Substantially all its contracted capacity is take-or-pay, meaning customers pay even if they use less. All contracts let customers end them by paying set costs and penalties.
- Who are DayOne's customers?
- DayOne's largest customer, which its F-1 does not name, paid 69.2% of revenue in the six months to Jun 30, 2026, and the second largest 15.1%. The F-1 describes the largest as a global technology company with a short-form video platform. DayOne had 15 customers with contracted capacity at Sep 20, 2026.
- How big is DayOne?
- DayOne's revenue was $484.3 million in FY2025 (year to Dec 31, 2025), up from $178.1 million in FY2024, per its F-1. It had 1,280 employees at Jun 30, 2026, and $12,835.9 million of total assets at that date.
- Is DayOne profitable?
- No. DayOne's net loss for ordinary shareholders was $369.0 million in FY2025 and $81.9 million in the six months to Jun 30, 2026, per its F-1. Stock-based pay of $341.8 million made up most of the FY2025 loss.
- What is DayOne's revenue by segment?
- DayOne reports a single segment, per its F-1. By country, in the six months to Jun 30, 2026, Malaysia brought $445.7 million of revenue, Indonesia $46.4 million, Hong Kong $15.0 million, Thailand $1.7 million and other places $3.3 million.
- Who owns DayOne before the IPO?
- Before the IPO, DayOne's largest holders are Coatue entities and Hillhouse entities at 19.5% each, GDS Holdings at 19.4% and Achi entities at 15.6%, per its F-1 dated Oct 5, 2026. Directors and officers as a group hold 6.4%.
- How is DayOne related to GDS?
- DayOne was formerly a wholly owned subsidiary of GDS Holdings, and GDS stopped consolidating it from Dec 31, 2024, per its F-1. GDS held 19.4% of DayOne at Oct 5, 2026, and William Huang, GDS's chairman and CEO, is a DayOne director.
- What is the DayOne IPO?
- DayOne filed a Form F-1 with the SEC on Oct 5, 2026 and has applied to list ADSs on Nasdaq under the symbol DODC. Only DayOne sells, so the money goes to the company; the ADS count and price range are not yet in the filing.
28Sources and changes
Where every number on this page comes from
Sources (2 documents)
- S1DayOne Data Centers Limited Form F-1 Registration Statement (preliminary prospectus), filed Oct 5, 2026 · SEC EDGAR (filed by DayOne Data Centers Limited) · Tier 1: company or exchange filing · Oct 5, 2026
- S4EDGAR filing list for DayOne Data Centers Ltd (CIK 0002118192), read Nov 5, 2026: the F-1 is the latest filing; no F-1/A, FWP, RW or 424B4 · SEC EDGAR · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 5, 2026)
- v1 · Nov 5, 2026First version, based on the F-1 dated Oct 5, 2026. (first version, based on the F-1)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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