BY COMFORT OGBONNA
Global data centre operator DayOne is considering a dual initial public offering in Singapore and the United States, according to a source familiar with the matter, in a move that reflects growing investor interest in digital infrastructure companies powering artificial intelligence and cloud computing.
While the company had initially explored a sole listing in New York, discussions have since shifted toward a potential dual listing structure after encouragement from Singaporean market authorities, the source said. However, the Singapore component of the plan is still not finalized and remains under review.
The company has declined to comment on the IPO plans.
DayOne, which has been preparing for a major public listing, was previously reported to be targeting a U.S. IPO that could raise as much as $5 billion. That offering could value the company at around $20 billion, underscoring strong investor appetite for infrastructure assets tied to artificial intelligence, cloud storage, and hyperscale computing demand.
The firm traces its origins to GDS Holdings, a Shanghai-based data centre operator. Its international arm, originally established in Singapore in 2022 under the name GDS International, was rebranded as DayOne in early 2025 following its separation from its parent company. Despite the restructuring, GDS Holdings still retains a minority stake in the business.
DayOne has attracted backing from several high-profile global investors, including U.S. investment firm Coatue Management, SoftBank Vision Fund, and Citadel Securities founder Ken Griffin, highlighting strong institutional confidence in the sector’s long-term growth potential.
In January, the company raised more than $2 billion in a Series C funding round, though it did not disclose a valuation at the time. The round reportedly priced shares at a 100% premium compared with its previous fundraising, signaling rising investor expectations even before the planned IPO.
That funding round was led by existing investor Coatue and also included participation from Indonesia’s sovereign wealth fund, the Indonesia Investment Authority, further reflecting the global nature of capital flowing into data infrastructure assets.
The potential dual listing comes at a time when competition among global exchanges is intensifying, particularly for high-growth technology firms. Singapore has been actively working to attract major listings to strengthen its stock market, while U.S. exchanges continue to dominate in tech-heavy initial public offerings.
For DayOne, a dual listing could broaden its investor base and increase visibility across both Asian and U.S. capital markets, although final decisions have not yet been confirmed.
As demand for artificial intelligence infrastructure accelerates worldwide, data centre operators like DayOne are increasingly seen as critical players in the global technology ecosystem, positioning the company’s potential IPO as one of the more closely watched listings in the sector.
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