Singapore-Based DayOne Targets $20 Billion Valuation in Planned U.S. IPO

DayOne, a data center operator headquartered in Singapore, is setting sights on a valuation that could reach as high as $20 billion in its proposed initial public offering (IPO) in the United States. This valuation target marks a considerable increase from valuations established during prior private funding rounds and represents a major milestone as the company contemplates entering public capital markets. Sources familiar with DayOne's plans have indicated that discussions continue to evolve, with representatives engaging financial institutions regarding the structure and timing of a potential share offering. While no definitive decision has been reached, the IPO may be scheduled to take place within the current calendar year. Notably, the possibility of a dual listing—whereby DayOne would be publicly traded on exchanges in both the United States and Singapore—is also under consideration, demonstrating the company’s strategic approach to capital access and investor reach. Earlier this year, DayOne—formerly operating under the name GSD International (GSDI)—completed a Series C fundraising round amounting to roughly $2 billion. According to the firm’s release, the infusion of capital is intended to expedite its global digital infrastructure growth agenda. This recent funding was spearheaded by leading global investor Coatue Management alongside the Indonesia Investment Authority (INA), the sovereign wealth fund of Indonesia. Following the Series C round, DayOne's valuation reportedly stood at approximately $10 billion, doubling previous levels and underpinning its rapid growth trajectory. The year 2024 has been marked by considerable capital injections into DayOne via earlier Series A and B rounds, which collectively raised $1.9 billion. These rounds attracted investments from prominent private equity and venture capital entities including Boyu Capital, Hillhouse Investment, the SoftBank Vision Fund, and Citadel CEO Ken Griffin. These backers have provided significant financial support, reflecting confidence in DayOne’s business model and expansion potential. In addition to private equity and venture capital stakeholders, Chinese data center operator GSD Holdings, a key supporter of DayOne, recently executed a transaction selling $385 million worth of its shares in DayOne. Despite this sale, GSD Holdings continues to maintain an equity interest valued at over $2.2 billion, underscoring substantial ongoing involvement in the company’s development. DayOne maintains an extensive network of data center facilities located in strategic markets across Asia and Europe. These include centers situated in Thailand, Singapore, Malaysia, Indonesia, Hong Kong, Tokyo, and Finland. This geographic distribution supports DayOne’s mission to build and expand digital infrastructure capacities responsive to increasing data demands globally. As the company navigates the complexities of a potential IPO with a target valuation that signifies a major leap from earlier measures, several operational and market considerations will come into focus. The choice to explore a listing on multiple exchanges could provide enhanced liquidity and visibility while spreading regulatory risks. However, the timing and success of such public offerings hinge on market conditions and investor appetite. While plans remain tentative and discussions ongoing, DayOne’s positioning as a prominent player in the private-equity-backed AI infrastructure and data center space is becoming increasingly evident. The company’s trajectory indicates an aggressive growth and funding strategy aimed at capitalizing on the expanding needs for digital infrastructure services in diverse international markets. Key stakeholders will be closely monitoring the company’s progress as it moves closer to an IPO, assessing the implications for valuation, investor participation, and long-term returns. The unfolding of DayOne's public market debut will be a critical event for investors and market watchers interested in the evolving landscape of data center infrastructure and AI-related asset deployment.