DayOne dual IPO in Singapore & US, possible $20B valuation

DayOne Data Centers, formerly GDS International, plans a dual IPO in Singapore and the US that could value the company at up to $20 billion—about 2x its prior pre-IPO valuation near $10 billion. The company raised more than $2 billion in fresh funding, including $1.9 billion across two rounds in 2024, supported by backers such as Coatue Management, Hillhouse Investment, SoftBank Vision Fund, Boyu Capital, and Ken Griffin (Citadel). The group says it rebranded and reorganized to operate as an independent entity focused outside mainland China. DayOne now runs data centers across Singapore, Malaysia, Indonesia, Thailand, Hong Kong, Tokyo, and Finland. In January, GDS Holdings sold $385 million of DayOne shares; even after the sale, its remaining stake was valued at over $2.2 billion. Why the dual IPO now: A Singapore listing places DayOne closer to its Southeast Asian operating footprint and to institutional capital. A US listing provides access to the deepest equity market, where data center stocks have been among the strongest performers over the past two years. The Finland operations are framed as a cost advantage, citing cheaper renewable energy and cooler climates that lower high-density compute costs. Crypto-market relevance: DayOne’s Singapore footprint matters to digital asset infrastructure because Singapore is positioning itself as a regulated crypto hub, with the Monetary Authority of Singapore licensing growing numbers of crypto firms. For Chinese-origin companies, US listings have faced increased scrutiny under the Holding Foreign Companies Accountable Act; DayOne’s non-China-domiciled structure is presented as a way to reduce such audit-risk concerns. With substantial capital raised, the company can wait for favorable market conditions for its dual IPO.