Singapore-based data-centre operator DayOne is considering a dual stock-market listing in the United States and Singapore, a Reuters source familiar with the matter said. Plans for a Singapore listing are not yet concrete.
What has happened so far
The company had originally been thinking only of a New York listing. The Financial Times reported that officials from the Singapore Exchange persuaded DayOne’s management of the benefits of a parallel listing. DayOne declined to comment on press reports.
In February, Reuters reported that DayOne planned to raise about $5 billion through a U.S. initial public offering (IPO). That deal could value the company at as much as $20 billion.
Company background and investors
DayOne’s origins trace back to Shanghai-based GDS Holdings. GDS established a Singapore subsidiary, GDS International, in 2022; following a spin-off from the parent company in January 2025 the business was renamed DayOne. GDS Holdings remains a minority shareholder in the company.
Current investors in DayOne include U.S. Coatue Management, SoftBank Vision Fund, and Ken Griffin, founder of Citadel Securities. In January 2025 the company raised more than $2 billion in a Series C financing round led by Coatue; among other participants was the Indonesia Investment Authority, the Indonesian sovereign wealth fund. The valuation implied by that round was roughly double the previous funding round’s valuation, although the exact figure was not disclosed.
Why it matters
A dual listing would likely boost DayOne’s international profile and liquidity and allow it to tap capital from multiple markets and investor bases. However, key details — including exact timing and the number of shares to be offered — have not yet been made public.
This article is not investment advice or a recommendation.
