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DayOne plans US-SGX dual listing to raise $5B at $20B valuation
The data-center operator spun out from China's GDS Holdings is targeting one of the largest tech IPOs of the year while testing Singapore's new dual-listing framework with Nasdaq.
DayOne Data Centers, the international data-center operator that emerged from China’s GDS Holdings, is preparing a dual listing on both a US exchange and the Singapore Exchange that would raise roughly $5 billion and value the company at up to $20 billion.
If it pulls this off, DayOne wouldn’t just be staging one of the year’s biggest tech IPOs. It would also become the first major test case for SGX’s new dual-listing framework with Nasdaq, a partnership designed to make it easier for large companies to tap both American and Asian capital pools simultaneously.
A war chest that keeps growing
DayOne closed a Series C round that brought in over $2 billion in January 2026, then topped itself with a final close of $4.5 billion in June 2026. Total equity raised since the company was established in 2022 now exceeds $6 billion.
The investor roster reads like a who’s who of growth-stage tech finance. Coatue Management, Hillhouse, SoftBank Vision Fund, and Ken Griffin are all backers. Meanwhile, GDS Holdings retains a minority stake of approximately 19.9%, valued at over $2.2 billion after a partial sale.
JPMorgan, Morgan Stanley, Bank of America, and Citigroup are lined up to lead the transaction.
Why dual-list in Singapore?
SGX and Nasdaq launched a collaboration framework aimed at streamlining the filing process for companies that want to list on both exchanges. The arrangement requires a minimum of 15% of the offering to occur on SGX, giving Singapore meaningful skin in the game while the company still gets access to the deeper liquidity of US markets.
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For DayOne, the company operates hyperscale data centers across Asia-Pacific and Europe. Listing in both the US and Singapore lets it build relationships with the two investor bases most relevant to its business geography.
The company rebranded to DayOne in January 2025 after its separation from GDS Holdings.
The AI infrastructure gold rush
DayOne operates hyperscale data centers with over 1.5 gigawatts of capacity already booked, positioning it squarely in the middle of the current demand for AI-ready computing infrastructure.
What to watch
No official timeline has been confirmed for the listing, and the company has noted that final decisions remain subject to market conditions.
The structure of the deal will also matter. How DayOne splits the $5 billion raise between the US and Singapore tranches will signal how much weight the company places on each investor base. The 15% SGX minimum means at least $750 million would flow through Singapore.