Amid the listing boom in the AI infrastructure sector, Singaporean data center operator DayOne, backed by substantial orders from ByteDance, has submitted an F-1 registration statement to the U.S. SEC, planning to list on Nasdaq. Initially, DayOne aimed to raise up to $5 billion with a valuation of approximately $20 billion. However, the current capital market has adopted a more rational stance toward the AI sector, with several AI infrastructure unicorns facing obstacles in going public. Timing its listing poorly, DayOne subsequently indicated it might delay the listing or reduce the fundraising scale, with the proposed fundraising amount now adjusted down to $2.5 billion to $3 billion. Originally a subsidiary of GDS Holdings' overseas business, DayOne was later spun off, financed, and independently renamed. Currently, its equity is widely dispersed, and its business footprint is extensive, but its revenue is highly dependent on ByteDance, with nearly 70% of income derived from its largest client. To optimize its revenue structure, DayOne is actively expanding into new clients such as Oracle. The data center industry requires significant upfront capital investment. Despite experiencing rapid revenue growth, DayOne continues to incur losses, with outstanding debt reaching $4.9 billion. Against the backdrop of cautious expectations from the current capital market toward the AI infrastructure sector, DayOne's listing prospects remain fraught with uncertainty.