Singapore-based data center developer DayOne has filed for a US listing, planning to debut on Nasdaq in 2026 with a target of raising up to approximately US$5 billion and a potential valuation of about US$20 billion. The company was formerly the international business of GDS, founded in 2022 and formally spun off in 2025. It focuses on the development and operation of hyperscale data centers and has built the SIJORI cross-border data center model, holding roughly 33% market share in the Singapore-Johor-Batam region; it is also laying out cutting-edge biological data center projects. Revenue is growing rapidly, with first-half 2026 revenue already exceeding the full year of 2025, though the company remains loss-making. Since its founding, it has raised a cumulative approximately US$6.4 billion in equity financing and has adopted a wholesale hyperscale data center model that can compress delivery cycles to 8.5 to 12 months, with costs 20%-30% lower than those of industry competitors. Its customer base is highly concentrated: nearly 70% of revenue in the full year of 2025 and the first half of 2026 came from ByteDance, with Oracle as the second-largest customer, and the two major customers together contributing nearly 85% of revenue. ByteDance's share of committed amounts under new contracts has since dropped to less than 50%. DayOne's business currently covers 10 markets globally, with total computing power resources of approximately 4.6 GW. Looking ahead, it needs to advance customer diversification and ensure the fulfillment of long-term contracts.