Singapore-headquartered data center operator DayOne Data Centers submitted an F-1 registration statement to the US Securities and Exchange Commission (SEC) on Monday, seeking an initial public offering of American Depositary Shares (ADS) on the Nasdaq stock market under the ticker symbol "DODC."

The company plans to allocate IPO proceeds toward developing and constructing new data center projects, as well as for working capital and other general corporate purposes.

DayOne has not yet disclosed the size of the offering, though prior reports indicated the company aims to raise as much as $5 billion, with a potential valuation reaching $20 billion.

DayOne develops and operates data centers for cloud computing and artificial intelligence (AI) clients, providing services including server room space, power, cooling, and network connectivity, primarily through long-term contracts.

According to its filing, DayOne's operations span the Asia-Pacific region and Europe, covering markets such as Malaysia, Indonesia, Thailand, Hong Kong, Japan, Finland, and Spain.

Meanwhile, the filing reveals that DayOne's revenue has surged dramatically amid robust demand driven by the AI boom. For the six months ended June 30, the company reported revenue of $512 million, compared with $151.5 million in the same period a year earlier. However, its losses also widened, expanding from $12.6 million in the prior-year period to $77.2 million.

DayOne is among a wave of data center companies planning IPOs as early as this year. According to people familiar with the matter, other candidates include Switch Inc., which is seeking a valuation approaching $50 billion including debt, and London-based Nscale, which could raise up to $3 billion.

DayOne is not relying on a forward-looking narrative to raise capital. In June, the company completed a $4.5 billion Series C funding round led by its largest shareholders Coatue Management and Hillhouse, with new investors Achi Capital Partners and the Indonesian Investment Authority also participating. Other backers include SoftBank Vision Fund and Citadel founder Ken Griffin.

Since its founding in 2022, DayOne has secured over 1.5 GW of capacity bookings across Asia-Pacific and Europe, and has explicitly committed to building "AI-ready" data center campuses designed for hyperscale cloud providers and enterprise clients. As such, this IPO essentially brings a "power plus land plus server rooms plus AI computing capacity" proposition—already validated by private capital—into the world's largest public equity market for repricing during the most intense capital expenditure cycle of the AI boom.

It is worth noting that DayOne's IPO filing comes as surging US bond yields and elevated interest rates cast a shadow over the outlook for the autumn IPO market, prompting several large offerings to be postponed. Data centers are also facing scrutiny for their heavy consumption of electricity, water, and land, with local communities increasingly concerned about the impact on power grids, electricity bills, and local resources. Despite the challenging market environment, DayOne is still expected to attract capital by leveraging sustained strong investor demand for AI infrastructure.