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Editor’s Note: My next quantum Pre-IPO just opened to investors and it’s already about one-third filled.
The company builds post-quantum security technology and is preparing for a Nasdaq listing. Shares are priced below $5. And the deal is open to U.S. citizens right now.
Given how fast it’s filling, I wouldn’t wait. Go here for the offering details.
Another AI data center company is heading to the Nasdaq.
DayOne Data Centers (private) made its IPO filing public on Monday.
The Singapore-based company builds and operates data centers for cloud and AI customers across Asia and Europe. It was spun off from China-based GDS Holdings, which still owns 19.4%.
DayOne Data Centers
NASDAQ: DODC
Target Raise: About $3 billion (estimated)
Valuation: About $20 billion (reported)
Underwriters: Morgan Stanley, JPMorgan, BofA Securities and Citigroup
IPO Date: Not yet set
The growth is hard to ignore.
• First-half revenue: $512 million, up from $151.5 million a year earlier
• 2025 revenue: $484.3 million, up 172%
• First-half adjusted EBITDA: $205.9 million, a 40% margin
• Customer bookings: 2.3 gigawatts
DayOne brought in more revenue in the first six months of 2026 than in all of 2025.
That’s a very different setup from Nscale, the data center IPO I flagged last week. Nscale brought in $140.6 million in the first half and lost more than $1 billion. DayOne still posted a net loss of $77.2 million in the first half. But its operating business is solidly profitable on an adjusted basis.
Want to invest in a company before its Nasdaq debut? Here’s the quantum deal I’m most excited about.
Then I got to the customer section.
DayOne’s largest customer accounted for 69.2% of first-half revenue.
The filing describes it only as “a global technology company with a leading short-form video platform.” It doesn’t give a name. The top two customers together made up 84.3% of revenue.
The geography is concentrated too. Malaysia supplied 87% of first-half revenue.
Most of DayOne’s contracts run 10 to 15 years, which is a plus. But every one of them allows the customer to leave early by paying specified costs and penalties.
There’s a strong case for the stock. Demand for AI computing power keeps outrunning supply. DayOne has 2.3 gigawatts booked against 962 megawatts in service, so much of its future growth is already under contract. Coatue and Hillhouse led its $4.5 billion Series C in June.
The risks are just as clear.
Finishing the capacity it has booked will cost another $11.4 billion. DayOne had $1.98 billion in cash at the end of June, so that means more debt or more stock. And one customer’s spending decisions could reshape the entire business.
Then there’s the price. At $20 billion, investors would pay about 24 times DayOne’s revenue over the past 12 months.
DayOne hasn’t set a price range. When it does, I’ll be watching two things: how much of the deal goes to the company versus existing shareholders, and whether the valuation lands below that $20 billion talk.
By the time a deal like this sets terms, the private rounds are long closed. Coatue and Hillhouse got in early. Most investors get the IPO price.
I’d rather invest while a company is still private.
The quantum Pre-IPO I mentioned above is open, with shares priced below $5. But it’s filling up quickly. About a third of the deal is already spoken for.
Go here to claim your shares before it fills.
Ian Wyatt
Editor, IPO Watch