Deion is planning a dual IPO in Singapore and the US at a valuation of $20 billion
Dayone Data Center is planning a dual listing in the US and Singapore that could value the company at up to $20 billion. That represents a 2x jump from the pre-IPO estimate of nearly $10 billion in the Series C round, which closed at just over $2 billion.
From GDS International to Deion
Dayon was formerly known as GDS International, the overseas arm of GDS Holdings, one of China's largest data center operators. A rebrand and corporate restructuring repositioned DayOne as an independent entity focused on markets outside of mainland China.
The company now operates data centers in Singapore, Malaysia, Indonesia, Thailand, Hong Kong, Tokyo and Finland.
Deion has raised $1.9 billion in two funding rounds in 2024 alone, attracting checks from Coatue Management, Hillhouse Investment, SoftBank Vision Fund, Boyu Capital and Ken Griffin, the founder of Citadel, whose private investment activity is tilted toward infrastructure plays.
The parent company, GDS Holdings, sold $385 million worth of DayOne shares in January. Even after that sale, the remaining stake was valued at more than $2.2 billion.
Why double listing, and why now
A Singapore listing gives DayOne proximity to its core operating markets and access to institutional capital in Southeast Asia. The US listing opens the door to the deepest equity market on the planet, with data center stocks among the best performers of the past two years.
Finland's practice is an interesting wrinkle. The Nordic countries offer cheap, renewable energy and a naturally cool climate, both of which significantly lower operating costs for high-density computing.
What does this mean for digital asset infrastructure?
DayOne's footprint in Singapore is particularly significant. The city-state positioned itself as Asia's main hub for regulated digital asset activity as the Monetary Authority of Singapore granted approval to a growing list of crypto companies.
Chinese companies listed in the U.S. have faced heightened scrutiny after the Holdings Foreign Companies Accountability Act tightened audit requirements. DayOne Corp.'s restructuring and rebranding as an independent non-China-resident entity appears designed to sidestep those concerns.
With $2 billion in new capital and a roster of blue-chip backers, DayOne has the balance sheet to secure the right market window.
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