Data-center operator DayOne is moving toward a potential U.S. initial public offering as soon as November, testing investor appetite for AI infrastructure at a time when higher interest rates are making capital-intensive projects more difficult to finance.
The Singapore-based company plans to make its U.S. Securities and Exchange Commission filing public around mid-October before a potential November debut, Reuters reported, citing people familiar with the plans.
The timetable remains subject to change, and DayOne declined to comment.
DayOne could seek as much as $5 billion in the offering at a valuation of approximately $20 billion. The company raised $4.5 billion in a Series C financing round completed in June.
Its operating footprint is a central part of the investment case.
DayOne has secured roughly 2.1 gigawatts of capacity bookings and operates data centers across Asia-Pacific and Europe, including Malaysia, Hong Kong, Japan, Finland and Spain.
The planned offering comes as investors become more selective about the enormous capital requirements associated with artificial-intelligence infrastructure.
Higher interest rates increase financing costs for projects that can require billions of dollars upfront, while investors are demanding clearer evidence of contracted customers, available power and predictable cash flows.
That scrutiny has already affected other prospective listings. SoftBank-backed SB Energy has delayed formally marketing its planned IPO while addressing regulatory questions and investor concerns over valuation and customer concentration.
The contrast illustrates an important shift in AI investing.
The market is increasingly differentiating between operational infrastructure with diversified customers and projects dependent on future capacity, concentrated customers or aggressive financing assumptions.
For investors, DayOne’s offering could therefore become a significant test of whether enthusiasm for AI infrastructure remains strong enough to support large public-market valuations under tighter financial conditions.
