DayOne Pushes for November IPO as Data Centre Listings Face Scrutiny — SkimNews
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- DayOne plans to file publicly with the SEC in mid-October and list in November, targeting roughly $20 billion in valuation with up to $5 billion raised, backed by Coatue and Hillhouse after a $4.5 billion Series C in June.
- The Singapore-based operator has secured about 2.1 gigawatts of capacity bookings and runs sites across Malaysia, Hong Kong, Japan, Finland and Spain — operational assets that distinguish it from rivals whose projects remain under development.
- SB Energy, SoftBank-backed, postponed its IPO this week amid additional SEC questions, investor concern over its roughly $60 billion valuation, and heavy reliance on OpenAI as a major customer, while a separate Oracle–Blue Owl dispute could delay a data centre project in New Mexico.
- Nvidia has agreed to guarantee up to $105 billion to help OpenAI lease SB Energy's Ohio data centre and separately invested $1.5 billion in SB Energy, as SoftBank markets a $10 billion debt deal to fund its OpenAI investments.
- Switch has confidentially filed for an IPO and is expected to launch its offering after DayOne, with Vantage Data Centers and CyrusOne also exploring or preparing listings.
- Shenton Research's Ke Yan told the outlet that "the dividing line is whether demand is contracted and already energized, or only planned," as investors increasingly screen for secured power supply, contracted capacity and long-dated take-or-pay contracts.
Why it matters: Investors are drawing a sharper line between diversified data centre operators with contracted capacity and those leaning on single AI customers. DayOne's 2.1 GW of bookings and Asia-Pacific-Europe footprint make it a test case for whether diversified AI infrastructure can still list at scale, while SB Energy's delay shows the SEC and capital markets are no longer accepting concentrated AI exposure at premium valuations.
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