DayOne plans US-SGX dual listing to raise $5B at $20B valuation

DayOne Data Centers, the international data-center operator that emerged from China’s GDS Holdings, is preparing a dual listing on both a US exchange and the Singapore Exchange that would raise roughly $5 billion and value the company at up to $20 billion. If it pulls this off, DayOne wouldn’t just be staging one of the year’s biggest tech IPOs. It would also become the first major test case for SGX’s new dual-listing framework with Nasdaq, a partnership designed to make it easier for large companies to tap both American and Asian capital pools simultaneously. A war chest that keeps growing DayOne closed a Series C round that brought in over $2 billion in January 2026, then topped itself with a final close of $4.5 billion in June 2026. Total equity raised since the company was established in 2022 now exceeds $6 billion. The investor roster reads like a who’s who of growth-stage tech finance. Coatue Management, Hillhouse, SoftBank Vision Fund, and Ken Griffin are all backers. Meanwhile, GDS Holdings retains a minority stake of approximately 19.9%, valued at over $2.2 billion after a partial sale. JPMorgan, Morgan Stanley, Bank of America, and Citigroup are lined up to lead the trans...