Investment Review №355. The Rally Isn't for Everyone
Yerlan Abdikarimov
Head of Financial Analysis Department at Freedom Broker
IPO of DayOne Data Centers Limited. Superalloy Manufacturer
DayOne Data Centers Limited filed for an IPO on October 5, 2026. The company is a data-center developer with operations across Southeast Asia and Europe. The offering is being underwritten by Morgan Stanley, J.P. Morgan, BofA Securities, Citigroup and BNP Paribas.
Investment Potential
Company Profile. Singapore-based DayOne operates across Asia-Pacific, excluding China, and Europe, providing data-center capacity, power and cooling for customers’ IT infrastructure under long-term contracts. Since its founding in 2022, the company has secured 4.6GW of aggregate capacity across operating assets, projects under construction and powered land sites, including ~2.3GW of contracted capacity, primarily from seven global hyperscale and technology customers. A significant portion of DayOne’s customer contracts have 10-15 year terms, typically with options to extend for up to five additional years. The company’s footprint spans Malaysia, Indonesia, Singapore, Thailand, Japan, Finland and Spain, with Malaysia accounting for the vast majority of revenue in 1H26.
Potential Market. According to Structure Research, global data-center capacity is expected to increase by 135GW, from an estimated 90GW in 2025 to 225GW by 2030. AI workloads are expected to be the primary growth catalyst, accounting for ~59% of incremental demand. As a result, AI is projected to increase its share of global data-center capacity from 14% in 2025 to 41% by 2030.
Financial Performance. In 2025, the company's revenue growth came in at 172%, accelerating to 238% in 1H26. EBIT margin deteriorated from -2% in FY24 to -64% in FY25, before recovering materially to -8% in 1H26. As of the end of 1H26, debt accounted for 33.8% of the company's total assets.