DayOne Data Centers Limited, a Cayman Islands company headquartered in Singapore, filed a registration statement on Form F-1 with the SEC on October 5, 2026 for an initial public offering of American depositary shares. It says it has applied to list them on the Nasdaq Stock Market under the symbol “DODC”. In the preliminary prospectus, the offering price range, the number of ADSs and the proceeds are blank.
The filing says DayOne’s largest customer, which it describes but does not name, accounted for 69.4% of its 2025 revenue and 69.2% of its revenue in the six months ended June 30, 2026. It also says all of its customer contracts allow early termination.
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The key insight: This publication sets two statements from different parts of the filing side by side: a significant majority of customer agreements run 10 to 15 years, and all customer contracts allow early termination with specified costs and penalties. The filing separately says its largest customer, described but not named, was 69.4% of 2025 revenue and 69.2% of first-half 2026 revenue. These are separate statements, and this publication does not link them.
DayOne describes itself as “a leading digital infrastructure platform outside of the United States and China”. The filing says that since its inception in 2022 it has secured 4.6GW of Resources across ten markets, and that about 2.3GW of those are Bookings, “primarily from seven global hyperscale and leading technology customers”.
The terms matter here. The filing defines Bookings as “the total IT Power Capacity committed by customers pursuant to the terms of legally binding customer contracts”. Billings is the part of that capacity which is “income-generating”. The filing says Billings rose from 121MW at December 31, 2024 to 444MW at December 31, 2025 and to 666MW at June 30, 2026.
The filing says DayOne has delivered 962MW of Capacity In Service as of September 20, 2026, and has Reservations of 1.1GW from customers in addition to its Bookings. It says it expects “substantially all” of the Bookings to be delivered by December 31, 2028, “based on our current estimates”. Bookings, Billings and Capacity In Service are three different measures, given at different dates.
Percentages as DayOne’s Form F-1 states them for 2025 and the six months ended June 30, 2026. The filing describes the two largest customers but, in the passages this publication read, does not name them.
The Customers and the Contracts
For 2025 and the six months ended June 30, 2026, the filing says: “our largest customer, a global technology company with a leading short-form video platform serving a worldwide audience, accounted for 69.4% and 69.2%, respectively, of our revenue and our second largest customer represented 12.3% and 15.1%, respectively, of our revenue”. It adds that the top two customers accounted for 81.6% and 84.3% of revenue in the two periods. The passages this publication read give no name for either customer, and this publication does not identify them.
On geography, the filing says its revenue derived from Malaysia was 85.8% of total revenue in 2024, 81.5% in 2025 and 87.0% in the six months ended June 30, 2026. Its summary of risk factors includes the statement: “The majority of our in-service capacity and Bookings are concentrated at two data center campuses located in the same market”.
On contract length, the filing says: “A significant majority of our customer agreements range from 10 to 15 years, with renewal options of typically five years”. It also says that “Power is generally charged based on customers’ actual power consumption on a pass-through basis”.
A risk factor in the filing says: “All of our customer contracts allow for early termination with the payment of specified costs and penalties, which after a certain number of years would usually be less than the revenues we would expect to receive under such contracts had they been fulfilled to term”. It adds that the contracts “may be terminated for force majeure for extended periods of time without penalty or in case of material defaults or failures including delay of delivery and certain SLA related breaches, subject to certain cure periods”.
On returns, the filing says: “In Southeast Asia, according to Structure Research, this approach delivers capacity at a cost that is around 20% to 30% below industry average and within 12 months, and achieves a development yield of around mid-teens underpinned predominantly by long-term take-or-pay contracts with our hyperscale customers”. The filing separately says it estimates that, across the projects for which it has secured Bookings as of September 20, 2026, it will achieve a development yield of “around mid-teens”.
Revenue, Losses and the Adjusted Measure
The filing says revenue rose 171.9% from US$178.1 million in 2024 to US$484.3 million in 2025, and 238.0% from US$151.5 million in the first six months of 2025 to US$512.0 million in the first six months of 2026. It says net loss was US$57.6 million in 2024 and US$367.1 million in 2025, and US$12.6 million and US$77.2 million in the two half-years. Its risk summary says: “We have incurred net losses in each year since inception”.
DayOne also reports adjusted EBITDA, a non-GAAP measure it defines as net loss excluding interest income, interest expense, income tax, depreciation, amortization of land use rights, foreign exchange loss or gain, share-based compensation, a gain on disposal of a subsidiary and “a one-time termination fee paid to terminate our historical customer support arrangement”. The filing’s reconciliation lists adjusted EBITDA of US$180.7 million for 2025 and US$205.9 million for the first half of 2026, margins of 37.3% and 40.2%, and share-based compensation of US$341.8 million in 2025 and US$40.4 million in the first half of 2026. These are the filing’s figures and its own definition.
What Is Still to Be Built and How It Is Funded
The filing says: “We estimate the cost to complete our Bookings at approximately US$11.4 billion, after deducting the cost we had spent up to June 30, 2026”. It adds: “We believe that our currently available capital resources will be sufficient to fully fund our current Bookings”.
As of June 30, 2026, the filing says, DayOne had cash of US$1,981.6 million, long-term borrowings of US$4,348.7 million, short-term borrowings and the current portion of long-term borrowings of US$77.8 million, and unutilized credit facilities of US$1,821.4 million. It says it raised US$1.9 billion through Series A and Series B equity financings in 2024, and another US$1.3 billion in 2025 and US$3.2 billion in 2026 in connection with its Series C financing.
On ownership, the filing says DayOne was a consolidated subsidiary of GDS Holdings Limited, which it describes as “a Nasdaq and Hong Kong Stock Exchange dual-listed developer and operator of data centers in China”, and was deconsolidated from GDS with effect from December 31, 2024. It says GDS now holds 19.4% of its shares, and separately that in January 2026 DayOne conducted a share repurchase of ordinary shares from GDS for a consideration of US$385 million.
The Structural Read
The filing gives three capacity measures, at two dates. Bookings, about 2.3GW, and Capacity In Service, 962MW, are as of September 20, 2026; Billings, 666MW, is as of June 30, 2026. Bookings is capacity committed under legally binding customer contracts, Billings is the income-generating part of it, and the filing says it has delivered the Capacity In Service. The filing says it expects substantially all of the Bookings to be delivered by December 31, 2028, based on its current estimates.
The concentration is stated for customers and for geography. The filing says its largest customer was 69.4% and 69.2% of revenue and its top two customers 81.6% and 84.3%, and that revenue derived from Malaysia was 85.8%, 81.5% and 87.0% of the total for 2024, 2025 and the first half of 2026. Its risk summary says the majority of in-service capacity and Bookings are concentrated at two campuses in the same market.
The financing is stated alongside the build. The filing says it estimates the cost to complete the Bookings at approximately US$11.4 billion after costs spent up to June 30, 2026, and that it believes its currently available capital resources will be sufficient to fully fund them. It lists US$4,348.7 million of long-term borrowings and US$1,981.6 million of cash at June 30, 2026, and says that as it wins new Bookings it expects it will need to raise additional funds through equity or debt financings.
DayOne’s Form F-1, risk factors
“All of our customer contracts allow for early termination with the payment of specified costs and penalties, which after a certain number of years would usually be less than the revenues we would expect to receive under such contracts had they been fulfilled to term.”
Three Implications
CONCENTRATION IS A STATED FIGURE The filing states the largest customer’s share of revenue in both periods it reports, 69.4% and 69.2%, and the second customer’s 12.3% and 15.1%. It describes both customers without naming them, and this publication does not identify them.
CONTRACT LENGTH AND EXIT TERMS, AS THE FILING STATES THEM The filing says a significant majority of customer agreements run 10 to 15 years with renewal options of typically five years, and that all contracts allow early termination with specified costs and penalties. Both statements are the company’s own.
WHAT REMAINS OPEN The price range, the number of ADSs and the proceeds are blank, and the cost to complete, the delivery dates and the development yield are the filing’s estimates. This publication did not read every page of the prospectus and did not contact DayOne.
What Is Not Established
This is a preliminary prospectus. The price range, the number of ADSs, the proceeds and the use-of-proceeds percentages are blank, so there is no price or valuation to report. The cover names Morgan Stanley, J.P. Morgan, BofA Securities and Citigroup, with BNP Paribas also listed.
The cost to complete, the delivery dates, the development yield and the sufficiency of capital are the filing’s estimates and expectations, not results. The market-size figures and the cost comparison are the filing’s quotations of Structure Research and its own claims; this publication did not check them. This publication reported on Quanome’s 8-K the same day, a different company’s capacity contract, and draws no comparison between the two.
This publication read the F-1’s summary, the risk factor on customers and contract termination, management’s discussion and analysis, the non-GAAP reconciliation and the liquidity section. It did not read every page of the prospectus, and it did not contact DayOne, the underwriters or any customer. Nothing here covers how the offering is priced, whether it completes or how the shares trade.
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DayOne Data Centers’ F-1, filed October 5, 2026, says its largest customer was 69.4% of 2025 revenue and 69.2% of first-half 2026 revenue, that a significant majority of its customer agreements run 10 to 15 years, and that all of its customer contracts allow early termination with specified costs and penalties. It also says it has about 2.3GW of Bookings, 962MW of Capacity In Service and an estimated US$11.4 billion cost to complete the Bookings.
The price range and the ADS count are blank. All of it is DayOne’s own statement; this publication verified none of it independently.
A note on sourcing. We drew everything here from DayOne Data Centers Limited’s Form F-1 preliminary prospectus, filed with the SEC on October 5, 2026 (accession 0001193125-26-414188) and read that same day on sec.gov. We did not contact DayOne, and we have not checked the prospectus’s claims independently. Nothing we’ve written predicts future performance or constitutes investment advice, an offer to sell, or a solicitation to buy any security.
Gennaro is the creator of FourWeekMBA, which reached about four million business people, comprising C-level executives, investors, analysts, product managers, and aspiring digital entrepreneurs in 2022 alone | He is also Director of Sales for a high-tech scaleup in the AI Industry | In 2012, Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy.
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