Singapore’s DayOne data centers closes USD 4.5bn Series C, setting up run at USD 20bn IPO

DayOne Data Centers has finished raising one of the largest private rounds ever seen in the data-center business. The Singapore-headquartered company said it had closed its Series C equity financing at USD 4.5bn in gross proceeds, wrapping up a fundraise that started back in January 2026 with an initial USD 2bn tranche.

The math is straightforward: roughly USD 2.5bn came in during the second leg of the round, on top of the USD 2bn secured five months earlier. What’s more notable is who wrote the checks. Coatue Management, the New York investment firm, and Hong Kong’s Hillhouse Investment led the closing, becoming DayOne’s two largest shareholders. Indonesia’s sovereign wealth fund, the Indonesia Investment Authority, and Achi Capital Partners also joined as new backers.

Neither DayOne nor its investors put an official number on what the company is now worth. But the figures floating around the market tell their own story. The January close was said to value DayOne near USD 10bn; by the time the round closed in June, reports pegged the company closer to USD 20bn, a doubling in valuation in under half a year, which says a lot about how hungry investors currently are for anything tied to AI infrastructure.

DayOne isn’t a household name, but its footprint is substantial. Spun out of Chinese operator GDS Holdings and repositioned as an independent, Singapore-based platform, the company now runs or is building data-center campuses across Singapore, Malaysia, Indonesia, Thailand, Japan, Hong Kong, Finland and Spain. It says it has locked in more than 1.5 GW of customer bookings since launching in 2022, the kind of contracted demand that makes both equity investors and lenders comfortable.

That last point matters, because the equity raise is only part of the picture. DayOne is also said to be negotiating an expansion of its corporate loan facility to as much as USD 7bn, which would make it the largest such borrowing by a data-center operator in Asia. Land, power hookups, substations and cooling infrastructure don’t come cheap, and DayOne is clearly building a capital structure with equity plus debt, designed to fund years of construction across multiple countries at once.

All of this looks like preparation for something bigger: a public listing. Bloomberg has reported DayOne is lining up banks for a possible dual IPO on Nasdaq and the Singapore Exchange, targeting around USD 5bn in proceeds and a valuation near USD 20bn. The Singapore piece isn’t incidental – for a company with roots in China and ambitions on Wall Street, a Singapore listing gives investors a cleaner story to tell their own committees.

Whether the IPO actually lands at that valuation is a separate question. But the message from Coatue and Hillhouse doubling down on their bets is hard to miss: they’re wagering that public markets still have an appetite for scarce AI infrastructure in Asia even as some investors start asking whether the AI buildout has gotten ahead of itself.

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