One Customer Is
69% of Revenue.
Shareholders Will Elect
2 of 8 Directors.

On October 5, 2026, DayOne Data Centers filed a prospectus on Form F-1 with the SEC for a listing in the United States. It is headquartered in Singapore and incorporated in the Cayman Islands. It rents space, power and cooling in data centers to large cloud and AI companies. It was founded in 2022. As of September 20, 2026, it had 962 MW in service and 1,328 MW under construction. It has also secured sites in Japan: in Imari, on the island of Kyushu, and in Fuchu and Kodaira, in Tokyo.

Revenue is growing. For the six months ended June 30, 2026 it was $512 million, 3.4 times the same period a year earlier. But about 70% of that revenue comes from one customer: 69.4% in 2025 and 69.2% in the first half of 2026. The prospectus does not name the customer. It describes it only as a global technology company with a leading short-form video platform serving a worldwide audience.

The concentration is not only in customers. In the first half of 2026, 87.0% of revenue came from a single country, Malaysia, and more than 80% of the capacity in service sits on two campuses in the state of Johor. The company introduces itself as a platform “outside of the United States and China”. The same document says that it was a subsidiary of GDS, a developer and operator of data centers in China, when it was established, and that a letter from members of the U.S. Congress alleged it to be a “China-linked company”.

The listing also changes how the board is chosen. There will be eight directors. Shareholders vote on only two of them, and the board approves the candidates first. Of the other six, one is appointed by William Wei Huang, the chairman of GDS, and five are chosen by the board itself. Shareholders cannot remove those six. A buyer of the shares buys a stake in a growing business. The right to choose its directors mostly does not come with it.

Ten questions. We lay out only what the F-1 says.

Question 1

What is this company, really?

In one line: a landlord that rents buildings and power to the giants of cloud and AI.

What DayOne rents out is the space to house servers, the power brought to that space, and the equipment that cools the machines. Customers bring in their own IT equipment and run it themselves. The company’s job is to put up the building, keep the power on and hold the temperature where it has promised.

The main tenants are what the prospectus calls “hyperscalers”: large technology companies that use data center capacity to support cloud computing, AI and internet services. DayOne rents to a limited number of them, in blocks of tens to hundreds of megawatts.

“

Our vision is to create the largest global platform comprising multiple gigawatt-scale data center campuses in strategic locations, offering a unique value proposition to our customers.

DAYONE F-1 (OCT 2026) — PROSPECTUS SUMMARY

Scale is measured in MW (megawatts). A data center’s size is counted not in floor area but in the amount of power available to the computers. As of September 20, 2026, 962 MW was in service, 1,328 MW was under construction, and a further 2,308 MW was land where power, the site and permits were secured but construction had not begun. Together that is about 4.6 GW.

The sites are spread across ten markets: Singapore; Johor and Kuala Lumpur in Malaysia; Batam in Indonesia; the Bangkok area in Thailand; Hong Kong; Kyushu and Tokyo in Japan; the Helsinki area in Finland; and Zaragoza in Spain. Most of the capacity in service, though, is in Johor.

Four years ago, it was a subsidiary of a data center operator in China

The company was incorporated on May 18, 2022. Its name then was DigitalLand Holdings, and it was a subsidiary of GDS, which develops and operates data centers in China. GDS is listed on Nasdaq and on the Hong Kong Stock Exchange.

In 2024 it brought in outside investors through two equity financings, and as of December 31, 2024 it was deconsolidated from GDS. On January 1, 2025 it took its current name. It has been called DayOne for less than two years.

It had 1,280 employees as of June 30, 2026, more than three times the 401 it had a year and a half earlier. Nearly half of them, 630, work in data center operations.

What it rents is space and power. Four years ago it was a subsidiary of a data center operator in China; it has had its current name for under two years.

Question 2

What does it compete on?

It competes on how fast it builds, and on a sequence that avoids building for no one.

The prospectus lists six strengths. This article takes up three that bear on speed and sequence: securing power first, prefabricating off-site before shipping, and signing the tenant before building.

Secure powered land first

Of established markets, the prospectus says that grid constraints, interconnection backlogs and prolonged permitting cycles limit the pace at which new capacity can be delivered.

DayOne counts as estimated capacity what it calls “Secured Powered Land”: sites for which it has entered into legally binding agreements for both power and land and has also obtained the required approvals and permits. As of September 20, 2026 that was 2,308 MW, 2.4 times its capacity in service.

The risk factors add that in certain cases these agreements are still subject to closing conditions, and that the company may also choose not to proceed to develop such land.

The company describes its method this way: go early into places that have powered land but are hard to reach because of regulatory and operational complexity, engage early with local stakeholders, and create a new market. The first example is Johor, just across from Singapore.