AI Business虎嗅

The Data Centers ByteDance Leased Hold Up a $20 Billion Company

虎嗅Oct 14, 20261 min read

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Singapore-headquartered data center company DayOne has filed F-1 registration documents with the U.S. SEC for a listing under ticker DODC, reportedly seeking about $5 billion at a roughly $20 billion valuation. Its two largest customers account for 84.3% of first-half 2026 revenue, with the largest widely reported to be ByteDance.

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DayOne's IPO filing reveals that AI infrastructure demand is shifting geographically, with data center capacity migrating from land- and power-constrained Singapore to Johor and Batam within the SIJORI corridor. The extreme customer concentration, with two clients accounting for 84.3% of revenue, highlights a structural dependency where a single hyperscaler's expansion decisions effectively dictate the company's trajectory. Investors and regulators should watch how such concentration interacts with export control regimes and the long-term lease commitments that lock in future capital expenditure.

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Translated text

DayOne was founded in 2022 and evolved from the international business platform of GDS Holdings. As of September 20, 2026, its energized capacity reached 962 MW, up from 49 MW at the end of 2023. Contracted capacity is about 2.3 GW from seven global hyperscale customers. Revenue rose from $178.1 million in 2024 to $484.3 million in 2025 (up 171.9%) and reached $512 million in the first half of 2026. After Singapore halted approvals for new data centers in 2019, operators moved to Johor, Malaysia, where land and electricity costs are far lower and grid connection is faster. The largest customer, which the prospectus does not name but which is widely reported to be ByteDance, accounted for 69.2% of first-half 2026 revenue. Customer contracts typically run 10 to 15 years with non-cancellable terms. The second-largest customer is reportedly Oracle, which leases GPU compute capacity linked to ByteDance's operations.

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