Singapore's DayOne Pushes Ahead With Data Center IPO Tied to TikTok

Claudia Chong and Juro Osawa report that DayOne Data Centers, the Singapore-based spin-off of China's GDS Holdings, is pressing ahead with a New York IPO seeking as much as $5B, despite investor wariness. ByteDance accounts for nearly 70% of revenue (two people familiar); the prospectus shows an unnamed largest customer at 69.2% of first-half revenue, with Oracle second at 15%. One person said none of the ByteDance work is for AI training or inference, and that ByteDance is under 50% of 2027 contracted commitments, with the next three customers all non-Chinese. As of September, ByteDance had committed 838MW across sites in Malaysia, Thailand and Finland, including TikTok's €2B Project Clover in Finland with Hyperco. DayOne is also working with Nvidia-backed Firmus on a Batam, Indonesia site with at least 170,000 Nvidia chips, with Meta expected as an end user. Firmus last week scrapped its $5.5B Australian IPO, and AirTrunk postponed a Singapore REIT listing. History: GDS International raised $1.87B in Series A and B in late 2024, cutting GDS's stake to 35.6%; it rebranded as DayOne in January 2025, and Coatue, Hillhouse and GDS each own about 19%.