The disclosure and our analysis
Evidence dates
Evidence: DayOne Data Centers Limited registration statement on Form F-1, filed with the SEC on October 5, 2026. Capacity, bookings and market figures are as of September 20, 2026. Financial results are for fiscal 2025 and the six months ended June 30, 2026. Debt is as of June 30, 2026. The prospectus is marked subject to completion, and figures may change before the offering.
What the filing discloses
**The offering:** DayOne has applied to list American depositary shares on the Nasdaq Stock Market under the symbol DODC. The number of shares, price range and proceeds are blank in this filing. Listed underwriters are Morgan Stanley, J.P. Morgan, BofA Securities, Citigroup and BNP PARIBAS. DayOne says net proceeds will go to developing new data center projects and to working capital, with the split not yet stated. [Source 1]
**Ownership:** DayOne was incorporated in 2022 and was deconsolidated from GDS Holdings effective December 31, 2024. GDS now holds 19.4% of its shares and is described as its third largest shareholder. [Source 1]
**How it defines capacity:** Every capacity figure below is IT Power Capacity, which the filing defines as the maximum electrical power available and allocated specifically for the operation of IT equipment within a facility. Capacity In Service means data centers or phases that are ready for service. Capacity Under Construction covers phases where construction or fit out is underway but not yet ready for service. Secured Powered Land is estimated future IT Power Capacity where binding power, land and permit requirements are met. [Source 1]
**Portfolio as of September 20, 2026:** 962 MW in service, 1,328 MW under construction and 2,308 MW of Secured Powered Land, for 4,597 MW of what DayOne calls total resources across ten markets. Bookings were 2,281 MW. The filing reports a 99.1% utilization rate on capacity in service and a 99.3% pre-commitment rate on capacity under construction. DayOne says substantially all of its 1,328 MW backlog is expected to be delivered by December 31, 2028, based on its current estimates. It also reports 1.1 GW of customer reservations and a non-binding 1.3 GW powered land pipeline, which sit outside the resources total. [Source 1]
**By market, as of September 20, 2026 (in service / under construction / secured powered land, MW of IT Power Capacity):** [Source 1]
Johor, Malaysia: 789 / 616 / 208
Batam, Indonesia: 72 / 240 / 120
Greater Bangkok, Thailand: 73 / 47 / 94
Hong Kong: 27 / 17 / 22
Kuala Lumpur, Malaysia: none / 128 / 1,320
Greater Helsinki, Finland: none / 281 / none
Singapore: none / none / 20
Kyushu, Japan: none / none / 160
Tokyo, Japan: none / none / 60
Zaragoza, Spain: none / none / 304
**Customers:** DayOne says its bookings come primarily from seven global hyperscale and leading technology customers, and that most customer agreements run 10 to 15 years with renewal options of typically five years. Its largest customer, described as a global technology company with a leading short-form video platform, accounted for 69.4% of 2025 revenue and 69.2% of revenue for the six months ended June 30, 2026. The second largest accounted for 12.3% and 15.1%. The filing does not name either customer. [Source 1]
**Johor concentration:** The NTP and KTP campuses in Johor represented 47.8% and 34.3% of capacity in service as of September 20, 2026. Malaysia accounted for 87.0% of revenue in the first half of 2026. [Source 1]
**Financials:** Revenue was US$484.3 million in 2025 and US$512.0 million in the six months ended June 30, 2026. Net loss was US$367.1 million in 2025, including US$341.8 million of share based compensation, and US$77.2 million in the first half of 2026. Total borrowings and finance leases were US$4.9 billion as of June 30, 2026, substantially all at floating rates. [Source 1]
**Contract and cost terms:** Power costs are primarily charged to customers on a pass through basis. DayOne says most contracted capacity carries inflation escalators, and that it must cover shortfalls if customers at a campus consume less than its minimum power purchase commitments with the utility. [Source 1]
Buyer analysis
This is our analysis.
**Almost nothing here is open inventory.** A 99.1% utilization rate and a 99.3% pre-commitment rate mean the in service and under construction figures are spoken for. The 2,308 MW of Secured Powered Land is the only bucket that is not yet booked, and it is concentrated in Kuala Lumpur (1,320 MW) and Zaragoza (304 MW). None of these figures should be read as available capacity.
**Johor is the story.** 789 MW of DayOne's 962 MW in service is in Johor, with 616 MW more under construction there. A prospectus that puts this much of one operator's revenue on one Malaysian state gives buyers a public benchmark for how much of the Johor build has gone to a few large contracts.
**Customer concentration cuts both ways.** One customer at about 69% of revenue explains the speed of the build. It also means DayOne's growth plans depend on a small number of contracts renewing. Buyers negotiating in Johor or Batam should expect large anchor tenants to keep priority on new phases.
**Watch the price and the final prospectus.** Pricing per kW is not disclosed. An amended F-1 with a price range would be the next disclosure to check.
