AI caution favours old-school data centre builder
ORCL•DayOne may raise $5 billion in a U.S. IPO as it targets Asian demand, while customer concentration and construction delays pose risks. Revenue rose to $512 million in the first half from $151.5 million a year earlier; Malaysia made up 87% of revenue and its top two customers 84.3%.
1. IPO plans and risks
DayOne may raise $5 billion in a U.S. debut as it seeks to tap Asian demand. The article says customer concentration and a construction backlog are red flags, while DayOne’s track record and firmer delivery dates put it on more solid footing than neocloud Firmus, which nixed its listing.
2. Capacity and customers
DayOne filed for a New York IPO on October 6. It may seek to raise as much as $5 billion at a $20 billion valuation, reportedly reported in February. As of September 20, 2026, it had 962 megawatts of capacity in service and was constructing another 962 MW across six markets. Revenue for the six months ended June 30 was $512 million, up from $151.5 million a year earlier. Malaysia accounted for 87% of revenue, and its top two customers accounted for 84.3%; SemiAnalysis identified ByteDance and Oracle as those customers.
