Private equity-backed DayOne Data Centers is exploring a US initial public offering that could value the Singapore-based operator at as much as $20bn. The company, formerly GDS International, is in discussions to appoint banks for a potential listing this year, with a dual US-Singapore listing also under consideration.

This move follows a recent $2bn+ Series C round that valued DayOne at about $10bn, reflecting surging investor appetite for AI-linked infrastructure. Backed by GDS Holdings and investors like SoftBank and Coatue, DayOne operates data centers across Asia and Finland, capitalizing on the global demand for data center capacity.

A successful listing would mark one of the largest data center IPOs from the private equity-backed infrastructure boom. Investors will watch for pricing, market reception, and how the company leverages its growth capital to expand its footprint in competitive Asian and European markets.