According to a source familiar with the company’s plans, which could take place as early as this year, it could be valued at $20 billion.

Bloomberg first reported the plan, claiming the Singapore-headquartered data centre operator had asked JPMorgan and Morgan Stanley to lead the proposed share sale, with Bank of America and Citigroup also working on the deal.

Shanghai-based GDS Holdings established GDS International in Singapore in 2022. The unit was rebranded as DayOne in January 2025 after being separated from its parent company.

DayOne’s portfolio includes about 480 megawatts of data centre capacity that is operational or under construction.

Additionally, a further 590 MW reserved for future development across strategic markets including Hong Kong, Indonesia, Japan, Malaysia and Singapore, GDS has revealed.

Last month, DayOne added that its latest fundraising round was led by existing investor Coatue, with participation from the Indonesia Investment Authority.

The company said the proceeds would be used to advance its hyperscale campuses in Lahti and Kouvola, Finland and to support expansion in Singapore, Johor in Malaysia, Batam in Indonesia, Thailand, Japan and Hong Kong.