MGX reportedly eyeing DayOne acquisition to scale AI infrastructure

First reported by Reuters, the DayOne deal – if it goes ahead – would be a significant step for MGX expanding further into AI technologies. MGX has reportedly been working with an investment bank in preparation for the potential transaction, although no further details have been reported.

The news comes as DayOne had been planning a US initial public offering (IPO) and targeting a valuation of $20 billion, according to Reuters. The operator this year announced the closing of its Series C equity financing round, which achieved $4.5 billion.

Investments were secured by the likes of Coatue Management and SoftBank Vision Fund. DayOne added that it may consider additional equity and debt financing options in both private and public markets.

A DayOne deal could mark MGX’s first Asia acquisition, as the company seeks to expand internationally at speed. Currently, the company is targeting more than $100 billion in assets as it invests across the entire AI chain, which includes data centres and chips, Reuters said. MGX was established by the government of Abu Dhabi and has committed to identifying and investing in high-potential AI startups, with its focus on building out AI infrastructure.

Since its inception in 2022, DayOne has committed itself to being one of the largest and fastest-growing international digital infrastructure platforms. It has secured more than 1.5GW of total bookings for capacity in the Asia-Pacific and Europe regions to date, with the Series C funding enabling it to expand in Singapore, Malaysia, Indonesia, Thailand, Japan, Hong Kong, Finland and Spain, the company said.

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