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DayOne Data Centers Limited has filed a preliminary registration statement for a proposed Nasdaq IPO of American Depositary Shares (ADSs), with the proposed ticker DODC. As of the company’s October 6, 2026 announcement, the number of ADSs and the price range had not been determined. The filing is not effective, so the securities cannot yet be sold.

What do we know about DayOne’s Nasdaq IPO?

The SEC filing index records DayOne’s Form F-1 as filed and accepted on October 5, 2026. The company announced the filing the next day and said it had applied to list its ADSs on the Nasdaq Global Select Market under the ticker DODC.

An ADS represents ordinary shares. The proposed offering is conditional on both Nasdaq listing and the registration statement becoming effective. DayOne’s preliminary prospectus says there was no prior public market for the ADSs. It also cautions: “The information in this preliminary prospectus is not complete and may be changed.” SEC filing index

Has DayOne set its IPO price or offering size?

No—not as of DayOne’s October 6, 2026 announcement. The company said, “The number of ADSs to be offered and the price range for the proposed offering have not yet been determined.” The preliminary prospectus also leaves the offering size and price range blank. Consequently, there is not yet enough disclosed information to calculate the IPO’s proceeds or assess its valuation from offering terms.

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A preliminary F-1 is not a completed offering: the SEC says securities may not be sold under this registration statement before it becomes effective. The filing’s terms and the proposed listing could change.

Who is underwriting the proposed offering?

DayOne named four underwriters in its October 6 announcement:

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  • Morgan Stanley
  • J.P. Morgan
  • BofA Securities
  • Citigroup

What do DayOne’s financial results show?

The SEC-filed F-1 reports fast-rising revenue alongside substantial net losses. Revenue growth should not be confused with profitability.

Period Revenue Net loss
2024 US$178.1 million US$57.6 million
2025 US$484.3 million US$367.1 million
Six months ended June 30, 2025 US$151.5 million US$12.6 million
Six months ended June 30, 2026 US$512.0 million US$77.2 million

For the six months ended June 30, 2026, the filing separately reports a US$81.9 million loss attributable to ordinary shareholders. That is not the same measure as the US$77.2 million consolidated net loss.

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Why costs matter alongside growth

Cost of revenue for the first half of 2026 increased 249.5% year over year, to US$375.6 million from US$107.5 million in the first half of 2025. DayOne attributes the increase primarily to higher power costs from customer consumption and higher depreciation as capacity in service expanded. These figures illustrate why revenue growth alone does not establish that the business is profitable.

What risks does DayOne disclose?

The F-1 identifies risks that investors may want to assess in light of the company’s rapid expansion. These are risks disclosed by the issuer, not independent predictions that any particular outcome will occur.

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  • Customer concentration: DayOne depends heavily on a limited pool of hyperscale customers. A customer bankruptcy, lower demand, or failure to meet its obligations could materially harm results.
  • Power and operating costs: Higher electricity use and other operating expenses can weigh on results as customers consume more capacity.
  • Execution during rapid growth: Expanding capacity and operations creates execution challenges.
  • Demand conditions: Demand could be affected if AI adoption, cloud penetration, or hyperscaler infrastructure spending slows.

What does market uncertainty mean for the IPO?

Reuters described the filing against a backdrop of elevated interest rates and surging bond yields, which clouded the outlook for the fall IPO market. That is market context, not a forecast of whether DayOne’s offering will proceed or how it will perform. The company’s price range, offering size, SEC effectiveness, and first trading date were not established in the October 6 announcement.

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What should investors look for next?

Any later SEC amendment or issuer announcement may provide updated terms. Before drawing conclusions about valuation, readers would need the filed offering terms; comparisons with other data-center companies should also account for revenue growth, GAAP net losses and margins, power costs, capacity in service, customer concentration, geographic exposure, and capital needs.

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