Singapore-based DayOne Data Centers Limited may scale back or postpone its planned U.S. stock sale as data center shares weaken, Bloomberg reported, potentially reducing IPO funding for its expansion.
A smaller offering could raise $2.5 billion to $3 billion, Bloomberg reported, citing people familiar with the private discussions. Its sources said DayOne had previously considered raising as much as $5 billion at a valuation of about $20 billion. They said no final decision had been made and a launch in the coming weeks remained possible.
DayOne announced Oct. 6 that it had filed for an offering of American depositary shares and applied to list them on Nasdaq. The company had not set a share count or price range. Bloomberg reported that DayOne is seeking capital to develop its data center pipeline.
Bloomberg reported that Australian data center operator Firmus Grid withdrew a roughly $5 billion IPO after investors objected to its proposed valuation. Bloomberg also reported that AirTrunk had delayed a planned Singapore real estate investment trust listing until 2027.
Some investors are watching the Nov. 3 U.S. midterm elections for a possible easing of market volatility, Bloomberg reported. They are also looking to Anthropic's upcoming listing as a measure of demand for AI-related shares.
