APAC data center operator DayOne hopes to raise $1 billion in a new funding round.

It will tap new and existing investors to raise cash to fund its expansion plans, according to a report from Reuters, citing unnamed sources familiar with the company’s thinking.

The Series C funding round could see the business valued at $4-$5bn, the report said. DayOne confirmed to Reuters it was looking to undertake equity fundraising.

DayOne is the former international business unit of Chinese data center firm GDS. It rebranded as an independent company earlier this year.

The company’s portfolio currently comprises more than 500MW of data center capacity in service and under construction, and more than 500MW held for future development across sites in Hong Kong, Singapore, Malaysia (Johor), Indonesia (Batam), and Japan (Tokyo). The company recently broke ground on a site in Thailand and another in Singapore.

In August, it made its first foray into markets beyond Asia, announcing a campus in Lahti, Finland, which is some 100km northeast of Helsinki.

The €1.2bn ($1.4bn) project will be located in a former industrial site in Kiveriö. At full build-out, the project could total 128MW IT load.

Speaking to DCD earlier this year, CEO Jamie Khoo said the company has plans to grow its footprint beyond APAC, and new funding may enable it to look to additional markets in Europe or the US.

“We want to grow outside Asia one day,” Khoo said. “There are plans, and I hope we’ll be able to do it faster than some people think.”