Data center firm DayOne is targeting a $20 billion valuation when it goes public in the US, it has been reported.

The APAC-focused operator, which spun off from Chinese firm GDS in 2025, is currently hiring banks ahead of its planned IPO, according to a report from Bloomberg.

It is thought the IPO could happen before the end of the year, and DayOne is considering a potential dual listing in the US and Singapore, where it is based.

A valuation of $20 billion would be significantly higher than the $10 billion DayOne was said to be worth when it announced a $2 billion Series C funding round earlier this year.

DCD has approached DayOne for comment on the report.

Formerly known as GDS International, DayOne rebranded as an independent company last year.

Its 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.

Earlier this month, it announced it had repurchased a batch of its own shares worth $385 million from GDS. The Chinese firm still has a significant minority shareholding in the business.