ECM

DayOne Pre-IPO: Peer Comparison

20 Oct 2026 By Ke Yan, CFA, FRM
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Abstract: DayOne, a hyperscale data center developer and operator, has filed its registration statement with the SEC for a Nasdaq listing. MS, JPM, BOA, Citi and BNP Paribas are the underwriters. Our previous note included the company's business, financials and pre-IPO investor backing. In this note, we compare the company with its listed peers from financial, operating and valuation perspectives.

Equinix, Inc. Common Stock REIT (EQIX US) Digital Realty Trust (DLR US) GDS Holdings Limited ADS (GDS US) Applied Digital Corporation Common Stock (APLD US) Nextdc (NXT AU) VNET (VNET US) KEPPEL DC REIT (KDCREIT SP)

Highlighted Stocks

Equinix, Inc. Common Stock REIT, Digital Realty Trust, GDS Holdings Limited ADS, Applied Digital Corporation Common Stock, Nextdc, VNET, KEPPEL DC REIT

About ECM & IPO Research

Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.

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