DayOne had 789 MW of IT capacity in service in Johor on 20 September 2026, with 616 MW under construction and 208 MW of secured powered land, according to its US listing prospectus (DayOne, SEC Form F-1, 5 Oct 2026). Its two freehold campuses are at Nusajaya Tech Park and Kempas Tech Park.
DayOne, formerly GDS International, is headquartered in Singapore. Its largest shareholders are Coatue entities (19.5%), Hillhouse entities (19.5%), GDS (19.4%) and Achi entities (15.6%). Malaysia produced 87.0% of its revenue in the first half of 2026 (DayOne, SEC Form F-1, 5 Oct 2026).
- 789 MW
- IT capacity in service in Johor, 20 Sep 2026 (DayOne, SEC Form F-1, 5 Oct 2026)
- 616 MW
- IT capacity under construction in Johor (DayOne, SEC Form F-1, 5 Oct 2026)
- 1,398 MW
- Johor bookings under binding contracts (DayOne, SEC Form F-1, 5 Oct 2026)
- 87.0%
- Share of group revenue from Malaysia, first half of 2026 (DayOne, SEC Form F-1, 5 Oct 2026)
Who owns DayOne?
- Company: DayOne Data Centers Limited, incorporated in the Cayman Islands in 2022 and renamed on 1 January 2025. It was a subsidiary of GDS Holdings until 31 December 2024 (DayOne, SEC Form F-1, 5 Oct 2026).
- Shareholders with 5% or more: Coatue entities 19.5%, Hillhouse entities 19.5%, GDS 19.4%, Achi entities 15.6%, before the offering (DayOne, SEC Form F-1, 5 Oct 2026).
- Listing: a public Form F-1 was filed on 5 October 2026 to list American depositary shares on Nasdaq. No price range was in the filing and we found no pricing or completion (DayOne, SEC Form F-1, 5 Oct 2026).
- Equity raised: US$1.9bn in Series A and B in 2024; Series C of US$1.3bn in 2025 and US$3.2bn in 2026, for the whole company (DayOne, SEC Form F-1, 5 Oct 2026).
How much capacity does DayOne have in Malaysia?
The filing defines every figure below as IT power capacity, as of 20 September 2026 (DayOne, SEC Form F-1, 5 Oct 2026).
| Market | In service | Under construction | Secured powered land | Bookings |
|---|---|---|---|---|
| Johor (Nusajaya and Kempas Tech Parks) | 789 MW | 616 MW | 208 MW | 1,398 MW |
| Kuala Lumpur market (Klang Valley and Banting Tech Parks) | None | 128 MW | 1,320 MW | 128 MW |
- The first Johor campus was delivered in 2023, starting from an anchor commitment of 64 MW (DayOne, SEC Form F-1, 5 Oct 2026).
- Johor has ten customers, including “five global hyperscalers” (DayOne, SEC Form F-1, 5 Oct 2026).
- The company says cumulative investment in Malaysia will pass RM28 billion by the end of 2026 (DayOne, 1 Apr 2026).
Who are DayOne’s customers?
The filing names no customer. It describes the largest as “a global technology company with a leading short-form video platform”, which made up 69.2% of revenue in the first half of 2026; the second-largest made up 15.1%. Group revenue for the half was US$512.0 million, up from US$151.5 million a year earlier (DayOne, SEC Form F-1, 5 Oct 2026).
How is the Johor build financed?
- Signed 15 May 2025: a US$1.7bn offshore term loan and a RM7.5bn Islamic facility, with a five-year tenor (DayOne, SEC Form F-1, 5 Oct 2026). It was reported as a RM15bn green financing with seven banks (EdgeProp, 12 Jun 2025).
- Upsized 10 September 2026: to US$4.1bn and RM13bn (DayOne, SEC Form F-1, 5 Oct 2026).
- Drawn at 30 June 2026: US$1,481.2m and RM6.5bn (DayOne, SEC Form F-1, 5 Oct 2026).
What other land has DayOne bought?
- Tanjung Kupang, Johor: about 65 acres for RM398.11m from a listed developer, conditional on rezoning and data-centre approval, with completion expected by the second half of 2027 (w.media, 26 Jun 2026) (The Star, 23 Jun 2026).
- Dengkil, Sepang, Selangor: 78.8 acres for about RM617.9m, conditional, closing expected in the second half of 2027. Trade press identifies the buyer as a DayOne unit; the seller’s report does not (The Star, 20 Aug 2026).
What are the power and water arrangements?
- Power: the two Johor campuses have separate grid supply (DayOne, SEC Form F-1, 5 Oct 2026). For Selangor, the company and TNB’s generation unit agreed to explore on-site generation of up to 1.5 GW with battery storage. That is exploratory, not a supply contract (DayOne, 1 Sep 2026).
- Water: a raw-water agreement for river water at the Kempas campus was signed on 11 August 2025 (Bernama, 11 Aug 2025). The campus’s own treatment plant has run since March 2026 and a second phase doubles it to 20 million litres a day, expected in the third quarter of 2027; the company says the campus no longer relies on municipal potable water for cooling (DayOne, 5 Nov 2026).
Conflicting figures
DayOne’s own web page and its filing give different Johor figures.
| Point | One source | Another source |
|---|---|---|
| Johor capacity in service | 789 MW IT, 20 Sep 2026 (DayOne, SEC Form F-1, 5 Oct 2026) | “390 MW” and “over 478 MW” on the same undated page (DayOne, read 11 Nov 2026); “around 500 MW” (w.media, 26 Jun 2026) |
| Kempas land purchase | “In 2023” in the filing’s history section (DayOne, SEC Form F-1, 5 Oct 2026) | “In 2024” in its business section (DayOne, SEC Form F-1, 5 Oct 2026) |
What is not public
We could not confirm these from a published source as of 11 November 2026. Do not assume them:
- Any customer’s name
- Land area of the Nusajaya and Kempas campuses
- Megawatts of grid supply contracted with TNB for Johor
- Planned capacity on the Tanjung Kupang land
- The price, date or completion of the listing
- A valuation from the company
Croutons Research publishes open data and methods on AI data centres in Malaysia. See the open method for measuring AI work per megawatt.
Sources
- The Star, Mah Sing land sale (20 Aug 2026)
- The Star, Paragon Globe land disposal (23 Jun 2026)
- DayOne, SEC Form F-1, listing prospectus (5 Oct 2026)
- DayOne, Malaysia investment release (1 Apr 2026)
- EdgeProp, DayOne RM15bn financing (12 Jun 2025)
- w.media, DayOne Johor land deal (26 Jun 2026)
- DayOne, collaboration with TNB’s generation unit (1 Sep 2026)
- Bernama, Johor water agreements with data centres (11 Aug 2025)
- DayOne, Kempas water infrastructure (5 Nov 2026)
- DayOne, Johor market page (read 11 Nov 2026)
Last checked 11 November 2026