DayOne Data Centers to raise $5 billion in US IPO with JPMorgan, Morgan Stanley as lead underwriters.

DayOne Data Centers, backed by GDS Holdings, is planning a potential $5 billion US IPO with JPMorgan and Morgan Stanley as lead banks. The company has a valuation target of $20 billion and a listing that could happen this year. The IPO market has been volatile recently, with some newly listed companies suffering losses and trimming or delaying their offerings. DayOne's flotation could gauge investor appetite for AI-linked infrastructure at a sensitive moment for equity markets.