Singapore-based data center operator DayOne is advancing plans for a U.S. initial public offering (IPO) as soon as November, with a public filing targeted for mid-October, according to three people familiar with the matter. The timetable remains subject to change. DayOne develops and operates facilities for cloud and AI customers and has secured about 2.1 gigawatts of capacity bookings across Asia-Pacific and Europe. Its geographic reach and operating facilities distinguish it from rivals focused mainly on projects under development. The company raised $4.5 billion in a Series C round that closed in June and could seek as much as $5 billion in the IPO at a valuation of about $20 billion. The plans come as higher interest rates and setbacks involving SB Energy, Oracle and Blue Owl sharpen investor scrutiny of AI infrastructure. Investors are placing greater emphasis on contracted demand, secured power, operating capacity and financially strong customers, while projects dependent on a single AI customer or heavy upfront capital face greater examination. Switch, Vantage Data Centers and CyrusOne are also exploring or preparing IPOs, with Switch expected to follow DayOne if both proceed.