Singapore's DayOne is pushing ahead with a data center IPO tied to TikTok. A data center story anchored to one hyperscale tenant is a concentration bet, and listed markets price that with a discount,

What happened: DayOne Data Centers, a Singapore-based operator, is preparing a multibillion-dollar IPO in New York. ByteDance, TikTok's parent, accounts for nearly 70% of its revenue. Key numbers: Nearly 70% of revenue from ByteDance; IPO planned in New York; company started four years ago. Why it matters: The company has acknowledged that heavy reliance on a single customer creates a significant risk for its business, even as ByteDance's global expansion through TikTok has driven its growth. Coverage: 3 outlets in 24h

DayOne Data Centers, a Singapore-based operator, is preparing a multibillion-dollar IPO in New York. ByteDance, TikTok's parent, accounts for nearly 70% of its revenue.

The company has acknowledged that heavy reliance on a single customer creates a significant risk for its business, even as ByteDance's global expansion through TikTok has driven its growth.