A listing filing shows what bookings are made of
CDayOne Data Centers filed a Form F-1 with the US Securities and Exchange Commission on 5 October 2026. Its price range and offering size are blank, and no amendment had followed at the time of writing1. At 20 September 2026 it had 2,281 MW of bookings under legally binding contracts, of which 953 MW was billing and 1,328 MW had yet to start1.
CCustomer agreements mostly run 10 to 15 years with five year renewal options, and every customer contract allows early termination on payment of specified costs and penalties1.
One tenant carries the income
CThe largest customer, a global short-form video platform, supplied 69.4% of 2025 revenue and 69.2% of the first half of 2026. The second supplied 12.3% and 15.1%1. Counterparties are typically local affiliates of those customers, and some guarantees come from other affiliates with limited or no recourse if the local affiliate defaults1.
CThe costs run the other way. DayOne has unconditional purchase commitments of US$4,937.3 million for development and estimates US$11.4 billion to complete its bookings1. Substantially all of its long term debt is floating rate, and swaps cover 21.0% of it1.
A long lease is worth the tenant's credit
AThe asset is a powered building, and the income is a contract with an affiliate. A ten year term that the tenant can leave on a published payment is worth that tenant's credit plus the exit payment, and no more. A valuer who capitalises the headline term overstates the exit.
RMarkets have begun to charge for this. Firmus, an Australian data centre operator, withdrew its ASX listing on Friday 9 October after an offer at A$11 a share drew too little demand23. The Telegraph reports that CoreWeave high yield bonds fell from 85 cents to a record low of 77 cents that week, with yields up to 17%3.
Price the tenant before the megawatt
ABuyers and lenders should split booked capacity into what bills today and what has yet to start, then discount each for the tenant that pays and the exit that tenant holds. Developers with one anchor customer should expect to be asked for the guarantee, the termination payment and the interest rate hedge before they are asked for a price. Operators with a spread of customers and fixed rate debt hold the stronger case. Demand follows for counterparty reviews, termination analysis and independent checks of billing against bookings.
OUR PERSPECTIVEBooked capacity is a promise to build. Billing capacity is the rent.
What would prove this wrong
RFirmus asked for a valuation of about A$44 billion, against about A$15 billion in August2. That gap may explain its result better than anything in its contracts, so one withdrawal is a data point and no verdict.
IIf DayOne lists at a strong price, or its largest customer guarantees its contracts, the argument weakens. Termination rights may also prove sticky in practice, because a tenant that has built its service in a building has little reason to leave. Both depend on events not yet happened.