据三位知情人士透露，数据中心运营商DayOne正全力推进最早于11月上市的计划，尽管较高的利率以及数据中心生态系统其他环节的挫折威胁着企业利用IPO窗口期的机会。
Data center operator DayOne is pushing ahead with its plans to go public as soon as November, according to three people familiar with the matter, even as higher interest rates and setbacks elsewhere in the data center ecosystem threaten to narrow the window for companies to tap the IPO market.
这家总部位于新加坡的公司为云和人工智能客户开发并运营数据中心。知情人士称，该公司计划在10月中旬向美国证券交易委员会公开提交上市申请，并在11月挂牌上市。由于事涉机密，知情人士要求匿名。知情人士同时警告称，包括IPO时间在内的计划仍可能会发生变化。DayOne对此拒绝置评。
The Singapore-based company develops and operates data centers for cloud and AI customers. It plans to make its filing with the US Securities and Exchange Commission public in mid-October and list in November, the people said, speaking anonymously to discuss confidential matters. The plans, including the timing of the IPO, are subject to change, the people cautioned. DayOne declined to comment.
在DayOne产生IPO意向之前，数据中心运营商本周遭遇了两次挫折：SB Energy推迟了预期的IPO，以及围绕甲骨文（Oracle）和蓝owl（Blue Owl）的纠纷可能导致新墨西哥州一个数据中心项目延期。
DayOne’s IPO intentions follow two setbacks for data center operators this week: the delay of SB Energy’s expected IPO and news of a dispute centering on Oracle and Blue Owl that could delay a data center project in New Mexico.
这种反差突显出，在经历了多年强劲的投资者热情之后，人工智能基础设施市场正在走向成熟。拥有多元化客户群体且对需求有更高可见度的公司依然能够吸引兴趣，而那些严重依赖单一人工智能客户或需要大量前期资本的项目则面临更严格的审查。
The contrast highlights how the market for AI infrastructure is maturing after years of strong investor enthusiasm. Companies with diversified customers and greater visibility into demand can still attract interest, while projects that rely heavily on a single AI customer or require large amounts of capital upfront face greater scrutiny.
总部位于新加坡的投资研究公司Shenton Research的研究主管柯炎（Ke Yan）表示：“分水岭在于需求是已经签约且已经通电，还是仅仅处于规划阶段。”
“The dividing line is whether demand is contracted and already energised, or only planned,” said Ke Yan, head of research at Singapore-based investment research firm Shenton Research.
他说，由于电力目前是关键制约因素，投资者更青睐那些拥有有保障的电力供应、很大一部分已签约产能已经投入运营或接近完工，以及签订了长期“照付不议”合同的运营商。
With power now the key constraint, investors favour operators with secured power supply, a large share of contracted capacity already operating or nearing completion, and long-dated take-or-pay contracts, he said.
随着越来越多的公司排队走向公开市场，投资者的审查正在加剧，包括Switch、Vantage Data Centers和CyrusOne在内的数据中心开发商和运营商都在探讨或筹备IPO。
Investor scrutiny is intensifying as a growing pipeline of companies head toward the public markets, with data center developers and operators including Switch, Vantage Data Centers and CyrusOne exploring or preparing IPOs.
Switch已秘密提交首次公开募股（IPO）申请，其中一位知情人士称，预计将在DayOne上市后推出其股票发行。Switch未立即回应置评请求。
Switch has filed confidentially for an IPO, and is expected to launch its offering following DayOne, one of the people said. Switch did not respond to a request for comments.
更多元化的产品组合 一位知情人士表示，DayOne在地理布局上的多元化，以及它拥有已投运的数据中心而非仅仅是建设中的数据中心，在投资者眼中使其区别于一些竞争对手。
A MORE DIVERSIFIED OFFERING DayOne’s geographic diversification and the fact it has operational data centers, not just ones under development, have helped distinguish it from some rivals in the eyes of investors, one of the people said.
该公司获得了Coatue和高瓴资本等投资者的支持，在6月完成的一轮C轮融资中筹集了45亿美元。路透社此前曾报道称，该公司在IPO中寻求筹集高达50亿美元资金，估值约为200亿美元。
The company, backed by investors like Coatue and Hillhouse, raised $4.5 billion in a Series C funding round that closed in June. It could seek to raise as much as $5 billion in the IPO at a valuation of about $20 billion, Reuters has reported.
根据其官方网站显示，该公司已获得约2.1吉瓦的容量预订，业务遍及亚太和欧洲，包括马来西亚、中国香港、日本、芬兰和西班牙。
It has secured about 2.1 gigawatts of capacity bookings and operates across Asia-Pacific and Europe, including Malaysia, Hong Kong, Japan, Finland and Spain, according to its website.
与此同时，软银支持的SB Energy已推迟本周正式推介其IPO的计划，因为该公司正着手处理美国证券交易委员会提出的额外问题。三位知情其中事宜的消息人士及另一位知情人士表示，投资者还对其寻求的估值以及对作为主要客户的OpenAI的依赖存在担忧。其中一位知情人士补充称，围绕此次IPO的讨论一直集中在约600亿美元的估值上。SB Energy拒绝置评。
Meanwhile, SoftBank-backed SB Energy has postponed plans to formally market its IPO this week as it works to address additional questions from the US Securities and Exchange Commission. There are also investor concerns over the valuation it is seeking and its reliance on OpenAI as a major customer, one of the three people familiar with the matter and another person said. Discussions around the IPO have centered on a valuation of about $60 billion, one of the people added.
最近几个月，软银、SB Energy、其主要数据中心客户OpenAI以及OpenAI的芯片供应商英伟达之间进行了多项交易。
SB Energy declined to comment. There have been various dealings between SoftBank, SB Energy, its main data center customer OpenAI and OpenAI’s chip supplier Nvidia in recent months.
英伟达已同意提供高达105亿美元的担保，以帮助OpenAI租赁由SB Energy开发俄亥俄州数据中心，同时向SB Energy投资15亿美元。
Nvidia has agreed to provide a guarantee of up to $105 billion to help OpenAI lease the Ohio data center being developed by SB Energy, while also investing $1.5 billion in SB Energy.
OpenAI的背后支持者软银正在为一项100亿美元的美元计价债务交易接受投资者订单，以为其对OpenAI的投资提供资金。该公司此前曾获得由OpenAI股权担保的贷款。人工智能支出面临更严格的审视为人工智能基础设施建设提供融资的成本正面临越来越大的压力。据穆迪（Moody's）预测，美国六大科技巨头在人工智能相关领域的资本支出预计将在2027年达到约1万亿美元。利率上升使得为那些回报可能需要数年才能显现的设施融资变得更加昂贵，同时投资者也要求更清晰地了解支撑这些投资的客户和现金流情况。
OpenAI backer SoftBank is taking investor orders for a $10 billion dollar-denominated debt deal to help fund its OpenAI investments. The company previously took a loan backed by the OpenAI stake. AI SPENDING FACES CLOSER SCRUTINY The cost of financing the AI buildout is coming under greater pressure. AI-related capital spending by the six biggest US technology companies is projected to reach around $1 trillion in 2027, according to Moody’s. Higher interest rates make it more expensive to finance facilities whose returns may take years to materialize, while investors are demanding greater visibility into the customers and cash flows that will support those investments.
世邦魏理仕（CBRE）亚太区数据中心资本市场总监尼尔·贝尔-赫瑟林顿（Neil Bear-Hetherington）表示，对于依赖债务融资的开发商而言，来自信用良好客户的合同收入对于偿还债务至关重要，尤其是在他们为昂贵的人工智能就绪设施（包括高密度机架和液冷系统）提供资金时。
For developers relying on debt, contracted revenue from creditworthy customers is crucial to servicing that debt as they fund costly AI-ready facilities, including high-density racks and liquid-cooling systems, said Neil Bear-Hetherington, director of data centre capital markets, Asia Pacific, at CBRE.
对于数据中心开发商而言，这使得在评估可能需要数十亿美元前期投资的项目时，客户的身份和财务实力对投资者变得越来越重要。对于准备上市的公司来说，IPO市场变得更加严苛，且对人工智能基础设施的审查更加严格，这促使他们在投资者需求尚存时迅速行动。
For data center developers, that makes the identity and financial strength of their customers increasingly important to investors evaluating projects that can require billions of dollars of upfront investment. For companies preparing to go public, a less forgiving IPO market and greater scrutiny of AI infrastructure create an incentive to move quickly while investor demand is available.
盛顿研究（Shenton Research）的严（Yan）表示：“越早越好。不确定性是损害数据中心模式的关键因素。数据中心投资者同时寻求收益和增长，而不确定性会对两者都产生负面影响，因为它提高了支撑收益的债务成本，并延迟了增长所依赖的电网接入和融资。”
“The earlier the better. Uncertainty is what hurts data-center models. Investors in data centers are looking for yield and growth together, and uncertainty weighs on both, since it raises the cost of the debt that supports the yield and delays the grid and financing that growth depends on,” said Yan of Shenton Research.