DayOne Risk from Hyperscaler Self Build

This risk goes to the core of DayOne’s model, because a hyperscale data center is usually built for a handful of giant tenants, not hundreds of small ones. DayOne leases power and space in megawatts under long contracts, then invests ahead of demand in land, shells, cooling, and grid connections. If a top customer slows AI or cloud expansion, or decides to own the next site itself, DayOne can be left with expensive capacity that is hard to refill quickly.

• DayOne is especially exposed because it serves US and Chinese hyperscalers and had about 480MW committed with more than 500MW under construction as of mid 2025. That creates a large fixed asset base tied to a relatively small customer set.
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• This is a real market pattern, not a theoretical one. Industry research shows hyperscalers increasingly mix colocation, built to suit leasing, and self build facilities, with AWS and Microsoft among the main self build drivers in recent quarters.
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• The competitive set also makes replacement demand harder. NTT GDC, Equinix, Digital Realty, STT GDC, Bridge Data Centres, and Princeton Digital Group are all expanding in the same Southeast Asian corridors, giving big tenants multiple ways to shift demand between providers and owned sites.

Going forward, the winners in this market will be the operators that become hardest to replace, by locking in scarce power, delivering AI ready cooling fast, and embedding themselves in customer expansion plans before self build becomes viable. DayOne’s future depends on making its leased capacity the fastest path to new compute in Johor, Singapore linked markets, and nearby expansion zones.