DayOne's 2.3GW goal for 2028 is capacity it already runs or is building

A capacity planner with GPUs on order opens DayOne's prospectus wanting one answer: how many megawatts in Johor, Batam or Tokyo can still be signed for ^[1]. The company's headline is a plan to more than double active capacity to 2.3GW within two years ^[11].

The growth behind that plan is real. In-service capacity rose by about 287MW between June and September 20 ^[16], and the construction pipeline grew by about 200MW over the same months ^[18]. Add the 962MW running today to the 1.3GW being built and the total is about 2.26GW, close to the 2.3GW target ^[17].

The pitch implies a big new block of Asia-Pacific supply. The reported numbers show that a lot of it already has tenants. DayOne has secured more than 1.5GW of bookings since 2022 across Asia-Pacific and Europe, according to Bloomberg's report in The Straits Times ^[5]. Those bookings exceed in-service capacity by about 540MW, so at least that much contracted space has not been built yet ^[15]. If every booking sits inside the 2.3GW, no more than about 0.8GW of the target is uncontracted ^[14], spread over eight markets in Asia and Europe ^[8].

Neither report breaks the 1.3GW down by site, so how much of it is in Johor, Batam or Tokyo is unknown, as is whether the 300MW Spanish project counts toward it ^[4]. DayOne does already run capacity in all three of those Asian markets ^[3].

Revenue in the first half was about 3.4 times the year before ^[12]. Losses grew faster. DatacenterDynamics put the half-year net loss at $77 million against $12 million ^[19]. Bloomberg, citing the October 5 filing, reported $81.9 million against $13.5 million ^[20]. On either set of figures the loss grew about six-fold ^[21].

I'd count DayOne as a real candidate in markets where it already runs halls, and as a later option everywhere else ^[3]. The tradeoff is that bookings already outrun built capacity, so even in Johor, Batam or Tokyo the megawatts still on offer are likely to sit in the construction pipeline, with delivery dated as late as December 2028 ^[10][15].

Sort your own need on two axes. The first is timing: before or after the end of 2028. The second is the market: one where DayOne runs capacity now, or one where it has only broken ground or announced a campus, such as Thailand, Finland or Spain ^[3][4]. An early need in a live market calls for a named hall and a delivery date written into the contract. For an early need in a new market, plan on another supplier. A later need in a live market is the case for pre-leasing part of the construction pipeline. Where the need is later and the market is new, the supplier stays on the shortlist and nothing in the capacity plan depends on it.