Amazon Web Services delivered $37.6 billion in revenue for Q1 2026, up 28% year-on-year — its fastest growth rate in 15 quarters — as Amazon's total net sales hit $181.5 billion, beating analyst consensus of $177.2 billion. The quarter's AI-related milestones were equally striking: AWS's backlog of contracted but unrecognised revenue climbed to $364 billion, and the company disclosed that OpenAI has committed to consume approximately two gigawatts of Trainium chip capacity through AWS infrastructure, beginning in 2027, while Anthropic secured up to five gigawatts of current and future Trainium generations. Amazon's chips business — comprising Graviton, Trainium, and Nitro — crossed a $20 billion annualised revenue run rate, growing at triple-digit percentages year-on-year.

The results come as Amazon pursues an unprecedented $200 billion capital expenditure programme for 2026, focused almost entirely on AI infrastructure — data centres, custom silicon, and networking — a figure that exceeded analyst expectations by roughly $50 billion when first announced. Capital expenditure in Q1 alone reached $44.2 billion, up from $25 billion in the same quarter of 2025. Free cash flow, as a consequence, fell sharply to just $1.2 billion on a trailing twelve-month basis, down from $25.9 billion a year earlier — the tension that sent Amazon shares down more than 3% in after-hours trading despite the headline beat. The company guided Q2 net sales of $194–199 billion, implying 16–19% year-on-year growth.

For APAC technology buyers and investors, the AWS reacceleration carries concrete strategic weight. Singapore and Tokyo together account for roughly 7.6% of all AWS traffic globally, and the Asia Pacific cloud computing market — estimated at $243.75 billion in 2026 — is on a nearly 20% compound annual growth trajectory through 2031, with India posting the fastest country-level growth rate. The deepening AWS-OpenAI and AWS-Anthropic infrastructure commitments mean the region's enterprises will have expanded access to frontier AI models via Bedrock, but also face the pricing and capacity dynamics that follow a concentrated supply of GPU compute. Separately, DealStreetAsia's Q1 2026 Southeast Asia deal review, published today, found that regional startup funding reached $2.81 billion — its highest value since Q4 2022 — though 98 deals marked the lowest quarterly count in at least eight years, with a single transaction, Singapore-based data centre operator DayOne's $2 billion Series C, accounting for more than 70% of the quarter's capital. The two data points together sketch the same picture: infrastructure is where APAC capital is concentrating, and AWS's reacceleration will intensify that gravity.

Australia's enterprise cloud market sits at a pivotal juncture. AWS's 28% revenue growth — its fastest in 15 quarters — combined with a $200 billion global capex commitment, means the hyperscaler has both the resources and the commercial momentum to deepen its footprint in Australian regulated sectors, including financial services and government. The AWS Asia Pacific (Sydney) region remains a critical compliance anchor for Australian organisations subject to data residency requirements under the Privacy Act and sector-specific prudential rules. As AWS locks in OpenAI and Anthropic as anchor tenants for its Trainium infrastructure, Australian enterprises building on Bedrock gain access to frontier model choice — but procurement teams should monitor whether GPU capacity constraints flow through to pricing in non-US regions.

AWS Reacceleration Raises the Stakes for Australia's Multi-Cloud Enterprise Strategy

Indian startup fundraising rebounded sharply to $4.76 billion in Q1 2026, up nearly 14% year-on-year from $4.18 billion in Q1 2025, according to DealStreetAsia data — making India the second-largest venture recipient in Asia after China. Mordor Intelligence data projects India recording the fastest cloud market growth rate of any APAC country at a 25.1% CAGR through 2031, driven by the government's GI Cloud (MeghRaj) backbone and enterprise AI adoption across financial services and manufacturing. AWS's reacceleration, and its deepening Bedrock model catalogue via the OpenAI and Anthropic partnerships, creates a direct tailwind for Indian enterprises building on AWS infrastructure — but also raises questions about whether India's sovereign cloud ambitions can be reconciled with dependence on US hyperscaler capacity for frontier AI workloads.

India Startup Funding Rebounds to $4.76 Billion in Q1 — But Infrastructure, Not SaaS, Leads

Singapore reinforced its position as the region's dominant capital market in Q1 2026, accounting for 91.5% of all Southeast Asian startup funding raised during the quarter — a share that has remained above 50% since Q2 2022. The DayOne $2 billion Series C, the largest late-stage deal in Southeast Asia in five quarters, underscores why: Singapore's combination of institutional investor depth, regulatory predictability, and proximity to hyperscaler infrastructure investment makes it the natural home for large data centre bets. For Singapore-based technology executives, the AWS Q1 results — which show Singapore and Tokyo anchoring APAC traffic at roughly 7.6% of global AWS load combined — validate the city-state's strategic positioning as the region's primary cloud gateway, even as data sovereignty debates push some workloads toward in-country alternatives.

Singapore Accounts for 91% of SEA Startup Capital — and DayOne's $2B Bet Explains Why

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AWS just posted its fastest growth since 2022. Here's what the $200B capex commitment and OpenAI/Anthropic anchor deals mean for APAC enterprise cloud costs and strategy.

28% AWS growth in 15 quarters: APAC cloud pricing next?

AWS revenue surged 28% to $37.6 billion in Q1 2026, reaccelerating to its fastest pace since late 2022 — with direct implications for enterprise cloud strategy across Australia, Singapore, and India.

The $364 billion AWS contracted backlog — disclosed on April 29 and excluding a separate $100 billion Anthropic deal — signals that the world's largest cloud provider has locked in demand well into the next decade. For APAC enterprises negotiating multi-year cloud commitments in Australia, Singapore, and India, this shifts the balance: AWS has less need to compete aggressively on price, and more incentive to allocate scarce GPU capacity to anchor customers. The DayOne $2 billion Series C — the quarter's single largest late-stage deal in Southeast Asia — is itself a direct bet on that same dynamic: infrastructure providers that can offer hyperscale capacity in-region stand to benefit as enterprises seek sovereign or low-latency alternatives to US-domiciled clusters.

The concentration of Southeast Asian startup capital into infrastructure, rather than software or consumer plays, reinforces a structural shift already visible in APAC investor behaviour. With deal counts at their lowest in eight years despite headline funding values rising, the message is clear: capital is flowing to scale-ready businesses with real infrastructure underpinning, not to early-stage experimentation. For policy professionals and investors, the implication is that APAC's digital infrastructure buildout — funded by a mix of hyperscaler capex, sovereign wealth, and specialist data centre operators — is now the defining capital allocation story of the region, eclipsing the consumer internet cycles of the previous decade.

AWS's fastest growth in over three years, anchored by OpenAI and Anthropic mega-deals, reshapes the negotiating position of every large APAC enterprise cloud customer.

APAC Cloud Buyers Face Tighter Supply and Rising Stakes as AWS Backlog Hits $364 Billion

AWS Posts Fastest Growth in 15 Quarters — What It Means for APAC Cloud Buyers

Singapore-headquartered DayOne Data Centers closed a US$2.0 billion Series C equity round on 5 January 2026 — one of the largest private capital raises ever recorded in the global data centre sector — led by Coatue and backed by Indonesia's sovereign wealth fund, the Indonesia Investment Authority (INA). By mid-March, Bloomberg reported that DayOne had moved to file confidentially with the US Securities and Exchange Commission for an initial public offering, with four bulge-bracket banks — JPMorgan, Morgan Stanley, Bank of America, and Citigroup — engaged on the deal. The company is targeting a valuation as high as US$20 billion and aims to raise approximately US$5 billion in the offering, which could make it one of the largest tech IPOs of 2026.

DayOne was formed in 2022 as GDS International, the international business unit of GDS Holdings, China's largest data centre operator. It rebranded as an independent company in 2025, retaining GDS founder William Huang as chairman of both boards — a governance arrangement that analysts note may require unwinding to satisfy US regulators and investors wary of Chinese access to critical data infrastructure. The company's portfolio spans more than 500MW of capacity in service or under construction across Singapore, Johor (Malaysia), Batam (Indonesia), Greater Bangkok, Tokyo, and Hong Kong, with a further 500MW held for future development. It has also broken into Europe with a hyperscale campus in Lahti, Finland. DayOne's Series C was priced at a 100% premium to prior funding rounds, with the company securing customer commitments for approximately 1GW of capacity.

The deal arc — from record Series C to confidential IPO filing in just ten weeks — reflects the extraordinary investor appetite for AI-ready digital infrastructure in Southeast Asia. The capital from the Series C is being deployed across the SIJORI corridor (Singapore–Johor–Riau Islands), Thailand, Japan, and Hong Kong, directly underpinning the region's capacity to host next-generation AI and hyperscale workloads. A potential dual listing on both US and Singapore exchanges would be a significant endorsement of SGX's ambitions as a capital markets hub. For institutional investors across APAC, DayOne represents a rare liquid-access vehicle to the region's data centre build-out — but the GDS governance question and the pace of US regulatory scrutiny of Chinese-linked infrastructure assets will be central to how the IPO is ultimately priced.

India is not a current DayOne operating market, but the company's IPO trajectory is directly relevant to Indian investors and policymakers for two reasons. First, the valuation premium DayOne is commanding — targeting US$20 billion on roughly 1GW of secured commitments — sets a benchmark that Indian hyperscale data centre developers and their backers will cite in future fundraising conversations. India's own data centre build-out, estimated at US$100 billion over the coming decade, is accelerating, and DayOne's capital markets story provides a comparable for how APAC digital infrastructure assets can be valued and exited.

Second, the Indonesia Investment Authority's participation in DayOne's Series C is a signal that ASEAN sovereign funds are actively co-investing in cross-border digital infrastructure platforms. India's own sovereign infrastructure vehicles, including the National Investment and Infrastructure Fund, are watching comparable deal structures as they evaluate how to attract and deploy capital into AI-ready capacity. The DayOne IPO, if successful, could catalyse a new wave of institutional interest in the broader APAC digital infrastructure asset class in which India is a major — if still emerging — player.

Why India's Data Centre Investors Are Watching the DayOne IPO Closely

Singapore sits at the centre of DayOne's investment story in two ways: it is the company's legal and operational headquarters, and it is under consideration as one of two listing venues for an IPO that could raise US$5 billion. A dual listing on SGX alongside a US exchange would be the highest-profile test yet of Singapore's revamped listing framework and its pitch to global tech infrastructure companies. DayOne's SIJORI corridor strategy — anchoring capacity across Singapore, Johor, and Batam — also positions Singapore as the command layer of a distributed compute region, reinforcing its role as Southeast Asia's de facto digital capital.

For Singapore-based fund managers and family offices, the IPO would offer direct equity access to a company whose physical footprint is literally adjacent to the financial district. However, the GDS governance overhang — with founder William Huang chairing both the GDS and DayOne boards — is a risk that Singaporean institutional investors will need to price carefully, particularly given growing global scrutiny of Chinese-linked entities operating critical digital infrastructure in allied nations.

DayOne's $5B IPO Could Be Singapore's Biggest Tech Listing Moment in a Decade

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DayOne raised $2B in January and filed confidentially for a $5B US IPO in March. Here's what the deal structure, GDS ties, and 1GW pipeline mean for APAC investors.

$20B valuation: Singapore data centre eyes US IPO

The APAC hyperscale data centre operator is targeting one of the largest tech listings of 2026, backed by sovereign capital and AI infrastructure demand.

DayOne's consideration of a dual listing in both the US and Singapore is more than a financing footnote — it is a live referendum on whether SGX can anchor marquee technology listings in competition with New York. Singapore's Monetary Authority has been actively courting high-growth tech companies to list locally, and a DayOne dual listing would be the largest validation of that effort in years. The company's SIJORI corridor expansion — straddling Singapore, Johor, and Batam — also makes it a structurally cross-border ASEAN asset, with regulatory, power, and land dependencies spread across three jurisdictions.

For APAC-based limited partners and institutional investors, the IPO will create the first large-scale, publicly traded pure-play on Southeast Asian AI infrastructure. Prior to DayOne, exposure to this theme was primarily available through GDS Holdings' Nasdaq and Hong Kong listings, or via private rounds inaccessible to most fund managers. The company has raised nearly US$4 billion in equity since its Series A in 2024, and a successful IPO at a US$20 billion valuation would represent a roughly 100% step-up from the implied Series C price — a return profile that will draw intense scrutiny of its 1GW secured commitment pipeline and whether contracted revenue underpins the multiple.

A potential dual listing and a $20B valuation target could define SGX's relevance in the global AI infrastructure investment wave.

DayOne's IPO Ambition Is a Stress-Test for Singapore as a Capital Markets Hub

Singapore's DayOne Eyes $20B US IPO After Record $2B Series C

Singapore-headquartered DayOne Data Centers closed a landmark Series C round of over US$2 billion in January 2026 — one of the largest private capital raises in the global data centre sector — led by Coatue with participation from Indonesia's sovereign wealth fund, the Indonesia Investment Authority. The company subsequently moved toward a US listing, with Bloomberg reporting in mid-March that DayOne was close to confidentially filing an IPO registration with the SEC. Sources familiar with the matter said the company was targeting a valuation of up to $20 billion and aiming to raise as much as $5 billion, with JPMorgan, Morgan Stanley, Bank of America, and Citigroup working on the deal.

DayOne operates across a multi-country Southeast Asian footprint spanning Singapore, Johor (Malaysia), Batam (Indonesia), Greater Bangkok, Tokyo, Hong Kong, and Finland. Its proprietary hub-and-spoke SIJORI model — integrating Singapore's connectivity, Johor's cost efficiencies, and Batam's Special Economic Zone advantages — has become a template for how next-generation hyperscale operators structure pan-regional AI infrastructure. The company has secured customer commitments approaching 1 gigawatt of capacity, described by management as one of the fastest growth trajectories among global hyperscale platforms. Prior to the Series C, DayOne had already raised $1.9 billion across Series A and Series B rounds in 2024, and secured a separate €1 billion debt facility from Brookfield Asset Management.

The DayOne story reflects a wider structural shift: APAC digital infrastructure is consolidating rapidly around a handful of independent, AI-native platforms capable of deploying at hyperscale speed. For executives and investors across the region, the company's planned US listing — with a possible dual listing in Singapore also under consideration — would create a significant new publicly traded vehicle for APAC data centre exposure. The Forrester Asia Pacific Tech Market Forecast projects over US$437 billion in regional tech spending between 2025 and 2030, with computer equipment growing fastest at 13.7% annually, driven precisely by the kind of AI-optimised data centre buildout DayOne is executing.

While DayOne's footprint does not currently extend to India, its capital-raising trajectory and IPO ambitions are directly relevant to Indian market participants watching how regional AI infrastructure platforms are being valued globally. Blackstone's $600 million equity investment in Mumbai-based Neysa — targeting the deployment of over 20,000 GPUs for sovereign AI compute — is India's equivalent inflection point: private equity capital at scale backing a domestic AI infrastructure platform aligned with national policy objectives. Blackstone's Amit Dixit explicitly framed the Neysa deal as backing the 'picks and shovels' of AI in India, mirroring the same investment logic driving DayOne's valuation. Forrester's Asia Pacific forecast projects 13.4% tech spending growth in India in 2026, the fastest in the region, driven by cloud adoption and data localisation rules — precisely the conditions that made DayOne's APAC buildout compelling to global investors.

India's Own AI Infrastructure Boom Echoes DayOne's Regional Playbook

Singapore is the legal and operational headquarters of DayOne, and the company's planned US listing — with a possible concurrent Singapore Exchange dual listing under consideration — would represent one of the most significant technology capital markets events originating from the city-state in years. DayOne's SIJORI model anchors Singapore at the top of a tri-national digital corridor, drawing on the city's world-class submarine cable connectivity and hyperscaler tenant relationships while deploying physical capacity in lower-cost Johor and Batam. A $20 billion IPO valuation would validate the Singapore government's sustained infrastructure investment thesis and add a major new data centre operator to global institutional portfolios with a Singapore label attached. For Singapore-based investors and infrastructure funds, the confidential SEC filing is the first concrete signal that the listing timeline is real and near-term.

DayOne's US IPO Would Cement Singapore as APAC's AI Infrastructure Capital

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What DayOne's $2B raise, 1GW of customer commitments, and a $5B US IPO filing tell you about where APAC's AI infrastructure race is really heading.

$20B target: Singapore data centre eyes US IPO

The hyperscale data centre operator is racing to list in New York as it deploys AI-ready capacity across the SIJORI corridor and beyond.

DayOne's trajectory from a GDS Holdings spin-off in 2022 to a company targeting a $20 billion US IPO in under four years is a compressed version of how AI-driven capital has reshaped APAC's digital infrastructure sector. Having raised nearly $4 billion in equity across three rounds — and now seeking a $7 billion loan facility ahead of listing — the company's balance sheet is being constructed explicitly to fund a 1GW customer commitment pipeline across Southeast Asia, Japan, Hong Kong, and Europe. The participation of SoftBank Vision Fund, Hillhouse, Coatue, and Indonesia's INA in successive rounds signals that both US technology-focused capital and Asian sovereign wealth are converging on the same thesis: that independent, AI-ready hyperscale platforms outside China are chronically undersupplied.

For APAC markets specifically, a DayOne public listing would have several cascading effects. It would set a pricing benchmark for comparable regional data centre assets — including those held privately by GIC, Temasek, and various infrastructure funds. It would also intensify competitive pressure on incumbent operators in Malaysia and Indonesia to accelerate their own capacity buildout or seek consolidation. The Forrester forecast growth rate of 13.7% for computer equipment spending across Asia Pacific, driven by hyperscaler AI capex, suggests the demand backdrop underpinning DayOne's expansion is durable rather than cyclical — a point that will be tested publicly once the company's S-1 registration lands.

The confidential SEC filing puts a regional data centre operator at the centre of global AI capital markets for the first time.

A $20B IPO Would Make DayOne APAC's Defining Infrastructure Listing of 2026

Singapore's DayOne Eyes $20B Valuation in US IPO After Record $2B Raise

DayOne Data Centers Limited, an independent, Singapore-headquartered hyperscale data center platform, announced it has entered into definitive agreements for over US$2.0 billion dollar Series C equity financing, marking one of the largest private capital raises in the data center sector. This round was led by existing global investor, Coatue, and supported by additional leading institutions, including the Indonesia Investment Authority (INA), Indonesia's sovereign wealth fund. The funding, completed in early January, drew investors from the United States, Europe and Asia-Pacific.

The financing builds upon the aggregate $1.9 billion that DayOne previously raised across its Series A and Series B equity rounds in 2024, as well as the up to €1 billion ($1.17 billion) mezzanine debt facility secured in 2025 from Brookfield and a sovereign investor. The company was spun out from Chinese data center giant GDS Holdings as an independent entity in 2024. The company's portfolio currently comprises more than 500MW of data center capacity in service and under construction, and more than 500MW held for future development across sites in Hong Kong, Singapore, Malaysia (Johor), Indonesia (Batam), and Japan (Tokyo).

In Asia-Pacific, the capital will be deployed to support the continued scale-out of DayOne's footprint across the SIJORI (Singapore–Johor–Riau Islands) region—comprising Singapore, Johor and Batam—as well as markets in Thailand, Japan and Hong Kong, enhancing DayOne's ability to deliver high-density, AI-ready capacity with speed and sustainability. These investments will strengthen delivery across DayOne's secured customer commitments of approximately 1GW, reflecting one of the fastest growth trajectories among next-generation hyperscale infrastructure platforms. The funding arrives as demand for AI compute infrastructure surges across APAC, with hyperscale cloud providers racing to secure data center capacity.

The capital will be deployed to support the continued scale-out of DayOne's footprint across the SIJORI (Singapore–Johor–Riau Islands) region—comprising Singapore, Johor and Batam—as well as markets in Thailand, Japan and Hong Kong. Singapore's strategic location and supportive regulatory environment continue attracting major data center investments, with the city-state serving as the regional headquarters for hyperscale operations across Southeast Asia.

Singapore Cements Position as Regional Data Hub

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DayOne's record-breaking funding drives aggressive Asian expansion in AI-ready infrastructure, with new campuses across SIJORI region.

$2 billion raises bar for APAC data center funding wars

Led by Coatue and Indonesia's sovereign fund for hyperscale AI infrastructure expansion.

Together, these two deals accounted for more than $2.1B, roughly 70% of all APAC cleantech venture capital in the quarter. It's become the norm the world over, with much of the world's focus narrowing to the thematic imperative of securing AI infrastructure capabilities. DayOne's raise represents the largest data center funding round in APAC this year.

Robert Yin, General Partner & Head of AI Infrastructure at Coatue, said: "DayOne continues to rapidly expand its data center platform in APAC and Europe, exceeding our expectations and delivering on strong demand for AI and hyperscale infrastructure." The involvement of sovereign wealth funds like Indonesia's INA signals government recognition of digital infrastructure as critical economic enabler across the region.

Regional demand for AI infrastructure drives record-breaking private capital deployment.

APAC Data Centers Enter New Funding Era

Singapore Data Giant DayOne Secures $2 Billion Series C

Microsoft announced a $10 billion investment in Japan from 2026 through 2029, marking one of the largest technology infrastructure commitments in the region this year. The investment is built around three pillars: Technology, Trust, and Talent, with commitments to expand in-country infrastructure, collaboration with domestic partners to expand AI infrastructure options within Japan, deepening public-private cybersecurity partnerships with Japan's national institutions, and training more than one million engineers, developers, and workers across Japan's most strategically important industries by 2030. The announcement was made during a visit to Tokyo by Microsoft Vice Chair and President Brad Smith.

The announcement builds on the $2.9 billion investment Microsoft made in Japan in April 2024, directly mapping to Prime Minister Takaichi's national priorities of growth investment in advanced technologies and economic security. Over the last two years, Microsoft has helped more than 3.4 million people in Japan develop AI skills, exceeding its three million commitment. However, METI projects a shortfall of 3.26 million AI and robotics workers by 2040, with 67 percent of Japanese executives already feeling the workforce shortage.

The investment comes as Japan stands out as the region's strongest private equity market, generating growth in both deal value and count, driven by corporate governance reforms, ample carve-out and privatization opportunities, and supportive financing conditions. The broader APAC region is leading the next phase of global growth, with governments and corporates committing substantial capital to build modern digital and power infrastructure including data centers, logistics hubs and advanced manufacturing facilities in what could be a decade-long investment trend.

The strong trade and investment partnership between Japan and Australia continues to thrive, with both countries navigating global economic complexities while pursuing collaboration opportunities. Japanese companies have historically accessed cheap funding to fuel international investments, while demographics and a shrinking domestic market have driven offshore expansion, making them high-quality long-term custodians of Australian assets. Microsoft's Japan investment could serve as a template for similar infrastructure commitments in Australia, particularly given both countries' focus on AI workforce development and cybersecurity partnerships.

Australia Eyes Japan Tech Partnership Model

India continues to stand out with projected GDP growth of 6.2% in 2026, underpinned by strong demographics, rapid digitization and deepening capital markets, offering one of the most attractive risk-adjusted return profiles globally. India showed strong momentum with 457 deals worth US$13.7 billion in H1 2025, accounting for 21 percent of regional activity, supported by stable regulatory environment, strong demographics and expanding tech and infrastructure opportunities. Microsoft's Japan commitment could accelerate similar infrastructure partnerships in India, particularly in AI workforce development where the country's large, young population presents significant opportunities.

India Seeks Similar Tech Infrastructure Deals

Singapore saw Q4 investment reach USD 4.2 billion, up 28%, with growth driven by activity across living, office, and retail sectors, led by REITs, institutional investors, and family offices. As a multi-ethnic, cosmopolitan society with strong English common law base, Singapore remains the go-to jurisdiction within Southeast Asia for foreign investors, with manageable cultural nuances compared to other regional countries. The city-state's established fintech and tech infrastructure positions it to complement Japan's AI and cybersecurity investments across the broader APAC region.

Singapore Positions as APAC Digital Hub

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Tech giant commits massive funds for AI infrastructure, cybersecurity through 2029

The Microsoft commitment reflects how APAC is no longer just a growth story but a structural story, with the convergence of capital demand, policy reform and private market sophistication creating a self-sustaining investment ecosystem. Industry experts predict private credit growth in Asia will outpace all other regions globally in 2026, with APAC private credit issuance projected to grow from $59 billion in 2024 to $92 billion by 2027.

APAC private capital markets transaction volume reached $48 billion in 2025, marking the first positive year-on-year growth (+15%) since the market peak in 2021, with J.P. Morgan supporting Princeton Digital Group's $1.3 billion preferred equity investment from Stonepeak—one of the largest data center equity raises in Asia Pacific.

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News Coverage

AWS Posts Fastest Growth in 15 Quarters — What It Means for APAC Cloud Buyers

Singapore's DayOne Eyes $20B US IPO After Record $2B Series C

Singapore's DayOne Eyes $20B Valuation in US IPO After Record $2B Raise

Singapore Data Giant DayOne Secures $2 Billion Series C

Microsoft Announces $10 Billion Japan Investment