DAYONE · DATA CENTERS | Thursday, 21 May 2026

Analysis

• Johor PPA term sheet with TNB lands the day Selangor's water-allocation cap leaks — DayOne's APAC base-load story passes its first sovereign-policy stress test. Reuters published the 540 MW power-purchase outline (15-year, indexed, two-stage commissioning) at 04:42 SGT; six hours later The Edge Malaysia reported the Selangor exco's draft 12 ML/day cap on hyperscale freshwater intake — Johor exempt. Read together, the day's tape effectively re-prices DayOne's Iskandar campus against Singapore-mainland Johor optionality and against Indonesian peers absorbing the Nusantara moratorium.
• Bain-led $1.6B continuation vehicle priced at flat NAV, anchored by GIC and ADIA — a clean read on sponsor conviction nine months ahead of any IPO window. Bloomberg's 18:10 SGT scoop puts the CV at $1.6B of fresh primary + secondary at a $9.2B enterprise value, against the $9.1B mark carried at year-end; GIC committing $400M and ADIA $300M (per two people familiar). The pricing closes the gap that opened in Q1 after the Kioxia-comparable de-rating and removes a key overhang into the FY26 results call (3 June).
• Nvidia Blackwell Ultra allocation memo names DayOne as one of three APAC sovereign-tier landing zones — second confirmation of tenant flow this week after the Anthropic Tokyo lease. SemiAnalysis published the allocation matrix at 11:30 SGT; DayOne's Singapore (Loyang) and Johor (Sedenak 02) campuses appear alongside NTT's Inzai and SK Broadband's Gasan as the only APAC sites cleared for the H200-superseding GB300 NVL72 rack delivery from Q4. The Anthropic 24 MW Tokyo commitment (reported by Nikkei Asia at 07:15 SGT yesterday, rolling forward) takes the named-tenant count this week to four.
• Catalysts in the next 48–72 hours that test the day's main thesis:

  - [POLICY] 22 May — Indonesia PUPR ministry expected to publish the revised Nusantara DC framework; current draft retains the 100 MW per-site cap that pushed AirTrunk to defer its Karawang phase-2.

  - [DEALS] 23 May — DayOne Korea (Gasan) site-selection committee final meeting; KEPCO grid-connection letter expected to land before market open Friday.

  - [EARNINGS] 3 Jun — DayOne FY26 H1 trading update; first print to include the Johor TNB PPA and Bain CV mark in headline figures.

CORPORATE

• DEALSPOSITIONBloomberg | Bain Said to Price $1.6B DayOne Continuation Vehicle at Flat NAV | Bain Capital priced a $1.6B continuation vehicle for DayOne at a $9.2B enterprise value (flat to year-end mark), with GIC committing $400M and ADIA $300M as anchor LPs per two people familiar; the CV recycles vintage 2022 fund exposure and removes the Q1 secondary-market discount that had opened to 11%.
• PRODENTSemiAnalysis | Blackwell Ultra APAC Allocation — DayOne, NTT, SK Broadband cleared for GB300 NVL72 | Nvidia's internal allocation memo (dated 19 May, seen by SemiAnalysis) names DayOne Singapore (Loyang) and Johor (Sedenak 02) as cleared sites for GB300 NVL72 rack delivery from Q4 2026, alongside NTT Inzai and SK Broadband Gasan — the three APAC operators currently meeting the 132kW-per-rack liquid-cooling and PUE ≤1.18 thresholds.
• ENTNikkei Asia | Anthropic Signs 24 MW Tokyo Lease With DayOne | Anthropic committed to 24 MW of contracted IT load at DayOne's Inzai-adjacent Tokyo campus over a seven-year term — its first non-AWS APAC infrastructure tenancy and DayOne's second named frontier-lab anchor after OpenAI's 32 MW Loyang lease (Apr); JPY-denominated, indexed to TEPCO industrial tariffs.
• CORPThe Business Times | DayOne Names Citi, JPMorgan as Joint Coordinators for 2027 Listing Workstream | DayOne formally mandated Citi and JPMorgan as joint coordinators on a dual Hong Kong / Singapore listing workstream targeting H2 2027, per a release filed with SGX at 17:55 SGT; the company also confirmed CFO Vivian Wang's reappointment for a second three-year term and the addition of former GIC Infrastructure head Ang Eng Siong to the board.

POLICY & REGULATION

• POLICYGOVReuters | TNB, DayOne Reach 540 MW Johor PPA Term Sheet — 15-Year, Two-Stage | Tenaga Nasional and DayOne agreed a 540 MW power-purchase term sheet for Sedenak 02 and 03, structured 15 years with CPI-indexed tariff and two-stage commissioning (180 MW Q3 2026, 360 MW Q4 2027); the agreement triggers the second-tranche US$420M land payment to Sime Darby Property and clears the last grid-connection prerequisite for the Johor expansion.
• POLICYThe Edge Malaysia | Selangor Drafts 12 ML/Day Hyperscale Freshwater Cap; Johor Exempt | The Selangor exco circulated a draft allocation framework capping freshwater intake to hyperscale operators at 12 million litres per day, formalising the 2025 informal moratorium and explicitly exempting Johor and Negeri Sembilan operators — repricing the Iskandar campus optionality and pressuring Bridge Data Centres' Cyberjaya phase-3 plan.
• POLICYJakarta Post | PUPR's Revised Nusantara DC Framework Retains 100 MW Per-Site Cap | The Public Works ministry's revised hyperscale framework — expected to be published Friday — retains the 100 MW per-site cap and adds a 60% renewables-by-2028 requirement; AirTrunk deferred its Karawang phase-2 last month citing the cap, while DayOne's Cikarang campus (74 MW) sits below the threshold and is unaffected.

INDUSTRY & CAPITAL

• MARKETBloomberg | AirTrunk Closes $2B Malaysia Financing — DBS, OCBC, SMBC Lead | AirTrunk closed a $2B syndicated facility for its Johor campus led by DBS, OCBC and SMBC at SOFR+225, finalising 14 hours before DayOne's TNB PPA print and reinforcing the bid-side bracket on Johor land — read against DayOne's existing $1.4B HSBC-led 2024 facility (SOFR+240) as a tightening tape.
• IPOBloomberg | STT Global Data Centres Plans $500M India IPO | The Tata Communications-backed operator is preparing a Mumbai listing of up to $500M (rolling forward from Friday) — establishes the APAC DC IPO read for DayOne's mandated H2 2027 listing workstream, alongside Kioxia's ADR preparation as the second sovereign-equity route for AI-infrastructure exposure.
• CHIPReuters | Samsung Strike Enters Day One — HBM Allocation Letters Sent to DC Tenants | 45,000 Samsung memory workers began industrial action this morning as expected; the firm has begun issuing HBM allocation letters to hyperscale customers (Nvidia, AWS, Microsoft per three people) — DayOne is not a direct counterparty but the second-order GPU-supply tightening compresses the Q4 GB300 delivery window across the APAC allocation list above.

GEOPOLITICAL

• TRADEBloomberg | US Narrows H200 APAC Export List — China-Adjacent Sites Under Review | The Commerce Department circulated a draft revision to the H200 APAC export list narrowing the 10-firm approval roster to 7 and adding a "China-adjacent ownership" screen — DayOne's GDS Holdings ancestry (spun out 2022, no current equity tie) is in scope for review but cleared per two officials; Bridge DC and ChinData are the disclosed at-risk operators.
• POLICYKorea Herald | KEPCO Issues Conditional Grid-Connection Letter to DayOne Gasan | KEPCO sent a conditional grid-connection letter for DayOne's Gasan site (96 MW phase-1) tying capacity to the firm's commitment to fund 12 km of dedicated 154kV transmission — first APAC grid operator to formalise the "tenant funds backbone" model that PJM is debating for the US; final committee meeting Friday.

Calendar

• POLICY22 May — Indonesia PUPR publishes revised Nusantara DC framework; 100 MW cap retained per draft.
• DEALS23 May — DayOne Korea (Gasan) site-selection committee meeting; KEPCO confirmation pre-open.
• EARNINGS3 Jun — DayOne FY26 H1 trading update; first print to include TNB PPA and Bain CV mark.
• DEALSmid-Jun — Bain CV final close target per Bloomberg; secondary tail expected to clear.
• IPOH2 2027 — DayOne SGX/HKEX dual listing target window per BT readout above.

Coverage: 21 May 00:00 – 21 May 18:30 SGT. ~94 articles scanned across 11 query domains (TNB PPA · Bain CV · Selangor water · PUPR cap · Blackwell allocation · Anthropic lease · KEPCO Gasan · H200 export · BT IPO mandate · Samsung HBM · AirTrunk financing); 17 retrieved at full text. Bloomberg preferred over Reuters for the CV pricing on flat-NAV anchor-LP specificity; Reuters preferred over The Edge for TNB PPA on tariff-structure detail; SemiAnalysis preferred over Tom's Hardware for the Blackwell allocation matrix on per-site liquid-cooling thresholds; Nikkei Asia preferred over Reuters for the Anthropic Tokyo lease on tariff-indexation detail. Geographic mix: SG/MY 38% · ID 14% · KR 16% · JP 10% · US/Other 22%. Within-window dedup: AirTrunk Malaysia DC plan (reported Friday) rolling into today's financing close; STT India IPO (Friday) rolling forward as IPO-comp read; Samsung strike (rolling 16 May coverage) absorbed only via HBM-allocation second-order DC impact.

Window: 21 May 00:00 SGT – 21 May 18:30 SGT