Switch Inc. has confidentially filed for a United States initial public offering that could materialize as early as November, according to a Bloomberg report citing individuals familiar with the matter. The Las Vegas-based data center operator is collaborating with major financial institutions on the potential listing, including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley.
Valuation Targets and Institutional Backing
The company could target a valuation approaching $50 billion, inclusive of debt, according to sources familiar with the planning. Alongside the IPO preparations, Switch has worked on a separate funding round led by venture capital firm Andreessen Horowitz, which targeted roughly $2 billion as of July reports. Ben Horowitz, co-founder of Andreessen Horowitz, is expected to join the Switch board of directors. The timeline, valuation target, and banking syndicate remain subject to change as preparations proceed.
Representatives for Switch, Bank of America, Citigroup, JPMorgan, and Morgan Stanley declined to comment on the filing. Andreessen Horowitz and Goldman Sachs did not respond to inquiries. Switch operates facilities across Nevada, Michigan, Georgia, and Texas, according to its corporate website.
Ownership History and Market Timing
DigitalBridge partnered with Australian infrastructure manager IFM Investors to take Switch private for $11 billion, including debt. DigitalBridge subsequently agreed to an acquisition by Japan’s SoftBank Group last year.
The planned IPO arrives as data center operators and their suppliers capitalize on intense investor demand driven by surging capital expenditures for artificial intelligence infrastructure. Market activity in the sector remains robust, highlighted by the Blackstone Digital Infrastructure Trust raising $2 billion in a May public offering, followed by the Brookfield-backed Csquare Inc. issuing $1.21 billion in July.
If Switch reaches its anticipated valuation goal, the transaction will rank among the largest US technology infrastructure market debuts of the year, marking the company’s return to public equity markets four years after its acquisition.
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