The data center operator could raise up to $10 billion as soon as the fourth quarter, as investor demand for AI infrastructure and large technology listings remains strong.
Switch has hired Goldman Sachs and JPMorgan Chase as lead underwriters for an initial public offering that could raise up to $10 billion as soon as the fourth quarter and value the company at close to $80 billion including debt, according to people familiar with the matter. The size, timing and valuation are still under discussion and could change. The Las Vegas-based company operates large-scale data center campuses that supply the power, cooling and connectivity needed for AI computing, with customers including Nvidia, Dell Technologies and FedEx. Switch was taken private by DigitalBridge and IFM Investors for $11 billion in 2022, and Australian pension fund Aware Super bought a minority stake in 2023. Reuters reported in 2024 that Switch was considering an IPO when discussions were still at an early stage. The planned listing would rank among the biggest recent U.S. stock market debuts and highlights investor appetite for companies tied to the buildout of artificial intelligence infrastructure.