Switch has confidentially filed for a U.S. initial public offering, positioning the Las Vegas-based data center operator to tap investor demand for AI infrastructure companies as soon as November 2026. The company is working with Bank of America, Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley on the deal and is seeking an enterprise valuation close to $50 billion including debt. That target is lower than an earlier figure associated with the prospective listing that had put the company near $80 billion including debt and suggested proceeds could reach as much as $10 billion. Ben Horowitz, co-founder of Andreessen Horowitz, is set to join the board as Switch had also been preparing an a16z-led funding round at a similar valuation. Switch operates data centers in Nevada, Michigan, Georgia and Texas and was taken private in 2022 by DigitalBridge and other investors in a deal valued at about $11 billion including debt, after first listing on the New York Stock Exchange in 2017 under ticker SWCH.