Switch Inc., a data center operator majority-owned by DigitalBridge Group Inc., has confidentially filed for a U.S. initial public offering as investors continue to pour capital into infrastructure supporting the artificial intelligence boom, according to Bloomberg News, citing people familiar with the matter.
The Las Vegas-based company is targeting a public listing that could come as early as November, the people said. The IPO plans remain preliminary, and the timing, size and other terms of the offering could change.
Switch is working with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley on the potential offering, one of the people said.
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The planned IPO would position Switch among a growing group of data center companies seeking access to public equity markets as surging demand for AI computing drives investment in power, servers and large-scale data center capacity.
The company operates facilities in Nevada, Michigan, Georgia and Texas, according to its website. Its infrastructure is designed to serve large technology customers whose computing requirements have expanded rapidly with the development of generative AI and other data-intensive applications.
A16z Co-Founder Joins Switch Board
Separately, Ben Horowitz, co-founder of venture capital firm Andreessen Horowitz, is joining Switch’s board, according to people familiar with the matter.
Switch has also been working on a funding round led by Andreessen Horowitz, which could value the company at close to $50 billion including debt, Bloomberg News reported in July.
That potential valuation would represent a major increase from the $11 billion enterprise value at which Switch was acquired in 2022 by a group including DigitalBridge and Australian infrastructure investor IFM Investors. The valuation would also highlight how dramatically investor expectations for data center infrastructure have changed as AI companies and cloud providers commit enormous amounts of capital to expand computing capacity.
Data Center IPO Market Gains Momentum
Switch’s confidential filing comes during an increasingly active period for U.S. data center listings and fundraising.
Data center owners, infrastructure investors and companies supplying equipment and services to the industry have been seeking new capital as AI-related demand accelerates the need for additional computing facilities.
Blackstone Digital Infrastructure Trust raised $2 billion through an IPO in May, while Csquare, backed by Brookfield, raised $1.21 billion in an IPO last month.
The activity reflects a broader shift in how investors view data centers. Once primarily considered a specialized real estate and infrastructure business, the sector has increasingly become a key part of the AI investment chain.
The rapid expansion of AI workloads has created demand for facilities with access to large amounts of electricity, advanced cooling systems and high-density computing infrastructure. That has increased the strategic value of data center operators capable of securing power and bringing new capacity online.
For Switch, an IPO could provide capital to expand its footprint while giving existing shareholders a liquid market for their stakes.
DigitalBridge is Switch’s majority owner and has positioned itself as a major investor in digital infrastructure, including data centers.
DigitalBridge and IFM Investors acquired Switch in 2022 in a transaction valued at about $11 billion including debt. DigitalBridge itself agreed last year to be acquired by SoftBank Group, further connecting Switch to one of the world’s largest technology-focused investment groups.
The potential IPO therefore comes at an important point for Switch’s ownership structure and financing strategy.
A public listing would also give investors a clearer market valuation for a company whose assets have benefited from the sharp repricing of data center infrastructure since the AI boom accelerated.
The biggest question for prospective investors will be whether Switch can convert the extraordinary demand for AI infrastructure into sustainable long-term returns. Building data centers requires substantial upfront capital, while securing electricity, land and grid connections can constrain how quickly operators add capacity.
If Switch proceeds with a November listing, analysts expect its valuation and market reception could provide another important test of investor appetite for AI infrastructure after a period in which capital has increasingly flowed toward the physical assets required to power the technology.