Switch files confidentially for U.S. IPO amid AI demand

Data center operator Switch has reportedly filed confidentially for a U.S. initial public offering (IPO) to capitalize on the surging demand for artificial intelligence infrastructure. The Las Vegas-based company, which is majority-owned by DigitalBridge Group, is working with major financial institutions including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley.

While the specific timing and size of the offering remain preliminary, reports suggest the company could seek a valuation in the tens of billions of dollars, potentially reaching $50 billion including debt. This would represent a significant increase from its $11 billion enterprise value at the time of its 2022 acquisition.

Switch operates large-scale campuses in states such as Nevada, Michigan, Georgia, and Texas, providing the power, cooling, and connectivity required for hyperscale customers and high-performance computing. Additionally, Ben Horowitz, co-founder of Andreessen Horowitz, is reportedly joining the company's board.