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Switch targets IPO in Q4 as data center wave returns to public markets
The Las Vegas-based developer plans underwriting with Goldman Sachs and JPMorgan, with an offering that could raise up to $10B and value the company near $80B.
Data center developer and operator Switch is pursuing an initial public offering, Reuters reported, adding to a broader return by digital infrastructure companies to public markets.
Switch has selected Goldman Sachs and JPMorgan Chase to lead the underwriting for an IPO expected to launch as soon as the fourth quarter. The deal could raise as much as $10 billion, which would put the company’s valuation close to $80 billion, Reuters said.
Switch develops large-scale data center campuses serving hyperscale and enterprise customers, with facilities in Austin, Las Vegas, Reno, Nevada, Atlanta, and Grand Rapids, Michigan. The company says its campuses have been powered entirely by renewable energy since 2016.
The company has been expanding its U.S. footprint, including raising its debt facility to $9.5 billion last month to support growth and adapt facilities for artificial intelligence demand, Reuters reported. Switch previously went public in 2017, was taken private in 2022 in an $11 billion deal, and was later partially acquired by Aware Super in 2023.