Switch Inc. has filed confidentially for a US initial public offering, Bloomberg reported on Aug. 8, placing the Las Vegas-based data center operator among a growing list of companies seeking public listings on the back of the AI infrastructure investment boom. Switch is targeting an enterprise valuation of close to $50 billion, including debt, and plans to list as early as November. Bank of America, Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley are working on the offering. Ben Horowitz, co-founder of Andreessen Horowitz (a16z), will join the Switch board. The company has also been preparing a new funding round led by a16z and could seek a valuation of nearly $50 billion. Switch, controlled by DigitalBridge, operates data centers in Nevada, Michigan, Georgia and Texas; DigitalBridge and other investors acquired the company in 2022 for about $11 billion including debt. The filing comes as multiple data center operators and related equipment and service providers have raised funds through US public offerings this year. Market participants believe rising demand for AI model training and inference is making computing infrastructure a new focus for capital markets.
Data center operator Switch Inc. has filed confidentially for a US initial public offering, joining a wave of data center companies seeking listings on the back of the AI infrastructure investment boom.
Bloomberg reported the filing on Aug. 8. People familiar with the matter said Switch plans to go public as early as November and is working with Bank of America, Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley on the deal.
The company is seeking an enterprise valuation of close to $50 billion, including debt.
Ben Horowitz, co-founder of venture capital firm Andreessen Horowitz (a16z), will join the Switch board. Switch had been preparing a new funding round led by a16z and may seek a valuation of nearly $50 billion.
Switch is headquartered in Las Vegas and operates data centers in Nevada, Michigan, Georgia and Texas. The company is controlled by DigitalBridge, which teamed up with other investors to acquire Switch in 2022 for roughly $11 billion including debt.
AI infrastructure boom reaches public markets
The IPO application arrives as the AI data center industry accelerates its push into capital markets. Several data center operators and related equipment and service providers have raised money through US listings this year.
Market participants believe growing demand for AI model training and inference is turning computing infrastructure into a new focus for capital markets.
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