Switch Files Confidentially for US IPO Targeting November 2026

Data center operator Switch has filed confidentially for a US initial public offering (IPO), aiming to list as early as November 2026. The company is working with major investment banks, including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley.

Switch operates data center campuses in Nevada, Michigan, Georgia, and Texas, providing critical infrastructure for AI computing. As industries rapidly adopt artificial intelligence, there has been a sharp increase in the need for specialized data centers capable of hosting high-performance GPU clusters.

The company is majority-owned by DigitalBridge Group, which acquired Switch in 2022 alongside IFM Investors in a deal valued at $11 billion, including debt. While reports on the potential valuation for the upcoming IPO vary significantly, ranging up to $80 billion and others closer to $50 billion, these figures often include the company's existing debt.

The data center sector is not without significant challenges, with heavy capital requirements and pressure on cash flows due to building and maintaining facilities. Switch carries significant debt, and its future financial flexibility will depend on its ability to manage these borrowings in varying interest rate environments.