Switch files confidentially for US IPO amid AI demand, eyes $80B valuation

Switch, the data center operator known for building massive facilities tailored to AI workloads, has confidentially filed for a US initial public offering with the SEC. The move positions the company to ride what might be the most lucrative infrastructure wave since the cloud computing boom.

The IPO could raise as much as $10 billion, with a projected valuation approaching $80 billion including debt.

A familiar face returns to Wall Street

This isn’t Switch’s first rodeo. The company originally went public on the NYSE in 2017 under the ticker SWCH, raising roughly $531 million at the time.

Switch was taken private in December 2022 through a deal with DigitalBridge and IFM Investors. Now the company is reversing course, filing confidentially in early August 2026 with a potential public listing as soon as November 2026. The underwriter roster reads like a who’s who of investment banking: Goldman Sachs and JPMorgan Chase are serving as lead underwriters, with Bank of America, Citigroup, and Morgan Stanley also retained for the offering.

Why AI made data centers interesting again

The company’s campuses are designed for gigawatt-scale power delivery. Their EVO AI Factory designs can handle densities exceeding 2 megawatts per cabinet. For context, a traditional enterprise data center cabinet might draw somewhere around 5 to 10 kilowatts.

The company serves both hyperscale customers and enterprise clients looking to run their own AI workloads without building custom facilities.

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