Data center operator Switch confidentially files for U.S. IPO, aiming for up to $10B raise

Switch, a major operator of large-scale data center campuses, has confidentially submitted paperwork for a U.S. initial public offering, according to a Bloomberg News report on Friday citing people familiar with the matter. The move marks a significant step toward what could become one of the largest tech listings of the year.

Reuters has previously reported, citing sources, that the company could raise as much as $10 billion as soon as the fourth quarter, at a valuation approaching $80 billion including debt. Switch did not immediately respond to a request for comment on the Bloomberg report, and Reuters could not independently verify the filing details.

The company operates massive data center campuses that provide power, cooling, and high-speed connectivity essential for AI computing. These facilities enable cloud providers and enterprises to deploy GPU clusters used to train and run advanced AI models, positioning Switch as a critical player in the infrastructure layer of the artificial intelligence boom.

Demand for such infrastructure has surged as companies across industries pour capital into AI initiatives. This wave of investment has intensified interest in data center operators and other firms that underpin the computing backbone of the technology, making Switch's potential listing a closely watched event in financial markets.

If completed, the IPO would give public market investors a rare direct stake in the rapidly expanding AI-ready data center sector. Industry analysts note that listings of this scale could also encourage other privately held infrastructure providers to explore public offerings, potentially reshaping the capital landscape for digital infrastructure over the coming years.