Switch files confidentially for US IPO, targets $80 billion valuation
In brief
- Switch filed confidentially for US IPO with potential November 2026 listing targeting $10 billion raise.
- Company valuation projected at $80 billion including debt, driven by AI infrastructure demand.
- EVO AI Factory designs support power densities exceeding 2 megawatts per cabinet.
- Goldman Sachs and JPMorgan Chase lead underwriting syndicate.
Return to public markets
Switch originally went public on the NYSE in 2017 under the ticker SWCH, raising roughly $531 million at the time. The company was taken private in December 2022 through a deal with DigitalBridge and IFM Investors, positioning itself for expansion as AI infrastructure demand accelerated. Now, with hyperscale and enterprise clients racing to deploy AI workloads, the timing of a return to public markets reflects investor appetite for data center operators positioned at the center of the AI infrastructure buildout.
Goldman Sachs and JPMorgan Chase are serving as lead underwriters for the IPO, with Bank of America, Citigroup, and Morgan Stanley also retained. The confidential filing allows Switch flexibility to refine its prospectus before the formal registration statement becomes public.
AI-optimized power density
Switch's competitive edge lies in its infrastructure design. The company's EVO AI Factory designs can handle densities exceeding 2 megawatts per cabinet, a dramatic departure from traditional enterprise infrastructure. A traditional enterprise data center cabinet draws somewhere around 5 to 10 kilowatts, meaning Switch's AI-optimized facilities deliver roughly 200 to 400 times the power density.
This capacity gap matters. Switch serves both hyperscale customers and enterprise clients looking to run their own AI workloads, positioning the company to capture demand across the entire AI infrastructure spectrum. As model training and inference workloads grow more power-intensive, data center operators with gigawatt-scale power delivery capabilities become strategic assets rather than commodity providers.
