Las Vegas data center operator Switch has hired Goldman Sachs and JPMorgan to help prepare for an IPO, sources said. The IPO could give the company a valuation as high as $80 billion; by comparison, Switch’s valuation was about $4.2 billion when it launched its IPO in October 2017, raising $531 million, meaning an $80 billion valuation is about 20 times the 2017 figure.
Switch hires Goldman Sachs and JPMorgan as IPO underwriters, plans to list in Q4 2027
According to sources, Switch has hired Goldman Sachs and JPMorgan to help prepare for its IPO listing. The plan is to officially launch the IPO in Q4 2027; if the IPO valuation reaches $80 billion, Switch could reach the top of the industry on its first day of trading, comparable to Equinix (one of the largest publicly listed data center REITs, with a market cap of about $80 billion to $90 billion).
After an $11 billion privatization in 2022, re-listing valuation could reach $80 billion
According to reports, Switch’s valuation timeline is as follows:
October 2017: First IPO, raising $531 million, company valuation about $4.2 billion
2022: Taken private by DigitalBridge and IFM Investors for $11 billion, exiting the public market to carry out restructuring and investment
Since 2024: Raised about $20 billion through credit facilities and asset-backed securities, including a $768 million green bond issuance in April 2026
From June 2026: In discussions with Andreessen Horowitz, Brookfield, and KKR regarding about $2 billion in private financing; after the financing, the post-money enterprise valuation (including debt) is about $50 billion
Q4 2027 (planned): Re-lists again, targeting a valuation as high as $80 billion
Switch business overview: serves 550+ customers, transition to AI cloud
According to reports, Switch provides high-density data center services to more than 550 customers and has shifted its business focus to AI and cloud workloads and solutions; its data centers are powered by renewable energy. This feature was rolled out as early as 2016, making it attractive for technology companies focused on decarbonization goals.
By comparison, Equinix, with a market cap of about $80 billion to $90 billion, is one of the largest publicly listed data center REITs; if Switch reaches a valuation of $80 billion, it would be close to the industry’s leading valuation levels on its first day of trading.
FAQ
What are Switch’s IPO timeline and expected valuation?
According to sources, Switch plans to kick off its IPO in Q4 2027, with an expected valuation potentially as high as $80 billion; Goldman Sachs and JPMorgan have been hired as underwriters. This valuation would be about 20 times Switch’s valuation at its first IPO in 2017 ($4.2 billion).
What is Switch’s private financing situation before the IPO?
According to reports, Switch is currently in talks about approximately $2 billion in private financing with Andreessen Horowitz, Brookfield, and KKR (starting in June 2026); after this round of financing is completed, the company’s enterprise valuation (including debt) is expected to be about $50 billion.
Why did Switch choose to go private in 2022?
According to reports, Switch chose to go private to escape quarterly earnings pressure, so it could restructure and focus investments. In 2022, it was acquired in an $11 billion buyout by DigitalBridge and IFM Investors. After going private, the company transitioned to focus on servicing AI and cloud workload services.
