Switch lines up Goldman Sachs, JPMorgan for mega $80B IPO

Switch, the U.S. data center operator backed by DigitalBridge, has mandated Goldman Sachs and JPMorgan Chase as lead underwriters for a planned initial public offering that could come as early as the fourth quarter of this year. People familiar with the process told Reuters the company is exploring an offering that may raise up to $10 billion and imply an enterprise valuation close to $80 billion, including debt. The final size, timing and valuation of the deal are still under discussion and may change as deliberations continue. Ahead of the public listing, Switch has also been in talks with private investors about raising capital at a valuation of at least $40 billion, providing a potential step-up before transitioning to public markets.

The contemplated IPO would represent a major return to public markets for Switch, which was taken private in 2022 in an approximately $11 billion transaction led by DigitalBridge and IFM Investors. Since then, the company has expanded its financing footprint, including a $2.6 billion syndicated performance letter of credit facility to support transmission and generation projects for its data centers. Switch operates large-scale facilities that serve some of the biggest AI and cloud players, positioning it squarely in the high-growth digital infrastructure segment that has attracted strong investor demand. A successful $10 billion raise at an $80 billion valuation would make Switch one of the largest data center IPOs to date and underscore how critical AI-ready infrastructure has become in public equity markets.

For now, detailed IPO terms such as the share price range, exact equity valuation excluding debt, listing venue, and ticker symbol have not yet been disclosed in the available reports. Coverage to date focuses on the targeted proceeds, enterprise valuation, and the choice of Goldman Sachs and JPMorgan Chase as lead banks steering the underwriting process. The underwriters will be responsible for structuring the offering, assessing investor appetite, and ultimately setting the IPO price band once regulatory filings and roadshow feedback are in place. Market observers are watching the deal closely as a bellwether for investor appetite in large-cap AI and data center infrastructure issuers as the next wave of tech IPOs starts to form.