The Las Vegas-based data center giant is tapping banks for what could become one of the largest tech IPOs in recent memory, riding the AI infrastructure wave.
Switch, the Las Vegas-based data center operator, is preparing for an initial public offering that could value the company at up to $80B, according to sources familiar with the matter. The company has tapped banks to begin the IPO process, a move that would mark its return to public markets after previously going private.
Switch was valued at roughly $4.2B when it first went public back in October 2017, raising $531 million in that offering. An $80B valuation would represent nearly a 20x increase.
The road to going public, again #
Before the IPO machinery kicks into gear, Switch is working on shoring up its balance sheet. The company is currently in advanced talks to raise approximately $2B in private funding, a round that would value the firm near $50B including debt.
Andreessen Horowitz, Brookfield, and KKR are all reportedly involved in the funding discussions, which have been ongoing through June and July 2026.
Switch has been on an aggressive capital-raising spree to fund its expansion. Since 2024, the company has raised around $20B in debt through various credit facilities and asset-backed securities. That includes a $768 million green bond issuance completed in April 2026.
Why data centers are the new oil wells #
Switch operates high-density data centers serving over 550 customers, with a strategic emphasis on AI and cloud workloads. The company’s journey from public to private and now back toward public markets follows a pattern that’s become increasingly common in tech. Switch went public in 2017, then was taken private, allowing management to restructure, invest heavily, and position the business for the AI wave without the quarterly earnings pressure of public markets.
What this means for investors #
An $80B Switch IPO would be one of the largest tech offerings in recent memory. For context, Equinix, one of the largest publicly traded data center REITs, currently carries a market capitalization in the range of $80B to $90B.
With an IPO potentially targeted for 2027, the risk side of the ledger isn’t empty. That $20B debt load is substantial, and the company will need to demonstrate that revenue growth can outpace its financing costs.
The involvement of Andreessen Horowitz is particularly notable given the firm’s deep ties to both AI and crypto. A16z has been one of the most aggressive crypto venture investors while simultaneously backing AI infrastructure plays.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our