Switch, the Las Vegas-based data center operator, is raising a private funding round of roughly $2 billion that would value the company at nearly $50 billion including debt, Bloomberg reported July 1, citing people familiar with the discussions.
Andreessen Horowitz is leading the round with a commitment of about $400 million, according to Bloomberg. Goldman Sachs and JPMorgan Chase are arranging financing for the deal. The round would value Switch’s equity at roughly $19 billion before the new investment, suggesting debt makes up a significant portion of the nearly $50 billion headline figure. Terms could still change, and the discussions remain ongoing.
Switch is majority-owned by Digitalbridge Group, which acquired the company alongside IFM Investors in 2022 in a deal valued at $11 billion including debt. The new round would put Switch’s valuation at more than four times that 2022 price in about four years.
Bloomberg reported the financing could precede an initial public offering as soon as 2027, though sources cautioned that plans could shift depending on market conditions.
The raise adds to a run of large, debt-heavy data center valuations this year as investors chase exposure to AI infrastructure. Switch operates data center campuses across the U.S., including its home market in Las Vegas.
Switch, Digitalbridge, Andreessen Horowitz, Goldman Sachs and JPMorgan Chase had not issued public statements on the round as of publication.
