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Data center operator Switch initiates $2 billion private placement, led by a16z.
Deep Tide TechFlow News, July 2nd — According to Bloomberg, data center operator Switch has announced the official launch of a $2 billion private financing round, led by a16z. Sources say that Switch’s enterprise valuation (including debt) after this round could approach $50 billion, with an equity value of approximately $19 billion (excluding new investments). a16z will invest around $400 million. Goldman Sachs and JPMorgan Chase are also assisting in advancing the financing round. This fundraising may pave the way for Switch to conduct an initial public offering (IPO) as early as next year.
Negotiations are still ongoing, and the size, valuation, and timeline of the financing may still be adjusted. Headquartered in Las Vegas and founded in 2000, Switch currently operates data centers in Nevada, Michigan, Georgia, and Texas. The majority of its shares are held by DigitalBridge, which previously partnered with investors such as IFM Investors to take Switch private in 2022 in a deal valued at approximately $11 billion (including debt).