Switch is trying to raise money at a valuation that would have looked implausible for a data-centre developer a few years ago. The Las Vegas company is in talks to raise billions of dollars at a valuation of at least $50bn, according to The Information, as it moves to capitalise on the demand for the physical infrastructure that AI workloads run on.
The investors named are the large pools of capital now chasing data centres. Brookfield Asset Management, KKR, and other private-equity and institutional investors have been in talks to join the round, the report said, with Goldman Sachs and JPMorgan bankers advising Switch on the raise.
The roster is a signal in itself: the round is being shaped by the kind of infrastructure money that moves in size, the same appetite that recently took VAST Data to a $30bn valuation on a single raise.
The raise could lead somewhere bigger. The funding round might set Switch up for an initial public offering, potentially as soon as next year, turning a private fundraising into a step towards the public markets. That would put Switch on a path several data-centre and AI-infrastructure names have been eyeing as investor appetite for the category has intensified.
