Switch, a Las Vegas-based operator of large data center campuses, hired Goldman Sachs and JPMorgan Chase for an initial public offering, according to two people familiar with the matter.

The IPO could raise up to US$10 billion as soon as the fourth quarter and value the company at about US$80 billion, including debt.

The terms are still under discussion and may change, but the listing would rank among the biggest US stock market debuts in recent years as investors back companies tied to AI infrastructure.

Public disclosures show Switch operates five exascale campuses in Las Vegas, Tahoe Reno, Atlanta, Grand Rapids, and Austin, with multi-gigawatt power capacity.

DigitalBridge and IFM Investors completed the company’s take-private in December 2022 at US$34.25 per share in cash, in a deal valued at about US$11 billion, including debt.

Rivian’s 2021 IPO ranks ninth among the largest US IPOs.

🔗 Source: Reuters