Switch Raises $659 Million in Fourth Data Center ABS Offering

Market-leading data center ABS issuer with $3.5 billion in ABS proceeds raised since 2024

LAS VEGAS, Oct. 20, 2025 /PRNewswire/ -- Switch, a premier provider of AI, cloud and enterprise data centers, today announced the closing of its fourth asset-backed securities ("ABS") offering, raising nearly $659 million. The Class A-2 Notes are rated AAA, AA (low), A (low)and the Class B Notes are rated BBB (low) by DBRS Morningstar. This transaction marks Switch's fourth ABS offering, bringing total ABS issuance to approximately $3.5 billion and making Switch the largest single issuer of data center ABS since 2024. All of Switch's ABS issuances qualify as secured green bonds, underscoring the company's commitment to sustainability and responsible growth.

Proceeds from this issuance will be used to fund Switch's growth strategy, which includes ongoing development at each of its five campuses for Hyperscale, AI, and enterprise customers. In July 2025, Switch announced it had retired all $6.5 billion of bank debt incurred during its 2022 take-private. This ABS issuance marks Switch's first securitization with proceeds dedicated entirely to fund new development.

This issuance reflects the strength and scalability of Switch's enterprise ABS platform, which now encompasses 10 data centers across four geographically diverse campuses, serving nearly 500 customers, with over 70% of revenue generated from tenants rated investment grade. These strong credit characteristics led Switch to introduce the first AAA-rated tranche in non-hyperscale data center ABS, marking a sector milestone that reinforces the company's leadership in data center capital markets.

"The success of this transaction, and the overall growth of our platform, clearly demonstrate that our formula of leading-edge technology combined with exascale campus deployments in Tier 1 markets continues to resonate with customers and investors alike," said Madonna Park, Chief Financial Officer of Switch. "As our deep pipeline of fully leased multi-tenant and Hyperscale assets continues to stabilize, we expect to remain an active issuer across the ABS and broader capital markets."

"With roughly $6 billion of stabilized asset financings completed to date, we have the scale and track record to continue to efficiently recycle capital while supporting the largest AI, cloud and enterprise customers, as they grow with Switch," she added.

In addition to closing its ABS transaction, Switch was recently awarded "2025 Growth Story of the Year" by TMT Finance. Switch has also received recognition this year for its capital markets achievements by IJ Global, PFIA and Proximo Infrastructure.

Transaction Advisors and Counsel

Wells Fargo Securities, LLC served as Co-Structuring Advisor and Lead Left Bookrunner and RBC Capital Markets, LLC served as Co-Structuring Advisor and Joint Active Bookrunning Manager. Morgan Stanley, TD Securities and Truist served as Joint Active Bookrunning Managers. Kirkland & Ellis LLP advised Switch, and Latham & Watkins LLP represented the underwriters.

About Switch

Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the leading data center campus designer, builder and operator. As the AI, cloud and enterprise data center experts, Switch provides the most modular, scalable and sustainable data centers to the most discerning clients. The company offers a comprehensive, future-proof portfolio ranging from highly dense liquid cooled AI to hyperscale cloud and the industry's highest rated and most-secure enterprise data centers. To learn more, visit www.switch.com and follow Switch on LinkedIn, Facebook and X. 

Press Contacts:
Heather Ellerbe
Maria Lukens
[email protected]

SOURCE Switch LTD