Data center firm Switch could be going public again.
Citing people familiar with the matter, Reuters reports the owners of Switch are exploring an initial public offering (IPO) of the data center operator that could value it at about $40 billion, including debt.
Switch is said to have recently held preliminary talks with investment bankers on the potential stock market flotation that could happen as early as 2025.
Discussions are reportedly at an early stage, the plans are subject to market conditions, and no final decisions have been taken.
Founded in 2000, Switch operates its large 'Prime' data center campuses in Austin, Texas; Reno, Las Vegas; Grand Rapids, Michigan; and Atlanta, Georgia. Over the last year, it has filed to expand further in Austin and Atlanta.
The company first went public in 2017, raising $513 million with a market cap of $4.2 billion at launch.
DigitalBridge, alongside IFM Investors, took Switch private in an $11bn deal in December 2022. Australian pension fund Aware Super invested $500 million into Switch last year.
DigitalBridge, IFM, Aware Super, and Switch declined to comment to the publication.
