Switch Successfully Closes $659 Million in Latest Data Center ABS Offering

Switch Closes $659 Million in New Asset-Backed Securities Offering

On October 20, 2025, Switch, a leading provider in AI, cloud, and enterprise data centers, announced that it has successfully completed its fourth asset-backed securities (ABS) offering. This latest offering has raised approximately $659 million, adding to Switch's impressive total of $3.5 billion in ABS proceeds accumulated since 2024. With this offering, Switch solidifies its position as the largest single issuer of data center ABS.

The newly issued Class A-2 Notes have received ratings of AAA, AA (low), and A (low), while the Class B Notes hold a BBB (low) rating from DBRS Morningstar. This issuance stands as a testament to Switch's robust financial standing and its commitment to sustainable initiatives, as all ABS issuances qualify as secured green bonds, reinforcing the company’s dedication to responsible growth.

This rise in capital funding will bolster Switch's aggressive growth strategy focusing on the development of its existing five campuses tailored for Hyperscale, AI, and enterprise clients. Notably, in July 2025, Switch announced the complete retirement of its $6.5 billion bank debt accrued during its take-private venture in 2022. The current ABS offering is particularly significant, as it represents Switch's first foray into securitization solely dedicated to facilitating new developments.

Switch’s enterprise ABS platform now spans across ten data centers situated in four diverse geographical regions, assisting nearly 500 customers. Impressively, over 70% of its revenue comes from tenants rated as investment grade. This exceptional credit profile has enabled Switch to introduce the first AAA-rated tranche in the non-hyperscale data center ABS sector, a milestone that reinforces its leadership in the data center capital markets.

Madonna Park, Chief Financial Officer of Switch, stated, "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." Park further indicated, "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."

To date, Switch has completed roughly $6 billion in stabilized asset financing, showcasing its capability and established track record in efficiently recycling capital. This positions Switch to continue supporting the largest AI, cloud, and enterprise clients as they scale their operations with the company's offerings.

In addition to this significant ABS closure, Switch has been recognized as the '2025 Growth Story of the Year' by TMT Finance. Its accomplishments in capital markets have also been acknowledged this year by notable organizations such as IJ Global, PFIA, and Proximo Infrastructure.

Switch was advised by a team of experts for this transaction. Wells Fargo Securities, LLC served as Co-Structuring Advisor and Lead Left Bookrunner, with RBC Capital Markets, LLC also playing a significant advisory role. Other key advisors included Morgan Stanley, TD Securities, and Truist as Joint Active Bookrunning Managers. Legal advisors for Switch consisted of Kirkland & Ellis LLP, with Latham & Watkins LLP representing the underwriters.

Founded in 2000 by CEO Rob Roy, Switch remains at the pinnacle of data center campus design and operation. The company offers a broad, future-proof portfolio catering to a variety of needs—from high-density liquid-cooled AI solutions to hyperscale cloud services, holding the industry's highest ratings for security and sustainability. To learn more about their offerings, please visit www.switch.com and stay connected with Switch on LinkedIn, Facebook, and X.