Highlights

• Switch raises $659 million through its fourth asset-backed securities (ABS) offering.
• The company’s green bond-qualified ABS will fund AI, Hyperscale, and enterprise data centre expansion across its five U.S. campuses.
• Recognised as 2025 Growth Story of the Year, Switch continues to grow its sustainable infrastructure and capital market presence.

Switch, a leading provider of AI, cloud, and enterprise data centres, has completed its fourth asset-backed securities (ABS) offering and mobilised nearly $659 million.

The Class A-2 Notes have been rated AAA, AA (low), and A (low), and the Class B Notes carry a BBB (low) rating from DBRS Morningstar.

This development brings Switch’s total ABS issuance to around $3.5 billion and makes it the largest single issuer of data centre ABS since 2024.

Read More: As AI Grows, Data Centres Face Soaring Energy Demand

The proceeds from this transaction will fund Switch’s growth strategy, which includes the ongoing expansion of its five data centre campuses serving Hyperscale, AI, and enterprise customers.

This is Switch’s first ABS issue where the entire proceeds are directed to new development, following the company’s earlier decision in July 2025 to retire $6.5 billion in bank debt taken during its 2022 take-private transition.

Switch’s enterprise ABS platform now includes 10 data centres across four U.S. regions, with a client base of nearly 500 customers. Over 70% of its revenue comes from investment-grade tenants, which has added credibility to its financing structure. Through this issuance, Switch has introduced the first AAA-rated tranche within non-hyperscale data centre ABS.

Also Read: UN: AI Fuelled 150% Rise in Tech Giants’ Data Centre Emissions

In a statement, Madonna Park, Chief Financial Officer of Switch, said the outcome of the transaction affirms that cutting-edge technology combined with large-scale campus deployments in Tier 1 markets continues to appeal to customers and investors.

She added, “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.”

The company’s achievements transcend finance

TMT Finance recently named Switch the “2025 Growth Story of the Year”, which recognised its rapid rise in the data center and green bond markets. The firm also received prestigious awards from IJ Global, PFIA, and Proximo Infrastructure.

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Source: Switch