Switch, a leading provider of AI, cloud, and enterprise data centers, has successfully closed its fourth asset-backed securities (ABS) offering, raising nearly $659 million. The Class A-2 Notes received ratings of AAA, AA (low), and A (low), while the Class B Notes were rated BBB (low) by DBRS Morningstar. This milestone brings Switch’s total ABS issuance to approximately $3.5 billion, making it the largest single issuer of data center ABS since 2024. Notably, all of Switch’s ABS issuances qualify as secured green bonds, highlighting the company’s commitment to sustainable growth.

With these funds, Switch plans to advance its growth strategy, which includes ongoing development across its five campuses catering to Hyperscale, AI, and enterprise customers. In July 2025, the company retired all $6.5 billion of bank debt from its 2022 take-private transaction. Unlike previous issuances, this ABS offering is the first dedicated entirely to funding new development projects.

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This latest issuance demonstrates the strength and scalability of Switch’s enterprise ABS platform. The platform now spans 10 data centers across four geographically diverse campuses, serving nearly 500 customers. Over 70% of the company’s revenue comes from tenants rated investment grade, reflecting strong credit fundamentals. Leveraging this financial strength, Switch introduced the first AAA-rated tranche in non-hyperscale data center ABS a sector first that underscores its leadership in the 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.”

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Park 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.”

In addition to closing this ABS transaction, Switch recently earned the “2025 Growth Story of the Year” award from TMT Finance. The company has also received recognition in 2025 for its capital markets achievements from IJ Global, PFIA, and Proximo Infrastructure, cementing its position as a leader in the data center and financial sectors.

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