Switch closed a $768 million asset-backed securities (ABS) issuance, reinforcing its use of structured finance to scale data center infrastructure across the U.S. The Series 2026-1 transaction adds a large Reno, Nevada facility to the company’s securitized pool and extends its geographic footprint.
The newly added site, part of Switch’s Citadel Campus, spans approximately 1.4 million square feet (≈130,000 square meters) and contributes more than 52 MW of capacity. With this inclusion, Switch’s securitized portfolio now totals 11 data centers across five U.S. markets, serving more than 550 customers. About 84% of the trust’s revenue comes from investment-grade customers, reflecting a relatively stable credit base. The Class A-2 notes in this issuance carry ratings of AAA (sf), AA (low), and A (low), with an anticipated repayment date of March 2031.
Switch has now raised roughly $4.2 billion across five ABS transactions since 2024, with all issuances structured as secured green bonds. Proceeds from the latest offering will go toward refinancing existing debt and general corporate purposes. The company continues to position securitization as a core funding mechanism to support expansion in AI, cloud, and enterprise data center markets.
- $768 million raised in Series 2026-1 ABS issuance
- Total ABS issuance since 2024 reaches ~$4.2 billion
- Portfolio now includes 11 data centers across five U.S. markets
- Reno facility adds ~1.4 million sq ft (≈130,000 sq m) and 52+ MW capacity
- 84% of revenue backed by investment-grade customers
- Notes rated AAA (sf), AA (low), and A (low); maturity expected March 2031
- All ABS issuances structured as secured green bonds
- Barclays and Citigroup served as lead structuring advisors and bookrunners
“The continued execution of our ABS program reflects the strength of our business and the consistency of our approach in the capital markets,” said Madonna Park, CFO of Switch.
🌐 Analysis: Switch continues to lean heavily on securitization as a capital strategy, aligning with broader trends in data center financing where operators tap structured debt markets to fund large-scale AI infrastructure. Comparable players—including hyperscale-aligned developers and colocation providers—have increasingly explored ABS and private credit structures to meet rising demand for high-density compute and power capacity. Switch’s emphasis on investment-grade tenants and green bond classification also positions it to attract institutional capital amid growing scrutiny on energy usage and sustainability in AI data centers.
| Profile: Switch | |
|---|---|
| Founded | 2000 |
| Founder & CEO | Rob Roy |
| Ownership | Private (acquired 2022 by DigitalBridge Group & IFM Investors for ~$11B) |
| Headquarters | Las Vegas, Nevada, USA |
| Core Business | Hyperscale, enterprise, and AI-focused data center campuses |
| Target Customers | Hyperscalers, Fortune 100 enterprises, government, and AI infrastructure deployments |
| Campus Strategy |
“Prime” ecosystem of large-scale campuses: • The Core (Las Vegas, NV) • The Citadel (Tahoe Reno, NV) • The Pyramid (Grand Rapids, MI) • The Keep (Atlanta, GA) • The Rock (Austin/Round Rock, TX) |
| Largest Campus | Citadel Campus (Tahoe Reno) – one of the world’s largest data center campuses |
| Design Architecture | MOD (Modular Optimized Design) enabling rapid, scalable deployment |
| Reliability Standard | Tier 5® Platinum (Switch proprietary standard exceeding Tier IV design principles) |
| Cooling Technology | Patented TSC (Tri-Redundant System Control) and advanced air and liquid cooling architectures for high-density AI workloads |
| AI Readiness | Designed to support high-density GPU clusters, including emerging 100kW-class racks |
| Patent Portfolio | 700+ issued and pending patents |
| Sustainability | 100% renewable energy across U.S. operations since 2016 |
| Customer Base | Serving hundreds of customers globally (cloud, enterprise, government) |
| Connectivity Platform | CORE Cooperative, providing shared access to telecom providers and competitive bandwidth options |
| Capital Strategy | Structured finance model including ABS and CMBS backed by data center assets and long-term contracts |
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