Switch Raises $659M for Fourth Green Bond ABS 

Switch, an AI, cloud, and enterprise data center, has raised $659 million in the closing round for its fourth asset-backed securities offering, bringing the company’s total securities to about $3.5 billion. 

The funding will go towards Switch’s growth initiatives, which include enhancing Switch’s five campuses for Hyperscale, AI, and its enterprise customers. The funding will also accelerate the infrastructure for data centers and the expansion of capacity due to the increasing demand for AI and cloud services. 

Most of Switch’s ABS offerings qualify as green bonds, as the firm aims to boost sustainability and infrastructure expansion. 

“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,” Madonna Park, CFO of Switch, said.  

In July 2025, Switch retired $6.5 billion of its bank debt from its 2022 take-private transaction. 

Investments towards data centers have become the second most coveted segment in real estate portfolios, trailing only industrial assets, and are increasingly attracting both conventional real estate managers and credit investors, according to a study from JLL, which was released in March. 

Switch, launched in 2000, operates in Austin, Texas, Reno and Las Vegas, Nevada, Grand Rapids, Michigan, and Atlanta, Georgia. The company plans to expand its operations in Atlanta and Austin.