Switch Raises $768 Million in Latest Data Center ABS Issuance

The company has raised approximately $4.2 billion through five ABS securitizations since 2024; this transaction expands its diversified master trust into a fifth market

LAS VEGAS, April 14, 2026 - Switch, a premier provider of AI, cloud and enterprise data centers, today announced the closing of an asset-backed securities ("ABS") offering, raising approximately $768 million through its Series 2026-1 issuance. The Class A-2 Notes are rated AAA (sf), AA (low) and A (low) by DBRS Morningstar, with an anticipated repayment date of March 2031.

Net proceeds from the offering will be used to repay existing debt and for general corporate purposes. The transaction adds a Reno, Nevada-based data center of approximately 1.4 million square feet to the securitized portfolio. The facility contributes more than 52 MW of capacity and expands the trust into a fifth geographic market, further enhancing its scale and diversification.

Following the issuance, Switch's securitized pool includes 11 data centers across five U.S. markets, serving more than 550 customers. Approximately 84% of trust revenue is derived from customers with investment-grade credit profiles, underscoring the platform's credit quality and stability. This transaction represents Switch's fifth ABS issuance since 2024, bringing total ABS issuance during that period to approximately $4.2 billion. All of Switch's ABS issuances qualify as secured green bonds, highlighting the company's commitment to sustainability and responsible growth.

"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, Chief Financial Officer of Switch. "Supported by strong visibility into long-term contracted demand from a high-quality customer base, we view securitization as a core funding strategy and remain focused on disciplined capital formation and a measured approach to leverage as we execute on our growth."

"We appreciate the support from both new and long-standing investors," said Jon Edwards, EVP, Head of Capital Markets at Switch. "This transaction underscores our consistent access to the ABS market across macro environments and is a testament to the quality of the Switch platform and the depth of our investor relationships."

Separately, Switch was recently recognized with the North America MBS Issue of the Year at the 2026 IFR Awards for its $2.4 billion data center CMBS financing completed in 2025, reinforcing the company's leadership in data center infrastructure capital markets.

Transaction advisors and counsel

Barclays and Citigroup served as co-structuring advisors and joint active bookrunning managers. BMO Capital Markets and Truist also participated as joint active bookrunning managers. Kirkland & Ellis LLP advised Switch, and Latham & Watkins LLP represented the underwriters.

About Switch

Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the leading data center campus designer, builder and operator. As the AI, cloud and enterprise data center experts, Switch provides the most modular, scalable and sustainable data centers to the most discerning clients. The company offers a comprehensive, future-proof portfolio ranging from highly dense liquid cooled AI to hyperscale cloud and the industry's highest rated and most-secure enterprise data centers. To learn more, visit www.switch.comand follow Switch on LinkedIn, Facebook and X.