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Data center operator CyrusOne plans potential 2027 IPO, banks pitch for roles, sources say

By Echo Wang NEW YORK, Aug 10 (Reuters) - CyrusOne, a data center operator owned by KKR and BlackRock's Global Infrastructure Partners, is preparing for an initial public offering ‌as early as 2027, in what could be one of the biggest IPOs ‌in the sector in recent years, according to people familiar with the matter. The private equity firms met investment banks ​including Goldman Sachs and Morgan Stanley last week and the banks pitched for roles on the IPO, the people said, asking not to be identified because the discussions are confidential. The company has not decided how much it plans to raise or what valuation it will seek, they ‌said, but one of the ⁠people said a public listing could raise about $5 billion. The people cautioned that discussions are at an early stage and details are subject to ⁠change. BlackRock, KKR, Goldman Sachs and Morgan Stanley declined to comment. CyrusOne had no comment. CyrusOne would join a growing pipeline of large IPOs tied to data centers and artificial intelligence infrastructure as spending on ​computing ​capacity surges. Data center operator Switch picked lead ​banks for a public offering that ‌could value the company at close to $80 billion including debt. SoftBank-backed SB Energy is also preparing for a U.S. IPO that could value it at more than $50 billion, while Brookfield-backed data center provider Csquare raised more than $1 billion in its IPO last month. KKR and GIP took CyrusOne private in 2022 in a deal valued at about $15 billion including debt. An IPO could ‌let them monetize their investment and give CyrusOne more ​capital to pay down debt it borrowed to expand ​its data centers. CyrusOne operates more than ​60 data center campuses across the United States, Europe and Japan. The ‌Information previously reported that CyrusOne was preparing ​to interview banks. Private equity ​and infrastructure investors have been ramping up investment in data centers and related infrastructure supporting the build-out. KKR raised a record $19.2 billion for its latest infrastructure fund this month and ​in June launched Helix ‌Digital Infrastructure, a new company with committed capital of more than $10 billion to finance ​the build-out. (Reporting by Echo Wang in New York, additional reporting by Isla ​Binnie in New York; Editing by Sanjeev Miglani) View Comments

JPMorgan Strategists Raise S&P 500 Target as AI Capex Pays Off

(Bloomberg) -- JPMorgan Chase & Co. strategists raised their S&P 500 Index forecast for a second time in two months, citing strong corporate earnings and the payoff from massive artificial intelligence spending. Most Read from Bloomberg Iran Shakes Up Security Team After Saying Oman Deal 'Very Close' China Unleashes $28 Trillion Capital Markets to Challenge US in AI Stocks Hold Near Record Highs, Oil Ticks Higher: Markets Wrap Trump Amps Up Pressure on Billionaire Sargeant to Exit Venezuela Iran Says Hormuz Deal Close But Its Conditions Must Be Met The team led by Dubravko Lakos-Bujas now sees the US benchmark rising to 8,000 points, implying gains of about 3% from Friday's close. They had bumped their target to 7,800 from 7,600 in June. The latest forecast is slightly above the average of 20 strategists polled by Bloomberg. The second-quarter earnings season has produced evidence that capital expenditure by the so-called AI hyperscalers is being monetized through customer demand, the JPMorgan team said. They cited stronger cloud growth and increased backlogs at Alphabet Inc., Amazon.com Inc. and Microsoft Corp. that should reduce worries over return on their invested capital. "As elevated backlogs convert into recognized revenue, cloud growth should remain well supported, helping validate rising AI capex," they said. "Across hyperscalers, demand indicators remain high and rising." The S&P 500 has reclaimed record highs as corporate earnings surged 32% in one of the best increases on record. There's been intense focus on Big Tech's spending on AI and the impact that's having on their cash flow. The JPMorgan strategists expect AI spending to keep climbing, with the technology projected to account for well over half of total capex of $1.5 trillion across the S&P 500 this year, a proportion that's tipped to grow. Strategists at banks including Citigroup Inc., Deutsche Bank AG and Goldman Sachs Group Inc. are also among the most bullish voices on US stocks this year. On average, the S&P 500 is seen rising to 7,845 points by the year end, about 1% above current levels. --With assistance from Sagarika Jaisinghani. Most Read from Bloomberg Businessweek Lululemon Is At War With Itself How Apple and India Built an Alternative iPhone Production Hub The $5 Billion Cosmetics Company Behind the High-Flying Rhode Brand RFK Jr.'s Cooking Show Is One Long, Boring Political Ad TikTok Withheld a Safety Feature From Millions. One Died by Suicide ©2026 Bloomberg L.P. View Comments

Angi (ANGI) Stock Fair Value Moves Lower As Analysts Weigh Execution Risks

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Angi's latest analyst update centers on a reset in price targets, with fair value estimates shifting from US$9.50 to US$8.00 and new targets clustering around the mid single digit range. This change lines up with commentary that analysts are weighing Angi's execution risks more cautiously, while still leaving room for potential value creation if the company delivers on updated expectations. Read on to see what is driving this evolving narrative and how you can track it over the coming quarters. Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value Angi. What Wall Street Has Been Saying 🐂 Bullish Takeaways Both UBS and Goldman Sachs keep Neutral ratings on Angi, which signals that despite lower price targets, they still see a case for holding the stock while they reassess execution and growth plans. The updated models from Goldman Sachs ahead of the Q2 earnings report suggest ongoing interest in how Angi can align its operations and costs with its current market valuation. 🐻 Bearish Takeaways UBS cut its Angi price target to US$5 from US$11, which reflects increased caution around execution risks and the balance between growth aspirations and current fundamentals. Goldman Sachs reduced its price target to US$6 from US$10, indicating that its revised assumptions now support a lower fair value range for Angi compared with previous expectations. Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!NasdaqGS:ANGI 1-Year Stock Price Chart We've flagged 1 risk for Angi. See which could impact your investment. How This Changes the Fair Value For Angi The fair value has been reduced from US$9.50 to US$8.00, which is now the updated central valuation anchor for Angi. The revenue growth assumption has been revised from 1.97% to 2.76%. The profit margin forecast has been adjusted from 3.32% to 3.59%. The future P/E multiple has been moved from 12.0x to 9.45x. The discount rate has been updated from 12.46% to 12.54%. Never Miss an Update: Follow The Narrative Narratives connect Angi's business story to analyst forecasts and an estimated fair value, so you can see how opinion and numbers fit together. They refresh as new data, company news, and analyst updates come through. Head over to the Simply Wall St Community and follow the Narrative on Angi to stay up to date on: Story Continues How Angi's unified platform migration and AI tools are being used to improve job matching, conversion rates, and user retention. The role of brand strength and a focus on larger, higher value pros in building a more productive provider network and supporting earnings. Key pressure points such as dependence on paid acquisition, macro and housing market sensitivity, and execution risk around technology and platform migration. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ANGI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com View Comments

Barrick Chairman's Planned Overhaul Meets Investor Backlash

(Bloomberg) -- John Thornton appeared ready last year to step down as chairman of Barrick Mining Corp. after a turbulent 12-year tenure. Instead, he seized control from his long-time CEO and is now driving a reinvention of one of the world's largest gold producers. Most Read from Bloomberg Iran Says Hormuz Deal Close But Its Conditions Must Be Met Trump Amps Up Pressure on Billionaire Sargeant to Exit Venezuela OpenAI's New Device Will Be Hockey Puck-Sized and Cost Over $300 America's Cyber Forces Grapple With Cluster of Deaths by Suicide Walmart Tests Fulfillment Cart Changes After Child Hit in Store His plan is running into trouble. The former Goldman Sachs banker's idea to spin off the Canadian company's North American mines in an initial public offering is facing backlash from some of Barrick's top investors, who don't want to share their interest in the company's most valuable assets. The IPO will likely be a key focus for shareholders when Barrick reports its quarterly earnings on Monday. Although the company first floated the plan in December, Barrick still hasn't named a CEO for the new company or revealed where it will be domiciled. Portfolio managers at Van Eck Associates Corp and Mackenzie Financial Corp have contacted Barrick within recent months to express opposition to the chairman's strategy. Franklin Equity Group is also opposed. Frustration is so high that at least one investor is calling publicly for Thornton's resignation. "If you ask me, it would be nice to have a graceful exit of this current chairman and have someone else come in," said Benoit Gervais, portfolio manager at Mackenzie, a subsidiary of Power Corp., Barrick's 10th-largest shareholder. The IPO could be Thornton's last chance to change the fortunes of Barrick, a mining company he's led since 2014. Under his watch, the company's stock has underperformed rivals Newmont Corp. and Agnico Eagle Mines Ltd. and has struggled to capitalize on a historic run-up in the price of gold. Barrick slipped to third place in global production last year after being overtaken by Agnico. The company's struggles threaten to tarnish the reputation of a dealmaker and master networker who made his name running one of the world's top investment banks, but hasn't replicated similar success as a corporate leader. This story is based on interviews with more than two dozen executives, current and former Barrick employees, bankers and shareholders, many who asked not to be identified because they are not authorized to speak publicly. Story Continues Through an outside spokeswoman, Thornton declined to comment. The IPO is supposed to unlock the value of Barrick's gold mines in Nevada and the Dominican Republic, which the firm's leadership has long contended are weighed down by Barrick's more troubled assets in Africa, Asia and the Middle East. Through a new, publicly listed company, Barrick would retain majority control of the assets while floating a minority interest to the public. The Nevada mines have been declining in production in recent years, but the asset is part of the world's largest gold-mining complex and contributes more than half of Barrick's profits. The IPO would also include the Fourmile discovery, which Barrick has called one of this century's greatest gold finds, and a mine in the Dominican Republic. Investors say the restructuring comes at their expense, diluting their interest in the operations by as much as 15% to new shareholders. Portfolio managers at Van Eck, Barrick's fourth-largest shareholder, met at least three times with company executives this year to push back. Dealmaker Turned Corporate Leader Long before he joined Barrick, Thornton had established himself as one of Wall Street's premier dealmakers. The 72-year-old climbed the ranks at Goldman by growing the firm's presence in Asia and Europe. He rose to co-president of the firm by the time it went public in 1999 and held that role until 2003. Thornton sits on several other boards including Fo

AI’s new millionaires want to disrupt philanthropy. They should fund what already exists

SpaceX's IPO this summer created an estimated 4,400 new millionaires overnight, and Anthropic and OpenAI are expected to soon follow. Goldman Sachsprojects a historic year for IPO proceeds, driven by the AI boom. The question is: How much of this enormous wealth will trickle down to the people who need it most? We've watched this moment take shape from different angles — one of us building and scaling technology companies, the other leading a nonprofit that provides career training to help people move into the middle class. From both of these vantage points, we see a country where costs are rising, services are stretched thin, and the American dream is further out of reach. AI wealth can help solve these problems. But there's an alarming misapprehension circulating in tech circles: that the nonprofit sector lacks the talent, speed, and ambition to deploy capital at this scale. Techies who came up in the "move fast and break things" era want to apply that same ethos to philanthropy, rebuilding the sector in tech's image. The truth is we don't need a whole new infrastructure to make the best use of new AI wealth. There are 1.8 million nonprofits operating in the U.S. right now, deploying roughly $600 billion in charitable giving each year to make peoples' lives and communities better. This is a sector that's helped solve civilizational challenges like eradicating smallpox and lifting more than a billion people out of extreme poverty. Contrary to perceptions, nonprofit workers aren't well-meaning amateurs waiting for tech to save the day, but savvy operators with deep community knowledge and relationships that can't simply be replicated. Nonprofit organizations have survived decades of public funding cuts, shifting policy priorities, and economic volatility — and, like a lot of people who've come up in the tech sector, they've learned to innovate, adapt, and do more with less. Give them more to work with and they'll accomplish even more. We don't need to speculate about whether nonprofits can absorb transformational investment. MacKenzie Scott has given more than $26 billion in large, unrestricted gifts to existing nonprofits since 2019. The Center for Effective Philanthropy studied the outcomes over three years and found that 90% of recipients reported stronger financial positions, expanded programs, reduced staff burnout, and increased capacity to innovate. The early concern that nonprofits couldn't absorb capital at that scale turned out to be unfounded across more than a thousand organizations. Story Continues The assumption that nonprofits are too set in their ways to respond to a rapidly changing world doesn't hold up either. The best nonprofits operate like any tech startup: reading market conditions and pivoting to where the need is greatest. This is partly out of necessity, as nonprofits, more than any other sector, need to be constantly responsive to the shifting winds of community need and donor focus. Many have to raise their entire operating budget from scratch every single year — a pressure that breeds operational discipline and adaptability. Workforce development is where this plays out most visibly right now, and where AI wealth has perhaps the most responsibility. Demand for career training programs has increased as jobseekers navigate a rapidly changing labor market. As generative AI restructures employment, workforce nonprofits continue to innovate. For example, at JVS Bay Area, we've sunsetted job training programs in tech and developed new programs in sectors more resistant to automation, like healthcare and the skilled trades. We've integrated AI skills across all our training programs to help jobseekers stick out in a competitive market. Amid all the uncertainty of 2025, our program graduates were still able to secure meaningful employment within less than a month, on average. Nonprofits like us don't need to invent a new way of putting capital to work, we simply need more funding for programs that are alre

Travel + Leisure (TNL) Stock Fair Value Edges Higher After Analyst Target Increases

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Travel + Leisure now carries a refreshed fair value estimate of US$91.00 per share, up from US$87.08, as analysts adjust their views on the stock. Recent research, including price targets that span roughly US$77 to US$107 and an upgrade to Buy from Goldman Sachs with an US$85 target, shows how opinions are shifting as new earnings and acquisition details come through. As you read on, you will see how these changing targets fit into the evolving Travel + Leisure story and what that can mean for your own watchlist. Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value Travel + Leisure. What Wall Street Has Been Saying 🐂 Bullish Takeaways Several firms, including Goldman Sachs, BofA, Mizuho and Morgan Stanley, have raised price targets on Travel + Leisure. This points to a more constructive stance on the stock's valuation after recent earnings. Goldman Sachs describes Travel + Leisure as a capital light, recurring fee business within the timeshare sector. Some investors may view this as supportive of more predictable cash flow compared with asset heavy peers. Mizuho highlights the Yes& and Spinnaker acquisitions and cites an additional US$15m to US$20m of EBITDA. This feeds into its higher target of US$107 and its view that estimates now better reflect the company profile. 🐻 Bearish Takeaways Barclays maintains an Equal Weight rating even after lifting its target to US$77. It points to a hazy outlook on consumer credit, which could affect timeshare affordability for some buyers. Earlier in the year, Morgan Stanley lowered its price target before later raising it. This shows that Travel + Leisure still faces execution questions that investors may want to monitor as new results and credit data come through. Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!NYSE:TNL 1-Year Stock Price Chart We've flagged 5 risks for Travel + Leisure. See which could impact your investment. How This Changes the Fair Value For Travel + Leisure Fair value has moved from US$87.08 to US$91.00 per share in the updated model. Revenue growth assumption has shifted from 2.60% to 3.88%. Net profit margin assumption has changed from 19.87% to 22.15%. Future P/E assumption has moved from 7.71x to 6.35x. Discount rate has adjusted from 11.81% to 11.61%. Never Miss an Update: Follow The Narrative Story Continues Narratives connect Travel + Leisure's business story to a set of explicit earnings assumptions and a fair value estimate that update as new data comes through. They help you see how brand expansion, customer trends, and risks all feed into one coherent view. Head over to the Simply Wall St Community and follow the Narrative on Travel + Leisure to stay up to date on: How Travel + Leisure is using new brands such as Accor, Sports Illustrated Resorts, Margaritaville and international partnerships to broaden its customer base and diversify revenue. Why recurring fee income, an asset light model, and growing Millennial and Gen Z demand are central to the company's membership and earnings profile. Key risks from heavy reliance on US vacation ownership, consumer credit sensitivity, competition from digital first travel platforms, and structural headwinds in the Travel and Membership segment. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitiv

Arcus Biosciences (RCUS) Stock Gets Fair Value Bump After Casdatifan Optimism

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. The fair value estimate for Arcus Biosciences has shifted from US$35.75 to US$38.00, signaling a modest reset in where analysts think the stock could reasonably trade. That move tracks with recent updates that balance enthusiasm around the kidney cancer franchise, especially casdatifan, against questions about how quickly those programs can translate into durable commercial performance. As you read on, you will see how this evolving narrative might shape your view of Arcus Biosciences over the coming quarters and what to watch to stay ahead of the story. Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value Arcus Biosciences. What Wall Street Has Been Saying 🐂 Bullish Takeaways Several firms have lifted their fair value views on Arcus Biosciences, including Goldman Sachs moving its target to US$42 from US$34 and H.C. Wainwright lifting its target to US$45 from US$32. This points to growing confidence in the story. Wedbush highlights Arcus Biosciences' broad development plan for casdatifan in clear cell renal cell carcinoma and expects upcoming October clinical updates to support a role for the drug as a backbone therapy in this setting. Truist and LifeSci Capital both emphasize casdatifan's validated mechanism of action in kidney cancer and refer to an emerging best in class profile, which they see as important for the company's long term growth ambitions. 🐻 Bearish Takeaways Wells Fargo maintains an Equal Weight stance with a US$26 target and describes the risk and reward as balanced. This signals caution around how near term events translate into share performance. BofA, with a Neutral rating and a US$29 target, points out that while early data support casdatifan's potential, it is uncertain whether the next generation HIF2a inhibitor will fully support Arcus Biosciences' commercial goals in kidney cancer. Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!NYSE:RCUS 1-Year Stock Price Chart We've flagged 3 risks for Arcus Biosciences. See which could impact your investment. How This Changes the Fair Value For Arcus Biosciences Fair value has moved from US$35.75 to US$38.00 for Arcus Biosciences. Revenue growth has shifted from a modeled decline of 1.84% to a projected increase of about 37.93%. Net profit margin remains essentially unchanged, edging from about 18.92% to roughly 18.92%. Future P/E has been reduced from about 161x to roughly 126x. The discount rate has adjusted from 7.28% to about 7.47%. Story Continues Never Miss an Update: Follow The Narrative Narratives connect Arcus Biosciences' clinical story, partnerships, and risks to a structured forecast and fair value framework. They update over time as new trial results, guidance, and collaborations come through. Head over to the Simply Wall St Community and follow the Narrative on Arcus Biosciences to stay up to date on: How late stage development of casdatifan in renal cell carcinoma, including Phase 3 programs like PEAK 1 and ARC 20, could influence Arcus Biosciences' future position in kidney cancer. The role of broader trials such as STAR 221 in gastric cancer and STAR 121 and PACIFIC 8 in lung cancer, plus long dated cash runway and partnerships that support ongoing R&D. Key risks around regulatory approvals for dom zim and casdatifan, immune related adverse events with Fc enabled TIGIT antibodies, competition from therapies such as belzutifan, and execution risk from shifting focus to new trials. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does

Burnham’s Fiscal ‘Flexibility’ Could Backfire, Officials Fear

(Bloomberg) -- UK Treasury officials are concerned that the prime minister's talk of using "flexibility" within the fiscal rules to ramp up investment could backfire by destabilizing financial markets, according to people familiar with the thinking. Most Read from Bloomberg OpenAI's New Device Will Be Hockey Puck-Sized and Cost Over $300 Iran Wants to Bar US, Israeli Ships From Hormuz in Peace Accord Walmart Tests Fulfillment Cart Changes After Child Hit in Store Trump Administration Considers Order on Autism and Vaccines Why Do Data Centers Use So Much Fresh Water? Andy Burnham said on July 20, the day he became Britain's premier, that he would stick to his predecessor's rules on the public finances but would "use obviously any flexibility within them." He wants to make greater use of a 2024 rewrite of the rules that could theoretically allow almost unlimited borrowing for investment in his priorities like housing, transport and defense. Mounting speculation that the new government might use the arrangement more aggressively than previously has raised fears that investors could be spooked and send borrowing costs soaring, one official said. They are "alert" to the risk, the person said. Burnham's chancellor of the exchequer, John Healey, has not used the word flexibility since his appointment. He prefers the word "scope" and has suggested that welfare cuts and reprioritization of departmental budgets would be needed for "more rapid investment," he told the Times of London in an interview. The flexibility is inherited from former chancellor Rachel Reeves, who changed the way investment is treated. Capital spending was already excluded from the primary fiscal rule, which requires day-to-day spending to be covered by tax revenue. Now borrowing for investment is also excluded from the secondary debt rule so long as the funds are channelled through public financial institutions, known as PuFins, as a loan to private sector operators. Under a switch to public sector net financial liabilities as the government's preferred debt measure, the loan is a financial asset that offsets the liability incurred. As a result, all borrowing for investment done through PuFins effectively vanishes. As far as the fiscal rules are concerned, the only constraint is the cost of servicing the extra borrowing required. The Resolution Foundation think tank estimates that £10 billion ($13.5 billion) of borrowing would add £500 million to Britain's debt-interest bill. By extension, a £30 billion borrowing spree would knock just £1.5 billion off the £23.6 billion buffer the government had against its primary rule in March. Story Continues Treasury officials fear the markets may deem "flexibility" for investment a fiscal flaw that leaves the government without a binding constraint. While the official debt and borrowing rules may be met, standard measures of public sector net debt and public sector net borrowing could rise, and the government would still have to issue gilts to investors. The concern is the so-called bond vigilantes might end up as the disciplining force, costing the state billions in unproductive debt interest payments. Britain already has the highest government borrowing costs among Group of Seven economies. A Treasury spokesperson said: "Fiscal discipline is the bedrock of economic stability and national security. The chancellor and prime minister are in lockstep that the government will meet the fiscal rules, with a buffer against uncertainty – and that includes getting debt down." The spokesperson clarified they meant debt as measured by PSNFL. There are already concerns about the UK's high national debt, which is nearly 100% of GDP. Jonathan Haskel, the new head of the Office for Budget Responsibility, said last month the government has "little capacity for expansionary fiscal policy." Options to reassure markets could include new guardrails around the existing fiscal rules, or additional backstops. Jim O'Neill, former chair of Goldman S

Data center operator Switch plans return to public markets via a $50bn IPO

Investing.com -- Switch Inc. has filed confidentially for a U.S. initial public offering that could take place as early as November, Bloomberg reported, citing people familiar with the matter. The Las Vegas-based data center operator is working with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley on the potential listing, one of the people said. Switch could seek a valuation approaching $50 billion, including debt. The company has also been working on a funding round led by venture capital firm Andreessen Horowitz, which was reported in July to be targeting about $2 billion. Ben Horowitz, co-founder of Andreessen Horowitz, is expected to join Switch's board in a separate development. The timing, valuation and lineup of banks involved in the offering could still change as preparations continue. Representatives for Switch, Bank of America, Citigroup, JPMorgan and Morgan Stanley declined to comment. Andreessen Horowitz and Goldman Sachs did not respond to requests for comment. Switch operates data centers in Nevada, Michigan, Georgia and Texas, according to its website. The company is majority owned by DigitalBridge Group, which led an investor group alongside Australian infrastructure manager IFM Investors in acquiring Switch for $11 billion, including debt, in 2022. The planned listing comes as data center operators and their suppliers seek to tap investor demand for companies positioned to benefit from rising artificial intelligence infrastructure spending. Blackstone Digital Infrastructure Trust, a data center acquisition vehicle, raised $2 billion through an IPO in May. Brookfield-backed Csquare Inc. followed with a $1.21 billion offering in July. Switch's potential flotation would mark a return to public markets four years after its acquisition. It could also become one of the largest U.S. technology infrastructure listings of the year if the company achieves its reported valuation target. DigitalBridge agreed last year to be acquired by Japan's SoftBank Group. Related articles Data center operator Switch plans return to public markets via a $50bn IPO Nvidia's new Alpamayo project: What it means for Tesla? This sector is 'poised for a big, beautiful year': Truist View Comments

Data Center Firm Switch to File Confidentially for IPO

(Bloomberg) -- Switch Inc. filed confidentially for a US IPO, according to people familiar with the matter, joining its data center peers in tapping demand for exposure to the artificial intelligence theme. Most Read from Bloomberg OpenAI's New Device Will Be Hockey Puck-Sized and Cost Over $300 Iran Wants to Bar US, Israeli Ships From Hormuz in Peace Accord Trump Administration Considers Order on Autism and Vaccines Iran Says Agreement on Hormuz Shipping Reached With Oman Walmart Tests Fulfillment Cart Changes After Child Hit in Store The Las Vegas-based firm is working on a a listing that could take place as soon as in November, the people said. It's working with Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley on the offering, one of the people said. Separately, Ben Horowitz, co-founder of venture capital firm Andreessen Horowitz, is joining Switch's board, the people said, asking not to be identified as the information isn't public. Switch has been working on a funding round led by the firm, and could seek a valuation approaching $50 billion including debt, Bloomberg News reported in July. Details of the offering including the bank lineup and timing could still change, the people said. Representatives for Switch, Bank of America and JPMorgan declined to comment. Spokespeople for a16z, Citigroup, Goldman Sachs and Morgan Stanley didn't immediately respond to requests for comment. Switch, which is majority owned by DigitalBridge Group Inc., has data centers in Nevada, Michigan, Georgia and Texas, according to its website. The filing comes as data center owners as well as suppliers of equipment and services to the facilities are gathering cash this year through US first-time share sales. Blackstone Digital Infrastructure Trust Inc., a data-center acquisition vehicle, raised $2 billion in an IPO in May. Brookfield Corp.-backed Csquare Inc. raised $1.21 billion in an IPO last month. A group including DigitalBridge and Australian infrastructure manager IFM Investors Pty bought Switch in a 2022 deal valued at $11 billion including debt. DigitalBridge agreed last year to be acquired by SoftBank Group Corp. --With assistance from Dina Bass. Most Read from Bloomberg Businessweek How Apple and India Built an Alternative iPhone Production Hub Lululemon Is At War With Itself TikTok Withheld a Safety Feature From Millions. One Died by Suicide Armed With $10 Billion, Sequoia's Leaders Plan Its New Era RFK Jr.'s Cooking Show Is One Long, Boring Political Ad ©2026 Bloomberg L.P. View Comments

Liontrust Investment Partners LLP Buys 8,735 Shares of The Goldman Sachs Group, Inc. $GS

IFS Group LLC Purchases Shares of 1,465 The Goldman Sachs Group, Inc. $GS

Amundi Buys 396,657 Shares of The Goldman Sachs Group, Inc. $GS

Independent Financial Group LLC Purchases Shares of 4,161 The Goldman Sachs Group, Inc. $GS

Financiere des Professionnels Fonds d investissement inc. Raises Stock Position in The Goldman Sachs Group, Inc. $GS

Nwam LLC Sells 4,243 Shares of The Goldman Sachs Group, Inc. $GS

Ghe LLC Has $10.35 Million Stock Position in The Goldman Sachs Group, Inc. $GS

Griffin Asset Management Inc. Sells 1,497 Shares of The Goldman Sachs Group, Inc. $GS

The McCormick Family's Strategic Pivot: From Goldman Sachs Stock Gains to Tax-Advantaged Munis Amidst Scrutiny

Y Intercept Hong Kong Ltd Has $12.71 Million Holdings in The Goldman Sachs Group, Inc. $GS