Switch has reportedly filed confidentially for a US IPO, as the company looks to return to being public.

Bloomberg reports that the data center firm is preparing for a listing that could take place as soon as this November. Switch is said to be working with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase & Co., and Morgan Stanley on the offering.

Ben Horowitz, co-founder of Andreessen Horowitz, also plans to join the company's board. The venture capital firm is reportedly in talks to lead a funding round that could value the business at nearly $50 billion, including debt.

Back in 2022, Switch was taken private in an $11 billion deal led by DigitalBridge along with an affiliate of Australian infrastructure manager IFM Investors.

Last December, SoftBank acquired DigitalBridge for $4bn, with the investment firm managing $108bn in assets, including AIMS, AtlasEdge, DataBank, Switch, Takanock, Vantage Data Centers, and Yondr Group. This acquisition covered the DigitalBridge organization itself, not its assets under management.

A month later, SoftBank pulled out of talks to acquire Switch for $50bn. While it had seen the company as a potential vehicle for its Stargate venture with OpenAI, SoftBank insiders are said to have raised concerns about financing the deal and managing the fleet of data centers.

Founded by Rob Roy in 2000, Switch operates large 'Prime' data center campuses in Austin, Texas; Reno and Las Vegas, Nevada; Grand Rapids, Michigan; and Atlanta, Georgia. Over the last year, it has filed to expand further in Austin and Atlanta.

This May, it announced plans for a data center campus outside Pittsburgh, Pennsylvania. A month later, it acquired more land in Vegas. That same month, the company increased its debt facility to $9.5bn to fund its AI data center build-out.