Las Vegas-based data center operator Switch has raised another $659 million.

The company has closed its fourth asset-backed securities (ABS) offering, taking the total it has received across the quartet to $3.5 billion.

ABS is a type of financing linked to revenue-generating assets, in this case Switch’s data centers. The firm said the bonds issued to those who stump up cash qualify as green bonds due to the sustainable nature of its facilities.

Proceeds from the fundraising will be used to fund Digital Bridge-owned Switch’s growth strategy, which includes developing capacity at five data center campuses which cater for hyperscale, enterprise, and AI customers.

“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,” said Madonna Park, Switch CFO.

“As our deep pipeline of fully leased multi-tenant and Hyperscale assets continues to stabilize, we expect to remain an active issuer across the ABS and broader capital markets.

“With roughly $6 billion of stabilized asset financings completed to date, we have the scale and track record to continue to efficiently recycle capital while supporting the largest AI, cloud, and enterprise customers, as they grow with Switch.”

Founded in 2000, Switch operates its 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.

In July, it announced it was developing smaller, denser data centers specifically for AI workloads.

Its Core Campus, located in Las Vegas, Nevada, will have up to 495MW of power upon full build-out.

Switch's traditional proprietary designs feature hot-aisle containment, but the company offers liquid cooling in Las Vegas; it is hosting an Nvidia GB300 NVL72 deployment on behalf of AI cloud provider CoreWeave.

DigitalBridge, alongside IFM Investors, took Switch private in an $11bn deal in December 2022. Australian pension fund Aware Super invested $500m into Switch in 2023, but since then, the company has reportedly been exploring going public again.