Swap, the Las Vegas-based completely completely recordsdata heart operator, is reportedly in discussions to raise billions in sleek capital at a valuation exceeding $50B. That resolve represents a staggering soar from the $11B tag DigitalBridge and IFM Traders paid to take the firm non-public in December 2022.
Who’s writing the tests
The funding spherical has attracted interest from heavyweight institutional traders in conjunction with Brookfield Asset Administration and KKR, in line with a represent from The Recordsdata published on June 5.
Since 2024, Swap has raised an estimated $20B to $24B thru diverse debt devices and securitized financing automobiles. That entails a $768M asset-backed securities issuance accomplished in April 2026 and a $2.6B credit rating facility secured extra now now not too long within the past. The proceeds possess largely long gone toward land acquisitions and campus expansions across a pair of US states.
From $11B to $50B: what modified
When DigitalBridge and IFM Traders took Swap non-public in unhurried 2022, the AI infrastructure tale was silent in its early innings. Founded in 2000 by CEO Rob Roy, Swap had already constructed a recognition for working among the supreme and most efficient recordsdata heart campuses within the country.
What this means for traders
Swap has reportedly been exploring a doable public itemizing as early as 2027. If it goes public at anything shut to a $50B valuation, it would sinister amongst the supreme tech infrastructure IPOs in fresh memory.
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