(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.

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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.

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