Global Switch Revenue, Valuation, Funding & Investors

Global Switch is valued at $7.6B as of July 2018, a 14.4x multiple on its last reported $531M revenue.

Last Global Switch valuation

$7.6B

Secondary · Jul 2018

Global Switch revenue

$531M

Secondary · Jul 2018

Key investors in Global Switch

Global Switch Overview

About Global Switch

Global Switch is a carrier-neutral data center operator with 278,700 sq m of space across Europe and Asia-Pacific. Headquartered in London since 1998, the company runs flagship facilities in Sydney, Melbourne, Singapore, Hong Kong, Frankfurt, Amsterdam, and Paris, accommodating hyperscalers like AWS and Google Cloud. Its campuses provide up to 100 MW power capacity and direct connections to 500 networks.


Founded

1998

HQ

United KingdomLondon

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$531M (Jul 2018)

Valuation

$7.6B (Jul 2018)

Global Switch Valuation

Global Switch is currently valued at $7.6B, based on its secondary sale in July 2018.

The $2.8B round included Shagang Group, AVIC Trust and China CITIC Bank.

Global Switch's valuation has grown 1.1x from $7B at its secondary sale in December 2016 to $7.6B in July 2018, across 2 priced rounds.

Global Switch valuation by funding round

Revenue multiple
Global Switch valuation by funding round
DateStageValuationRevenue Multiple
Jul 2018Secondary$7.6B14.4x
Dec 2016Secondary$7B14.4x

Global Switch Revenue

Global Switch's latest recorded revenue is $531M, as of its secondary sale in July 2018. At a $7.6B valuation, that implies a 14.4x revenue multiple.

Revenue grew from $491M in December 2016 to $531M in July 2018, while the revenue multiple moved from 14.4x to 14.4x.

Global Switch revenue by funding round

Global Switch revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2018$531M$7.6B14.4xSecondary
Dec 2016$491M$7B14.4xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Global Switch Funding History

Global Switch has 2 recorded secondary share sales and no primary funding rounds.

Global Switch funding rounds

Global Switch funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2018SecondaryShagang Group; AVIC Trust; China CITIC Bank$2.8B$7.6BGlobal Switch is a data centre developer operating facilities across Europe and Asia Pacific, with around 340,000 square metres of space as of mid-2018. In March-July 2018, a consortium of Chinese investors including AVIC Trust, China CITIC Bank affiliates, Haoyue Capital, and Jiangsu Shagang Group, through Strategic IDC Limited, acquired a 24.99% stake from Aldersgate Investments Limited for £2.1 billion ($2.8 billion). This transaction valued the stake at £2.1 billion, implying a full enterprise value around £8.4 billion, and increased mainland-backed ownership to over 75%. The deal followed a 2016 acquisition where Elegant Jubilee Ltd, backed by AVIC Trust and Shagang Group, purchased 49% for £2.4 billion, with Global Switch chairman Li Qiang increasing his stake. Post-2018 transaction, ownership comprised Elegant Jubilee (51%), Strategic IDC (24.99%), and Aldersgate (24.01%, later fully sold to Shagang in 2019 for £1.8 billion). The company reported revenue of £398.9 million and EBITDA of £274.7 million for the year ended December 31, 2018, up 5.6% and 2.6% from 2017, with investment properties valued at £5,952.2 million. Global Switch emphasized continued growth and a potential public listing in 2019 on a major exchange in Europe, Asia, or the US, supported by strong operational metrics including £213.0 million cash from operations and net assets of £3,752.4 million at year-end 2018.
Dec 2016SecondaryShagang Group (lead); Ping An Ventures$3B$7BGlobal Switch is a leading owner, operator, and developer of large-scale, network-dense, carrier- and cloud-neutral data centers in Europe and Asia-Pacific, with ten data centers across seven markets and 3.24 million square feet of gross space as of 2016. In December 2016, a consortium led by Shagang Group through Elegant Jubilee Limited acquired a 49-51% equity stake from Aldersgate Investments (Reuben Brothers) for approximately £2.4-2.7 billion, implying an equity valuation of around £5.3 billion. This transaction marked the first major Chinese investment in the company, supporting expansion into markets like China. For the fiscal year ended December 31, 2016, Global Switch reported revenue of £368.8 million and EBITDA of £254.3 million, achieving a 69.0% EBITDA margin. The company's data centers and land interests had a CBRE property valuation of £4.9 billion. Utility power supply to data centers totaled 291 MVA. Shagang Group increased its stake progressively, acquiring additional interests in July 2018 (24.99% for $2.4 billion) and directly 24.01% in 2019 for £1.8 billion ($2.2 billion), becoming the largest shareholder at 49.9% on a look-through basis by 2019.

Who has invested in Global Switch?

4 investors have backed Global Switch across its funding rounds, including Shagang Group, Ping An Ventures, AVIC Trust and China CITIC Bank.

Lead investors include Shagang Group.


Global Switch Investors

Investors in Global Switch by funding rounds participated
InvestorHQRoundsRoleFirst check
Shagang GroupChinaZhangjiagang2LeadDec 2016
AVIC TrustChinaChina1ParticipantJul 2018

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Global Switch Competitors

Global Switch competitors include listed companies like Oracle Corp Japan, Applied Digital, INWIT and D-Wave Quantum, and private ones like Bersama Digital Infrastructure and DataBank.

Public and private companies comparable to Global Switch
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Oracle Corp JapanJapanJapanPublicly listed$1.8B$589M$7.7B3.9x
Applied DigitalUnited StatesUnited StatesPublicly listed$611M($85M)$7.5B20.1x
INWITItalyItalyPublicly listed$1.2B$1.1B$6.8B10.6x
D-Wave QuantumUnited StatesUnited StatesPublicly listed$25M($373M)$6.7B166.4x
Bersama Digital InfrastructureSingaporeSingaporePrivate-$403M$6.5B-
DataBankUnited StatesDallas, TXPrivate$311M-$6.2B-

Global Switch Public Comps

Global Switch is still privately-owned, but its public comps include Oracle Corp Japan, Applied Digital, INWIT, D-Wave Quantum, Lumen, GDS Holdings, Nextdc, Core Scientific, Wangsu and IEIT Systems.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Oracle Corp Japan$1.8B$589M3.9x3.9x12.1x12.2x
Applied Digital$611M($85M)21.3x20.1x(154.0x)78.1x
INWIT$1.2B$1.1B10.6x10.6x11.8x11.7x
D-Wave Quantum$25M($373M)252.9x166.4x(16.7x)(56.5x)
Lumen$12B$1.2B1.5x1.6x14.7x6.1x
GDS Holdings$1.7B$882M6.8x6.3x13.1x13.6x
Nextdc$353M$138M21.9x19.2x56.0x38.3x
Core Scientific$319M($211M)25.2x13.9x(38.1x)50.7x

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Common questions about Global Switch

When was Global Switch founded?Global Switch was founded in 1998.
Where is Global Switch headquartered?Global Switch is headquartered in London, United Kingdom.
Is Global Switch publicly listed?No, Global Switch is a private, VC-backed company.
What is Global Switch's valuation?Global Switch was last valued at $7.6B in its secondary sale in July 2018.
Who are Global Switch's investors?Global Switch's investors include Shagang Group, AVIC Trust, China CITIC Bank and Ping An Ventures.
What is Global Switch's revenue?Global Switch's latest recorded revenue is $531M (July 2018).
What is Global Switch's revenue multiple?Global Switch's latest valuation implies a 14.4x revenue multiple ($7.6B valuation on $531M of revenue).
Which companies are comparable to Global Switch?Companies comparable to Global Switch include Oracle Corp Japan, Applied Digital, INWIT, D-Wave Quantum, Bersama Digital Infrastructure and DataBank.

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