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Strategic Advisor·Data Centers

Jon Edwards

Executive Vice President, Head of Capital Markets at Switch

Las Vegas, Nevada, United States

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Why they matter

Jon Edwards architects Switch's entire debt capital stack, controlling how a leading AI-era data center platform accesses billions in structured and bank financing.

Background

Jon Edwards is Executive Vice President and Head of Capital Markets at Switch, the Las Vegas-based data center operator owned by DigitalBridge and IFM Investors. He joined Switch after more than 12 years at J.P. Morgan, where as Managing Director he led North America's Infrastructure Finance and Advisory group, arranging debt and ratings-advisory solutions for digital infrastructure clients across North America, South America, and the Middle East. At Switch he now runs the company's debt capital markets strategy, having led a wave of securitized, bank, and structured financings supporting Switch's AI-driven data center build-out.

Notable deals

  • 2026
    Led Switch's $2.6 billion syndicated performance letter of credit facility, the first of its kind in the data center industry, backing power procurement and transmission buildout
  • 2026
    Priced Switch's $768 million Series 2026-1 asset-backed securities issuance, expanding the securitized data center pool to 11 assets across five U.S. markets
  • 2026
    Oversaw expansion of Switch's corporate revolving credit and letter of credit facilities to nearly $10 billion in total liquidity for AI data center infrastructure development

Call-prep brief

Background

  • EVP & Head of Capital Markets at Switch (Las Vegas-based data center operator, owned by DigitalBridge and IFM Investors since a Dec 2022 take-private).
  • 12+ years at J.P. Morgan as Managing Director, leading North America Infrastructure Finance and Advisory; background spans investment banking, strategy, and law.
  • At J.P. Morgan he was on the *bank* side of digital-infrastructure debt deals; at Switch he's now the *issuer* buying those same services — gives him a dual-side view of terms and pricing.

Current Focus

  • Running an aggressive, multi-track financing program in 2026: a landmark $2.6B syndicated LC facility, a $768M ABS issuance, and a ~$10B expansion of revolving credit/LC capacity — all funding Switch's AI-driven power and data center buildout.
  • Deepening the ABS/CMBS investor base (66+ unique investors in the inaugural CMBS tranche) to keep access to capital markets "across macro environments."

What They Care About

  • Efficient, lower-cost capital solutions for power infrastructure (transmission, generation) as AI demand strains grid capacity.
  • Investor relationship depth and repeat access to ABS/CMBS markets, not one-off deals.
  • Positioning Switch's platform quality and contracted development pipeline to lenders.

Recent Moves

  • April 2026: $2.6B syndicated performance LC facility (BBVA/Natixis-led, 9 additional banks).
  • April 2026: $768M ABS Series 2026-1, adding a Reno data center to the securitized pool.
  • June 2026: Corporate revolving credit expanded past $6B, syndicated LC facility raised to $3.5B — nearly $10B total capacity.
  • March 2025: $3.5B combined CMBS/ABS refinancing of the original 2022 take-private acquisition debt.

Potential Sensitivities

  • Switch is reportedly exploring an IPO that could value it up to $80B — capital markets messaging may be constrained by pre-IPO quiet-period considerations.
  • Heavy reliance on structured/securitized debt raises questions about leverage and refinancing risk if AI demand growth slows.

Questions to Ask

  1. How is Switch balancing bank facilities vs. ABS/CMBS issuance as the primary funding source for continued AI-driven capacity expansion?
  2. What underwriting standards or covenants are lenders now requiring given the pace and size of recent power-infrastructure-linked financings?
  3. How does the anticipated IPO process affect near-term capital markets strategy and lender relationships?

Outreach draft

Subject
Question on Switch's data center capital strategy
Hi Jon, I've been following Switch's financing activity this year — the $2.6B syndicated letter of credit facility and the recent ABS issuance are a striking playbook for funding power infrastructure at the pace AI demand requires. I'm working with a private equity team evaluating capital structures across the data center colocation space, and your perspective — having sat on both the bank and issuer sides of these deals — would be extremely valuable. Would you be open to a 20-30 minute call in the next couple of weeks to discuss how you're thinking about debt capital markets access for infrastructure-heavy operators right now? Happy to work around your schedule. Best, [Placeholder Name]

Linked companies

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