Diligence report Carrier-neutral data centres, digital infrastructure, AI and high-performance compute infrastructure Corporate Minority-II private unicorn / mature private data-centre operator alive per CB Insights

Global Switch

Global Switch Public-Source Startup Diligence Report

The diligence question is whether Global Switch's scarce urban power/capacity footprint and AI-ready redevelopment program justify the private valuation after accounting for debt, capex, customer concentration, power/ESG constraints and complex ownership.

Company profile

Global Switch Public-Source Startup Diligence Report

Global Switch is an unusual unicorn target because it is a mature, asset-heavy data-centre operator rather than a conventional venture-stage startup; public evidence nonetheless supports private/unicorn eligibility, operating scale and current relevance to AI infrastructure.

Website: www.globalswitch.com
Sector: Carrier-neutral data centres, digital infrastructure, AI and high-performance compute infrastructure
Geography: London, United Kingdom with Europe and Asia-Pacific data-centre footprint
Stage: Corporate Minority-II private unicorn / mature private data-centre operator alive per CB Insights
Known aliases: Global Switch, Global Switch Holdings Limited
Report version: 1.0
Timezone: UTC

Executive summary

Strengths

CB Insights lists Global Switch as alive at Corporate Minority-II stage with $6.255B raised; the unicorn tracker snapshot selected Global Switch at $11.10B valuation.
Public annual reports disclose 2025 revenue of GBP 466.2m, EBITDA of GBP 210.9m, 3.6x net debt to EBITDA, GBP 5.2bn investment-property valuation, 488 MVA utility supply and 252 MW saleable capacity.
Company and CB Insights sources describe a carrier/cloud-neutral data-centre portfolio in Amsterdam, Frankfurt, London, Madrid, Paris, Hong Kong and Singapore, with Johor and Bangkok noted as coming soon.

Risks

Debt, FX and refinancing exposure are material; 2025 annual report discloses 3.6x net debt to EBITDA and a GBP 64.2m FX loss primarily on euro-denominated debt.
Power availability, electricity price pass-through, grid constraints, PUE and renewable-energy commitments are central to future growth and regulatory exposure.
Ownership, shareholder liquidity and valuation support require private documents despite the public unicorn tracker valuation.

Gaps

Customer contracts, top-customer concentration, churn, renewal pricing and service-level performance.
Full debt stack, covenant package, maturity schedule, hedging policy and lender consent requirements.
Site-level power commitments, utility contracts, PUE, water consumption, carbon/renewable assurance and development permits.
Cap table, shareholder rights, related-party transactions, board minutes and any active liquidity/sale process.

Recommended next steps

Reconcile annual-report financials to site-level customer, power, capex, debt and covenant schedules.
Perform technical diligence on power capacity, liquid cooling, uptime, security controls and AI/high-density deployment readiness.
Review ESG/regulatory compliance by jurisdiction, including energy, water, permitting, safety and data-centre-specific obligations.
Verify ownership, investor rights, debt refinancing risk and valuation bridge against the public $11.10B unicorn signal.

Risk register

high medium likelihood

R-001: Power availability, energy price and PUE constraints

Data-centre growth depends on scarce power, power pricing, pass-through mechanics, energy efficiency and renewable-energy procurement.

Diligence request: Review utility contracts, power reservations, PUE/water data, renewable procurement and sensitivity to power cost.

high medium likelihood

R-003: Debt, FX and refinancing risk

2025 annual report discloses 3.6x net debt to EBITDA and a GBP 64.2m FX loss primarily on euro-denominated debt.

Diligence request: Review debt maturity ladder, covenants, hedging policy, lender consents and refinancing cases.

high medium likelihood

R-004: ESG, water and climate regulatory exposure

Data-centre environmental scrutiny is increasing; public ESG targets need site-level evidence and assurance.

Diligence request: Review site-level PUE, water, carbon, permits, regulator correspondence and ESG assurance.

high unknown likelihood

R-002: Customer concentration and contract renewal opacity

Public sources do not disclose top-customer revenue, MW concentration, renewal schedule, churn or SLA credits.

Diligence request: Obtain top-customer schedule, contract terms, renewal pipeline, churn and SLA credit history.

high unknown likelihood

R-008: Security and uptime exposure

Customer trust depends on physical security, cyber controls, uptime and incident response; public pages do not disclose incidents or audit exceptions.

Diligence request: Review SOC/security audits, uptime records, incidents, penetration tests, customer SLA credits and certifications.

medium high likelihood

R-010: Public financial disclosure still lacks diligence granularity

Annual reports provide useful aggregate data but not the detailed site/customer/project schedules required for transaction diligence.

Diligence request: Reconcile annual reports to management accounts, site-level budgets, property valuations and customer schedules.

medium medium likelihood

R-006: Redevelopment and AI/high-density execution

AI/HPC and liquid-cooling growth depends on capex delivery, engineering, permits, equipment lead times and customer fit-out execution.

Diligence request: Review project plan, customer pre-commitments, permits, equipment supply and technical validation.

medium unknown likelihood

R-005: Ownership, shareholder liquidity and valuation complexity

Public unicorn valuation and total-raised signals do not disclose current ownership, rights, related-party matters or any liquidity process.

Diligence request: Review cap table, shareholder agreements, board minutes and valuation support.

Chapter 01

01Financial Information

Global Switch has unusually rich public financial disclosure for a private unicorn, including annual reports, but customer-level economics, financing terms and cap-table details remain private.

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I.A Annual and quarterly financial information for the past three years

partially verified confidence: high

Public annual reports disclose 2024 and 2025 revenue, EBITDA, profit before tax, property valuation, capex, power/capacity and renewable-energy metrics; quarterly results and site-level statements are not public.

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Evidence gaps

Quarterly management accounts
site-level revenue/NOI
customer contracts
debt covenants
cash-flow forecast.

Hidden risks

Power-cost pass-through volatility
customer churn masked by aggregate revenue
covenant pressure
valuation sensitivity to cap rates.

Follow-up questions

Provide site-level monthly financials
debt covenant model
top-customer schedule and cash-flow bridge for 2024-2026.

Public financial metrics from annual reports
metric	2024	2025	diligence caveat
Revenue	GBP 436.6m	GBP 466.2m	Aggregate only; customer/site detail not public
EBITDA	GBP 213.2m	GBP 210.9m	Alternative performance metric; reconcile to lender model
Profit before tax	GBP 64.0m	GBP 142.1m	Influenced by revaluations and FX

Values are public annual-report figures.

Revenue and EBITDA trend Public revenue and EBITDA for 2024 and 2025.

Public annual-report data only.

I.B Financial Projections

partially verified confidence: medium

Public annual-report commentary references momentum for 2026 and new business secured, but board-approved forecasts are private.

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Evidence gaps

Management forecast
capex plan
contracted backlog
power delivery dates
sensitivity analysis.

Hidden risks

Forecast may depend on timely redevelopment
power delivery
customer fit-outs and refinancing.

Follow-up questions

Provide board-approved forecast and sensitivity cases for contracted MW
pricing
capex
debt cost and power costs.

I.C Capital Structure

partially verified confidence: medium

CB Insights reports a large capital raise history and last raise, but current shareholder rights and debt terms are not public.

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Evidence gaps

Cap table
shareholder agreements
lender agreements
debt maturity schedule
hedging policy.

Hidden risks

Shareholder liquidity pressure
refinancing risk
debt covenant constraints
undisclosed related-party arrangements.

Follow-up questions

Provide current cap table
shareholder rights
debt documents
covenant model and hedging/FX policy.

Funding, valuation and capital-structure signals
signal	value	diligence request
Unicorn tracker valuation	$11.10B latest known valuation	Valuation bridge and current shareholder register
Total raised	$6.255B per CB Insights	Financing history and shareholder agreements
Leverage	3.6x net debt to EBITDA in 2025 highlights	Debt maturity, covenants and hedging

Public data does not disclose full cap table or covenants.

Capital and valuation timeline Timeline of selected public company/financing signals.

Primary financing documents required.

I.D Other financial information

partially verified confidence: medium

Public reports disclose valuation, capex and capacity metrics; tax, guarantees, leases and off-balance-sheet commitments need document review.

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Evidence gaps

Property valuation reports
capex project ledger
tax filings
guarantees
utility commitments.

Hidden risks

Capex overruns
property valuation sensitivity
lease or utility commitments.

Follow-up questions

Provide property valuation reports
capex budgets
utility contracts
tax schedule and guarantees.

Capacity, property and capex metrics
metric	public value	risk link
Investment property valuation	GBP 5.2bn in 2025 highlights	Property valuation sensitivity
Capex invested	GBP 265.1m in 2025; GBP 233.2m in 2024	Development funding and overrun
Utility supply / saleable capacity	488 MVA utility supply and 252 MW saleable capacity in 2025	Power and capacity monetization

Site-level capacity and utilization require data-room review.

Chapter 02

02Products

Global Switch's product is high-power, carrier/cloud-neutral data-centre capacity, increasingly marketed for AI and high-performance compute.

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II.A Description of each product

partially verified confidence: high

Public sources describe large-scale data centres, carrier/cloud neutrality, liquid-cooling options, security/certifications and global power/capacity; customer-specific SLAs and pricing are private.

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Evidence gaps

Customer SLAs
uptime record
liquid-cooling installed base
pricing
contract terms

Hidden risks

High-density product-market fit
liquid-cooling deployment risk
uptime/SLA credits
power constraints
customer fit-out delays.

Follow-up questions

Provide product/pricing matrix
site SLAs
certification packs
uptime history and liquid-cooling deployment references.

Product and service matrix
offering	public evidence	diligence need
Carrier/cloud-neutral colocation	About page states all data centres are carrier and cloud neutral	Customer contracts and connectivity ecosystem
AI/HPC liquid cooling	Homepage states liquid-cooling options across portfolio for AI/HPC workloads	Installed base, technical certifications and customer references
Secure enterprise infrastructure	Security page describes multi-layered physical/digital security	Audit reports and SLA record

Pricing and SLAs are private.

Product assurance and certification matrix
assurance area	public signal	caveat
Information security	ISO 27001 and PCI DSS across all sites per security page	Certificate scope/audit findings not reviewed
Environmental/energy/quality/safety systems	ISO 14001, 50001, 9001 and 45001 listed	Need current certificates and exceptions

Verify site-by-site.

Data-centre product architecture High-level operating architecture from public materials.

Contracted customer architecture not public.

Chapter 03

03Customer Information

Global Switch publicly names customer categories rather than customer identities; the central diligence gap is customer concentration, contract duration and renewal economics.

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III.A Top customers by application

partially verified confidence: medium

CB Insights says customers range from system integrators to government organizations; Global Switch says it powers leading enterprises and innovators, but no top-customer schedule is public.

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Evidence gaps

Top customer schedule by revenue/MW
contract duration
renewal history
churn
SLA credits.

Hidden risks

Hyperscaler concentration
government contract renewal risk
customer credit risk
fit-out delays.

Follow-up questions

Provide top 20 customers by revenue/MW
contract terms
renewal pipeline and service credits.

Customer categories and concentration gap
customer segment	public evidence	gap
System integrators	CB Insights says customers range from system integrators to government organizations	Named customers and revenue share
Government organizations	CB Insights includes government organizations as customer category	Contract terms and renewal risk
AI/hyperscale and leading enterprises	Company pages reference AI-hyperscalers and leading enterprises/innovators	Contracted MW and concentration

No named top-customer schedule is public.

Public customer and capacity concentration proxy Bar chart of public capacity and new-business indicators used as a customer-demand proxy.

Capacity is not the same as customer concentration.

III.B Strategic relationships

partially verified confidence: medium

Public evidence shows an NVIDIA preferred-partner signal and Asia-Pacific sustainability accord participation, but partner economics are private.

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Evidence gaps

NVIDIA partner agreement
joint pipeline
SDIA commitments
partner-generated revenue.

Hidden risks

Partner status may not translate into revenue; voluntary sustainability commitments may create reputational obligations.

Follow-up questions

Provide strategic partner agreements and revenue/pipeline attribution.

III.C Revenue by customer

not publicly verifiable confidence: low

Revenue by customer is not public; only aggregate revenue and capacity metrics are disclosed.

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Evidence gaps

Customer revenue
MW commitments
remaining contract term
renewal probabilities.

Hidden risks

Customer concentration hidden in aggregate figures.

Follow-up questions

Provide revenue and contracted capacity by customer/site for the past three years.

III.D Significant relationships severed within the last two years

partially verified confidence: medium

Public annual report commentary references customer capacity returned at contract conclusion in 2024, but individual customer relationships are not public.

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Evidence gaps

Lost customer names
returned MW
reasons
replacement economics.

Hidden risks

Large customer departures could be obscured by redevelopment and repricing narrative.

Follow-up questions

Provide churn/returned-capacity log and replacement pricing by site.

III.E Top suppliers

partially verified confidence: medium

Utility power, grid access, equipment vendors, construction contractors, carriers and security providers are likely critical suppliers; top supplier exposure is not public.

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Evidence gaps

Utility contracts
power reservations
construction contracts
equipment vendor dependencies.

Hidden risks

Utility/grid constraints
equipment lead times
contractor performance
carrier/network concentration.

Follow-up questions

Provide top supplier/utility list
contract terms
redundancy and contingency plans.

Supplier and infrastructure dependencies
dependency	public signal	risk
Utility/grid power	488 MVA utility power supply in 2025 highlights	Grid constraint and power-cost volatility
Construction/capex delivery	GBP 265.1m capex invested in 2025	Project overrun or delay
Security/certification providers	ISO and PCI certifications listed	Certification scope or audit exceptions

Supplier contracts are private.

Chapter 04

04Competition

Global Switch competes in a capital-intensive data-centre market where power access, location, connectivity, density, ESG performance and customer trust drive differentiation.

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IV.A Competitive landscape by market segment

verified confidence: medium

CB Insights identifies competitors including Aligned Data Centers, AirTrunk, Cassava Technologies, Etix Everywhere, Centersquare and others; market positioning depends on urban power, carrier neutrality and AI-ready capacity.

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Evidence gaps

Win/loss data
pricing by MW
occupancy by site
power cost competitiveness
market share.

Hidden risks

Competitors with newer campuses
cheaper power or hyperscaler anchor demand may undercut returns.

Follow-up questions

Provide market share
win/loss
pricing and occupancy benchmark by city.

Competitor comparison matrix
competitor	segment	overlap
Aligned Data Centers	Data centers	Hyperscale/AI infrastructure
AirTrunk	APAC data centers	High-scale APAC capacity
CyrusOne / CoreSite / EdgeConneX	Colocation and hyperscale	Colocation, interconnection and AI-capable capacity

Competitor list from public database; not exhaustive.

Basis of competition
axis	global switch signal	diligence test
Urban power and capacity	488 MVA utility supply and 252 MW saleable capacity	Market-by-market power scarcity benchmark
Carrier/cloud neutrality	All data centres carrier and cloud neutral	Carrier ecosystem depth and customer references
AI/high-density readiness	Liquid cooling and NVIDIA preferred partner logo	Installed high-density deployments and economics

Update with win/loss and pricing data.

Data-centre competitive market map Position Global Switch relative to public competitors and strategic axes.

Analyst positioning from public descriptions.

Chapter 05

05Marketing, Sales, and Distribution

Global Switch appears to use a direct global sales motion for enterprise, hyperscale, network and partner accounts; productivity and pipeline data are private.

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V.A Strategy and implementation

partially verified confidence: medium

The company describes a global sales team giving access to space and power availability across the portfolio; sales pipeline and conversion are not public.

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Evidence gaps

Pipeline by stage/MW
conversion rates
sales productivity
customer acquisition cost
customer references.

Hidden risks

Pipeline may be concentrated in few AI/hyperscale opportunities; sales cycles and fit-outs can be long.

Follow-up questions

Provide sales pipeline
contracted backlog
lost deals and sales productivity for 2024-2026.

GTM channels and motions
channel	public evidence	gap
Global direct sales	About page says Global Switch operates a global sales team	Sales productivity and pipeline
Partner ecosystem	NVIDIA Preferred Partner logo and connectivity/partner site navigation	Partner-generated revenue
Redevelopment/new capacity	Annual report discloses 38.8 MW new business in 2025	Backlog conversion and customer commitments

Channel economics not public.

Public marketing and demand signals
signal	evidence	diligence gap
AI/HPC positioning	Homepage emphasizes liquid cooling for AI and HPC	Customer adoption and pricing uplift
New business secured	38.8 MW new business in 2025 highlights	Customer identity and revenue timing
Geographic footprint	Locations across Europe/APAC and coming-soon Johor/Bangkok	Demand by site and pipeline

No paid marketing metrics.

GTM demand indicator chart Public indicators for GTM and demand conversion.

Does not represent all pipeline.

V.B Major Customers

not publicly verifiable confidence: low

Major customer names and revenue concentration are not public in reviewed sources.

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Evidence gaps

Top-customer list
references
contract renewal schedule.

Hidden risks

Single-customer or hyperscaler concentration.

Follow-up questions

Provide major customer schedule and reference availability.

V.C Principal avenues for generating new business

partially verified confidence: medium

New business likely comes from direct enterprise/hyperscale sales, partner/connectivity ecosystem and redevelopment of existing sites for high-density capacity.

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Evidence gaps

Contracted backlog schedule
fit-out timelines
customer credit
cancellation rights.

Hidden risks

Back-ended new sales may not convert to revenue on expected timelines.

Follow-up questions

Provide backlog by site/customer
expected revenue start dates and cancellation terms.

V.D Sales force productivity model

not publicly verifiable confidence: low

Sales force productivity is not public; data-centre sales productivity should be evaluated by MW contracted, revenue signed and cycle time.

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Evidence gaps

Sales team roster
quota attainment
pipeline conversion
deal cycle time.

Hidden risks

A small number of large deals may create volatile sales productivity.

Follow-up questions

Provide sales productivity dashboard and compensation plan.

V.E Ability to implement marketing plan with current and projected budgets

partially verified confidence: medium

Budget adequacy depends on capex, redevelopment and customer fit-out funding; annual reports provide capex but not forward budget detail.

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Evidence gaps

Approved capex budget
committed funding
contingency
procurement contracts.

Hidden risks

Capex funding may be constrained by debt or shareholder liquidity priorities.

Follow-up questions

Provide capex pipeline
approved budgets
sources of funds and contingency analysis.

Chapter 06

06Research and Development

R&D appears to center on redevelopment, densification, liquid cooling, high-density power and operational sustainability rather than software-style product R&D.

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VI.A Description of R&D organization

partially verified confidence: medium

Public sources describe redevelopment/densification and liquid-cooling capabilities, but not R&D headcount, budget or reporting structure.

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Evidence gaps

Engineering org chart
R&D budget
roadmap
project governance
technical debt.

Hidden risks

Execution depends on engineering talent
permits
grid upgrades and equipment supply.

Follow-up questions

Provide engineering/R&D org
project stage gates
technical roadmap and capex governance.

R&D and engineering organization requests
area	public signal	request
Redevelopment/densification	About page discusses transforming campuses for next-generation technologies	Project governance and engineering org
Liquid cooling	Liquid-cooling options across portfolio	Thermal engineering design, deployments and references

R&D headcount not public.

R&D and redevelopment portfolio map Publicly visible development and innovation areas.

Internal project economics not public.

VI.B New Product Pipeline

partially verified confidence: medium

Public pipeline signals include liquid cooling, high-power redevelopment, Amsterdam East capacity and coming-soon Johor/Bangkok locations, but detailed pipeline economics are private.

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Evidence gaps

Project budgets
permits
target returns
customer pre-commitments
delivery schedules.

Hidden risks

Permitting
grid delays
construction cost inflation and customer fit-out delays.

Follow-up questions

Provide development pipeline by site with permits
budget
contracted MW and expected revenue start date.

Public development and product pipeline
project	public status	diligence need
Amsterdam East Phase 1	2025 annual report says Phase 1 added 8 MW contracted capacity	Contract and margin detail
Johor / Bangkok	Website lists Johor and Bangkok as coming soon	Permits, capex and customer commitments
Liquid-cooling portfolio	Homepage says suite is available across portfolio	Deployment count and economics

Pipeline economics are private.

Chapter 07

07Management and Personnel

Public pages reference leadership/team areas and annual reports include board-level narratives, but this workflow did not capture a full leadership roster or headcount.

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VII.A Organization Chart

not publicly verifiable confidence: low

Public website links to a leadership-team page, but a complete current org chart was not captured in reviewed text.

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Evidence gaps

Leadership roster
org chart
board composition
key-person dependencies.

Hidden risks

Engineering
construction
sales or finance leadership gaps could impair redevelopment execution.

Follow-up questions

Provide current org chart
board roster
executive bios and key-person retention plan.

Public management roster gaps
role or group	public signal	request
Leadership team	Website navigation includes Leadership Team page	Current leadership roster and bios
Engineering/construction leadership	Redevelopment and liquid-cooling strategy implies critical technical roles	Org chart and project accountability

Full biographies not captured.

Management org chart stub Diligence-oriented org chart with public gaps.

Current names/reporting lines need company confirmation.

Workforce scope proxy by operating footprint Public footprint indicators relevant to workforce diligence.

Proxy only; not employee count.

VII.B Historical and projected headcount by function and location

not publicly verifiable confidence: low

Headcount by function/location and hiring plan are not public in reviewed sources.

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Evidence gaps

Headcount by site/function
hiring plan
contractor mix
safety training records.

Hidden risks

Labor availability
safety training and engineering capacity constraints.

Follow-up questions

Provide headcount history
projected hiring and contractor workforce by site.

Headcount and workforce diligence matrix
function	public signal	request
Data-centre operations/security	Security page references 24/7/365 guarding and response	Staffing model, training and incident logs
Sales	Global sales team described	Sales headcount and productivity
Engineering/project delivery	Capex and redevelopment program	Project team and contractor model

Actual headcount is private.

VII.C Senior management biographies

unverified confidence: low

Senior management biographies require direct review of leadership materials and references.

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Evidence gaps

Bios
track records
references
succession plan.

Hidden risks

Unknown succession depth and construction/power expertise.

Follow-up questions

Provide senior-management bios
references and succession planning.

VII.D Compensation arrangements

not publicly verifiable confidence: low

Executive compensation and retention terms are private.

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Evidence gaps

Employment agreements
bonus plans
severance
retention plans.

Hidden risks

Incentive misalignment during ownership/liquidity events.

Follow-up questions

Provide executive compensation
bonus and retention arrangements.

VII.E Incentive stock plans

not publicly verifiable confidence: low

Equity incentive plans are not public.

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Evidence gaps

Share/option plans
vesting
grants and change-of-control treatment.

Hidden risks

Dilution
retention and change-of-control costs.

Follow-up questions

Provide incentive plan documents and grant schedule.

VII.F Significant employee relations problems, past or present

unverified confidence: low

No employee-relations issue was verified from reviewed public sources.

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Evidence gaps

HR claims
safety incidents
contractor disputes
regulator correspondence.

Hidden risks

Safety incidents
contractor disputes or labor-law matters in multiple jurisdictions.

Follow-up questions

Provide employee-relations and safety matters schedule by jurisdiction.

VII.G Personnel Turnover

not publicly verifiable confidence: low

Personnel turnover is not public.

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Evidence gaps

Turnover reports
critical vacancies
retention plans.

Hidden risks

Turnover in engineering
operations
sales or security could affect service and project delivery.

Follow-up questions

Provide turnover by function/site and critical role vacancy list.

Chapter 08

08Legal and Related Matters

Public evidence supports security and ESG programs, but a full legal/regulatory review must cover multi-jurisdiction data-centre permitting, power, safety, environmental, debt and customer-contract obligations.

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VIII.A Pending lawsuits against the Company

unverified confidence: low

No pending lawsuit against Global Switch was verified from reviewed public sources; this is not a comprehensive docket search.

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Evidence gaps

Counsel litigation schedule
docket searches
notices and settlement agreements.

Hidden risks

Customer
supplier
construction
environmental
tax or shareholder disputes.

Follow-up questions

Provide litigation and claims schedule by jurisdiction.

Pending lawsuits against company
matter type	public status	required diligence
Customer/supplier/construction litigation	No matter verified in reviewed sources	Counsel schedule and docket search
Environmental/safety litigation	Not publicly verified	Regulator and claims review

Not a comprehensive legal search.

Legal, ESG and security timeline Timeline of public legal/ESG/security evidence.

Not comprehensive legal history.

Global Switch risk heatmap Cross-chapter risk matrix for public-source diligence.

Update after legal, technical and financial diligence.

VIII.B Pending lawsuits initiated by Company

unverified confidence: low

Company-initiated litigation was not verified in reviewed sources.

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Evidence gaps

Claims initiated
demand letters
arbitration matters.

Hidden risks

Collections
construction
IP
lease or supplier disputes.

Follow-up questions

Provide initiated claims and disputes schedule.

Pending lawsuits initiated by company
matter type	public status	request
Contract, lease or supplier claims	No initiated matter verified	Claims and disputes schedule
Debt/shareholder disputes	Not public	Counsel confirmation

Requires counsel confirmation.

VIII.C Environmental and employee safety issues and liabilities

partially verified confidence: medium

ESG page discloses renewable-energy, PUE, SBTi and certification commitments; site-level environmental, water and safety liabilities require review.

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Evidence gaps

Site-level PUE/water/carbon
ESG assurance
safety incidents
permits
regulator correspondence.

Hidden risks

Water use
local permitting
grid emissions
renewable procurement quality
occupational safety.

Follow-up questions

Provide ESG assurance
site-level environmental metrics
water permits and safety incident logs.

Environmental and sustainability commitments
area	public evidence	diligence request
Renewable energy	100% renewable energy by 2030 commitment; 88.0% renewable purchased in 2025	Contracts, RECs/PPAs and assurance
PUE targets	PUE below 1.2 Europe and 1.4 APAC for new developments	Site-level PUE history and measurement method
APAC SDIA	Non-binding accord covering energy, clean energy, water and circular economy	Obligations, reporting and compliance plan

ESG claims require assurance review.

VIII.D Material patents, copyrights, licenses, and trademarks

not publicly verifiable confidence: low

Material IP was not comprehensively searched; data-centre value likely resides more in sites, permits, contracts, operating know-how and brand than patents.

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Evidence gaps

IP schedule
technology licenses
vendor software
trademark ownership.

Hidden risks

Software
design
engineering and brand license gaps.

Follow-up questions

Provide IP and technology-license schedule.

VIII.E Insurance coverage and material exposures

not publicly verifiable confidence: low

Insurance coverage is not public.

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Evidence gaps

Policy schedule
limits
exclusions
claims
insurer notices.

Hidden risks

Property
business interruption
cyber
environmental and construction coverage gaps.

Follow-up questions

Provide insurance schedule
claims history and broker report.

VIII.F Material contracts

not publicly verifiable confidence: low

Material customer, power, lease, construction, financing and partner contracts are private.

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Evidence gaps

Customer contracts
power purchase/utility agreements
leases
construction contracts
debt agreements.

Hidden risks

Change-of-control consent
termination rights
SLA credits
power curtailment
capex commitments.

Follow-up questions

Provide contract summary matrix with change-of-control and termination terms.

VIII.G Regulatory agency problems

partially verified confidence: low

Public sources support security and ESG programs but do not prove absence of regulatory issues across all operating jurisdictions.

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Evidence gaps

Regulator correspondence
inspection reports
certificate scope
incident reports.

Hidden risks

Data security
physical security
environmental
building
power and occupational safety regulator issues.

Follow-up questions

Provide regulatory correspondence
inspection logs
audit reports and incident records by site.

Security, certifications and regulatory-action matrix
area	public signal	request
Information security	ISO 27001 and PCI DSS across all sites	Current certificates, scope and audit findings
Physical security	MFA access control, CCTV, mantraps and 24/7/365 guarding described	Incident logs and penetration tests
Regulatory actions	No public action verified in reviewed sources	Regulator correspondence by jurisdiction

Not a regulator-records search.

Evidence

Evidence claims
ID	Claim	Status	Sources
EC-001	Global Switch is an alive private unicorn candidate with $6.255B raised and $11.10B latest known valuation in the selected public tracker.	verified high	SRC-001 SRC-002
EC-002	Global Switch operates carrier- and cloud-neutral data centres across Europe and Asia-Pacific, with listed locations in Amsterdam, Frankfurt, London, Madrid, Paris, Hong Kong and Singapore and coming-soon Johor/Bangkok.	verified high	SRC-001 SRC-003 SRC-004
EC-003	Global Switch annual reports disclose public operating-financial results including revenue, EBITDA and profit-before-tax trends for 2024 and 2025.	verified high	SRC-006 SRC-007
EC-004	Global Switch discloses 2025 capacity, capex, debt and renewable-energy metrics relevant to data-centre diligence.	verified high	SRC-006 SRC-007
EC-005	Global Switch publicly markets AI/HPC readiness, liquid-cooling options and NVIDIA preferred-partner status.	verified medium	SRC-003
EC-006	Global Switch has public ESG commitments including renewable electricity by 2030, PUE targets and SBTi-approved emissions targets.	verified medium	SRC-008
EC-007	Global Switch publicly describes multi-layered security and ISO/PCI certifications across data centres.	verified medium	SRC-009
EC-008	Global Switch is publicly named as a signatory to a non-binding APAC data-centre sustainability accord.	verified medium	SRC-010
EC-009	Global Switch competes with data-centre operators including Aligned Data Centers, AirTrunk, Cassava Technologies, Etix Everywhere, Centersquare and others.	verified medium	SRC-001
EC-010	Global Switch publishes an annual-report archive including 2016-2025 annual reports and a latest 2025 report.	verified high	SRC-005
EC-011	Customer contracts, customer concentration, cap table, debt agreements, litigation schedules, insurance, headcount and detailed regulatory records are not publicly verifiable from reviewed sources.	not publicly verifiable high

Sources
ID	Publisher	Title	Accessed
SRC-001	CB Insights	Global Switch - Products, Competitors, Financials, Employees, Headquarters Locations	2026-05-19
SRC-002	CB Insights	CB Insights unicorn tracker snapshot	2026-05-19
SRC-003	Global Switch	Global Switch homepage	2026-05-19
SRC-004	Global Switch	About Global Switch	2026-05-19
SRC-005	Global Switch	Annual Reports - Global Switch	2026-05-19
SRC-006	Global Switch	Global Switch Holdings Limited 31 December 2025 Annual Report	2026-05-19
SRC-007	Global Switch	Global Switch Holdings Limited Annual Report and Financial Statements for the year ended 31 December 2024	2026-05-19
SRC-008	Global Switch	Environment, Social and Governance - Global Switch	2026-05-19
SRC-009	Global Switch	Security - Global Switch	2026-05-19
SRC-010	Digital News Asia	Asia-Pacific data centre operators launch sustainability accord with voluntary targets	2026-05-19

Disclaimer

This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.