Data center developer Switch is in talks to raise billions of dollars at a valuation of at least $50 billion, as it seeks to capitalize on soaring demand for the infrastructure needed to support artificial intelligence, according to people with knowledge of the deal.

Brookfield Asset Management, KKR and other private equity and institutional investors have been in talks to invest in the round, people familiar with the matter said. Their conversations are early and there is no guarantee they will lead to a deal. Terms of the funding round could still change and the discussions could still fall apart.