Equinix (EQIX)
248+ data centers on 5 continents. Largest colo provider globally.
- Ticker: EQIX
- Sector: dc operator (colocation)
- DC exposure tier: high
Equinix (EQIX) is a high-exposure name in the data-center supply chain in the dc operator sector. Data Center Index tracks Equinix's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
Equinix data center thesis
Largest global colocation operator with 248+ facilities across 5 continents and 9.22B in 2025 revenue. Backlog (RPO) climbed to $14.2B in Q1 2026, up 25.7% YoY, with the xScale JV pipeline now anchoring AI offtake from hyperscalers. Capex scaled to $4.31B in 2025 to fund AI-ready builds in Silicon Valley, Paris, Dallas, and Tokyo as the release cycle accelerates.
Bull case
- Q1 2026 backlog hit $14.2B (+25.7% YoY), the steepest acceleration in five years and a clean signal that hyperscaler demand is overwhelming the supply that can be delivered through the existing xScale JV machinery.
- Network-dense interconnection moat: ~470,000 cross-connects across the Platform Equinix footprint generate ~17% of revenue at near-100% gross margin and are nearly impossible to replicate; every new AI workload deepens the lock-in.
- Riding the broader power-constrained DC market: with hyperscalers paying premiums to skip the multi-year interconnection queue, EQIX's already-energized 336 MW of new builds are the path of least resistance.
Bear case
- Trades at $1,072 with a ~32x AFFO multiple, premium valuation that prices the AI catalyst already, and any moderation of the 25% backlog growth rate compresses the multiple sharply.
- REIT structure means rate-sensitive: long-duration cash flows discounted at higher real rates would re-rate even with healthy fundamentals, and 2026 rate-cut path is no longer a tailwind.
- Hyperscale supply additions from CoreWeave, Crusoe, Vantage, and AirTrunk threaten to flood the same metros where EQIX is leasing; release-cycle pricing power could erode if H2 2026 vacancies tick up.
Data center exposure rationale
Pure-play retail and hyperscale DC operator: 100% of revenue is DC by definition; xScale JVs target hyperscaler offtake.
Equinix revenue and capex
In fiscal 2025, Equinix reported revenue of $9.2B, capital spending of $4.3B and operating income of $1.8B.
| Fiscal year | Revenue | Capex | Operating income |
|---|---|---|---|
| 2025 | $9.2B | $4.3B | $1.8B |
| 2024 | $8.7B | $3.1B | $1.3B |
| 2023 | $8.2B | $2.8B | $1.4B |
Tracked Equinix data center projects
- Equinix Amsterdam AI Interconnect Campus (AM1–AM11), 200 MW est., Amsterdam, Netherlands · operational
- Equinix SV18 Silicon Valley (California), 117 MW est., San Jose, CA · permitted
- Equinix DA12 Dallas (Texas), 67 MW, Dallas, TX · under construction
- Equinix PA13x Meudon, 62 MW est., Meudon, France · operational
- TY15x Tokyo, 30 MW est., Tokyo, Japan, Japan · operational
- SV12x Silicon Valley, 28 MW est., San Jose, CA · operational
- SG6x Singapore, 20 MW, Singapore, Singapore · under construction
- Equinix SP7 São Paulo (Brazil), 14 MW est., São Paulo, Brazil · under construction
- Equinix MD5 Madrid (Spain), 10 MW est., Alcobendas, Spain · operational
- Equinix IL3 Istanbul (Turkey), 9 MW est., Istanbul, Turkey · operational
Analysis mentioning Equinix
Recent Equinix news
- Schneider Electric and Equinix trial software-defined switchgear for data centers, DCD, 2026-09-29
- Former Digital Realty and Equinix executive named CEO of Anthropic-backed Theseus Infrastructure, DCD, 2026-09-11
- Equinix, Together AI, Nvidia partner on Inference Exchange, DCD, 2026-09-03
- Diraq and Equinix to deploy first quantum computer inside an Australian commercial data center, DCD, 2026-09-03
- Equinix Expands Fabric Geo Zones to Tackle Data Sovereignty, Data Center Knowledge, 2026-05-14