“5,000+ Customers 227,000+ Cross Connects 50+ Metros 300+ Data Centers Capacity Host What You Need, How You Need Coverage Deploy Where You Need Connectivity Connect How You Need to Whom You Need”
“5,000+ Customers 228,000+ Cross Connects 50+ Metros 300+ Data Centers Capacity Host What You Need, How You Need Coverage Deploy Where You Need Connectivity Connect How You Need to Whom You Need”
“5,000+ Customers 229,000+ Cross Connects 50+ Metros 300+ Data Centers Capacity Host What You Need, How You Need Coverage Deploy Where You Need Connectivity Connect How You Need to Whom You Need”
“5,500+ Customers 232,500 Cross Connects 55+ Metros 300+ Data Centers Capacity Host What You Need, How You Need Coverage Deploy Where You Need Connectivity Connect How You Need to Whom You Need”
“5,500+ Customers 234,000+ Cross Connects 55+ Metros 300+ Data Centers Capacity Host What You Need, How You Need Coverage Deploy Where You Need Connectivity Connect How You Need to Whom You Need”
Cross-connect counts are not comparable Equinix vs. Digital Realty: Equinix blends physical cross-connects with virtual Equinix Fabric connections while Digital Realty reports physical-only counts, so publish them separately and never as a ratio.
Hyperscaler bookings and backlog
Master AI-infrastructure-demand headline metric and leading indicator of future revenue.
Signed But Not Commenced Backlog Annualized Gaap Base Rent
Period
Measure
Value
Q3-2024
Signed But Not Commenced Backlog Annualized Gaap Base Rent
“The weighted-average lag between new leases signed during the third quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $852 million of annualized GAAP base rent at Digital Realty’s share.”
Signed But Not Commenced Backlog Annualized Gaap Base Rent · Q4-2025: $817M
“The weighted-average lag between new leases signed during the fourth quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $817 million of annualized GAAP base rent, at Digital Realty’s share.”
Signed But Not Commenced Backlog Annualized Gaap Base Rent · Q1-2026: $1.8B
“The backlog of signed-but-not-commenced leases at quarter-end was $1.8 billion of annualized GAAP base rent at 100% share, and $1.0 billion at Digital Realty’s share.”
Signed But Not Commenced Backlog Annualized Gaap Base Rent · Q2-2026: $1.9B
“The backlog of signed-but-not-commenced leases at quarter-end was $1.9 billion of annualized GAAP base rent at 100% share, and $1.4 billion at Digital Realty’s share.”
MW gross, leased, and buildable
Best capacity proxy for hyperscale and AI buildout, when kept in MW units.
In Place It CapacityBuildable It CapacityFuture Development CapacityFuture Development It CapacityTotal Data Center It Capacity
“Global Capacity >3,500 MW buildable IT capacity 644 MW under construction 4Q24 Financial Results 42 MW delivered in 4Q 42 MW new starts in 4Q ~2,700 MW in place IT capacity”
“Global Capacity ~3,500 MW buildable IT capacity 814 MW under construction 1Q25 Financial Results 49 MW delivered in 1Q 219 MW new starts in 1Q ~2,760 MW in place IT capacity”
“Global Capacity ~5,000 MW buildable IT capacity(1) 734 MW under construction 2Q25 Financial Results 96 MW delivered in 2Q 16 MW new starts in 2Q ~2,850 MW in place IT capacity”
“Global Capacity ~6 GW Future Development IT Capacity 1Q26 Financial Results ~3 GW In-Place IT Capacity Note: As of March 31, 2026. ~9 GW Total Data Center IT Capacity”
“Global Capacity ~9 GW Future Development IT Capacity 2Q26 Financial Results ~3 GW In-Place IT Capacity Note: As of June 30, 2026. ~12 GW Total Data Center IT Capacity”
“Global Capacity >3,500 MW buildable IT capacity 644 MW under construction 4Q24 Financial Results 42 MW delivered in 4Q 42 MW new starts in 4Q ~2,700 MW in place IT capacity”
“Global Capacity ~3,500 MW buildable IT capacity 814 MW under construction 1Q25 Financial Results 49 MW delivered in 1Q 219 MW new starts in 1Q ~2,760 MW in place IT capacity”
“Global Capacity ~5,000 MW buildable IT capacity(1) 734 MW under construction 2Q25 Financial Results 96 MW delivered in 2Q 16 MW new starts in 2Q ~2,850 MW in place IT capacity”
“Global Capacity ~6 GW Future Development IT Capacity 1Q26 Financial Results ~3 GW In-Place IT Capacity Note: As of March 31, 2026. ~9 GW Total Data Center IT Capacity”
“Global Capacity ~6 GW Future Development IT Capacity 1Q26 Financial Results ~3 GW In-Place IT Capacity Note: As of March 31, 2026. ~9 GW Total Data Center IT Capacity”
Net income
Baseline profitability metric and first-pass check for one-time accounting stories.
“Same capital cash NOI growth increased by 1.4% year-over-year in the fourth quarter as 2.5% growth in data center revenue was partially offset by higher property operating costs in the quarter.”
“Same capital cash NOI growth continued to be strong in the fourth quarter, increasing by 8.6% year over year, driven by 8.2% growth in data center revenue.”
Reported Yoy Growth · Q1-2026: 7.9%
same capital cash noi growth: DLR Q1-2026 Earnings Call · Accessed 2026-08-05 · Independently verified
Quote
“Same capital cash NOI growth continued to be strong in the first quarter, increasing by 7.9% year-over-year, as strong data center rental revenue growth was balanced by elevated operating expense growth.”
“Same-capital cash NOI growth strengthened further in the second quarter, increasing 8.9% year-over-year, driven by 8.2% revenue growth and disciplined expense management.”
“Same capital cash NOI growth was healthy in the first quarter, increasing by 5% year-over-year on a constant currency basis driven by 5.7% growth in data center revenue.”
“On a constant currency basis, same capital cash NOI rose 4.5% in the quarter. For the year, same capital cash NOI also grew by 4.5%, consistent with our most recent guidance increase.”
Constant Currency Yoy Growth · Q1-2026: 2.5%
same capital cash noi growth: DLR Q1-2026 Earnings Call · Accessed 2026-08-05 · Independently verified
Quote
“On a constant currency basis, same capital cash NOI rose 2.5% in the quarter, largely reflecting the above-trend operating expense growth versus the prior year period.”
