Interconnection + colocation REIT (Equinix) — the neutral data-center meeting point
AI exposure 28% — derived from reported segment revenue, not asserted.
Physical Infrastructure → Data Center Real Estate & Colocation · figures rebased to Q2 2026, reported 2026-07-29
Colocation (retail data-center space/power across 260+ IBX data centers) leads 3 businesses in this sub-tier that together are 100% of revenue, so Data Center Real Estate & Colocation is effectively the whole company rather than one leg of it.
Equinix ($2.625B Q2 2026, +16% YoY) — #1 data-center colocation/interconnection REIT. Colocation ~72% (retail data-center space/power, 260+ IBX, hosting hyperscalers+enterprise+AI; xScale JV for hyperscale AI) + Interconnection ~18% (Equinix Fabric, 480k+ cross-connects — the moat) + managed ~10%. Primary B2 Data Center Real Estate & Colocation. THE neutral interconnection hub. Customers = hyperscalers/enterprises/networks; suppliers = VRT/power/server/network makers.
Moat. Interconnection network effects at a scale nobody else has — 500k+ total interconnections, roughly 2x the nearest competitor, with a record 9,700 net adds in Q2 2026. Density compounds: each tenant makes the next one's cross-connects more valuable, which is why an IBX ecosystem cannot be rebuilt with capital alone.
Bottleneck / pricing power. Interconnection is where the pricing power lives — Q2 2026 adj. EBITDA margin hit a record 53% (+24% EBITDA growth on +16% revenue) against a 53%+ 2029 target, while general colocation space stays competitively priced. The binding constraint is now capital as much as power: $5-7B of annual capex through 2029 at targeted mid-20% yields.
Role in the AI stack. The interconnection layer — where the internet + clouds + AI meet.
All 174 companies · What moved this quarter · How the map is built