Iron Mountain (IRM)

Data-center + records-storage REIT (Iron Mountain) — pivoting storage into data centers

AI exposure 13% — derived from reported segment revenue, not asserted.

Where it sits

Physical Infrastructure → Data Center Real Estate & Colocation · figures rebased to Q2 2026, reported 2026-08-05

No business is a majority here. Data-center colocation (hyperscale + retail, growing leasing) is 13% of revenue, ahead of Data & Infrastructure Software at 8% — placement rule 2 puts the primary with the largest business, so Data Center Real Estate & Colocation. The rest is tagged separately: Data & Infrastructure Software at 8%.

Also tagged: emerging in Software Stack → Data & Infrastructure Software.

Reported segments

• Global RIM (records & information management) — 71% of revenue
• Data Center — 13% of revenue
• Asset Lifecycle Mgmt + other — 16% of revenue

Iron Mountain (~$7.94-8.01B FY2026 guided) — storage/records + data centers. Global RIM ~71% (physical records storage — off-map by kind; includes ~8pp digital/InSight DXP = B5 software) + Data Center ~13% (colocation, +39%, 52.2% EBITDA margin = the AI-relevant placement basis, hyperscale leasing 110 MW YTD) + ALM/other ~16% (ITAD/decommissioning +88%, tracking ~$1B — off-map by kind). Primary B2 Data Center Real Estate & Colocation. Growth portfolio (DC + ALM + digital) = 35% of revenue vs 24% in 2024. Competes EQIX/DLR (smaller); customers = hyperscalers/enterprises. [InSight DXP is a real…

How the 13% is built

• Global RIM (records & information management) — 71% of revenue × 2% AI-driven (estimate). Physical records storage (~63pp of the segment) has no AI/data-center demand linkage; the ~8pp digital/InSight DXP slice monetizes ML/LLM document processing, a minority of it AI-attributable — blends to ~2% of the segment
• Data Center — 13% of revenue × 70% AI-driven (estimate). Unchanged share on a re-based row: $263M (+39%) at a 52.2% segment EBITDA margin, 110 MW leased YTD against a 100 MW annual target including a 51 MW Mumbai hyperscale lease — hyperscale/AI colocation is the dominant but not exclusive driver; no AI-vs-cloud split is disclosed
• Asset Lifecycle Mgmt + other — 16% of revenue × 15% AI-driven (estimate). Raised from 10 now that the row is re-based to a nearly pure-ALM 16% (the old 28% FY2024-basis row bundled digital and diluted the share): IRM disclosed data-center decommissioning grew ~100% YoY in Q2 2026 vs ~60% for enterprise ALM, so hyperscale gear is a growing minority of a line running +88% toward ~$1B

Investment read

Moat. A records-storage annuity — 735M cubic feet and a 37th consecutive year of organic storage revenue growth — funding a data-center build that is now leasing ahead of plan: 110 MW signed year-to-date through July against a 100 MW full-year target, with ~325 MW energizing over the next 24 months.

Bottleneck / pricing power. Moderate pricing power (legacy records is sticky/annuity; data-center is newer, competitive); the pivot is the value driver.

Role in the AI stack. The records-annuity-funded data-center entrant.

Connected companies

• Digital Realty Trust (DLR) — IRM competes with: Digital Realty (scaled hyperscale/colo REIT) vs Iron Mountain (small, fast-growing DC entrant, mostly records-storage)
• Equinix (EQIX) — IRM competes with: Equinix interconnection/retail-colo leader vs Iron Mountain's small emerging colocation business (core is records storage)

Others in Data Center Real Estate & Colocation

• Equinix (EQIX)
• Digital Realty Trust (DLR)

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