{"company":{"slug":"digital-realty","name":"Digital Realty","legal_name":"Digital Realty Trust, Inc.","aliases":["Digital Realty","DLR"],"primary_layer":"L1","primary_topic_id":"optical-modules","secondary_topics":["datacenter-reits"],"hq_country":"US","hq_city":"Austin","founded_year":2004,"is_public":true,"ticker":"DLR","description":"Largest colo REIT by footprint. PlatformDIGITAL fabric ties multi-tenant + hyperscaler power-shell builds. Pre-leased pipeline a tracked watch-point for AI demand visibility."},"profile":{"snapshot":"Largest colo REIT riding record $800M+ AI-driven signed-not-commenced leasing backlog","stack_layer":"L4","why_join_top_2":["Backlog of $800M+ annualized signed-not-commenced rent (signal b7af412b) plus 2026 hires for medium-voltage switchgear and grid interconnection means years of real construction, not slideware.","Two consecutive ~$1.5B quarters with $1.87 Core FFO/share and raised FY2025 guidance (signals 3bc9cb33, 797fc204) fund the liquid-cooling/CDU buildout behind the May 2026 mechanical-engineer role."],"peer_comparison":{"substitute":{"name":"Compass Datacenters","delta":"Compass offers single-tenant build-to-suit 50-200 MW campuses, substituting for DLR's multi-tenant fabric when a hyperscaler wants dedicated capacity."},"direct_competitor":{"name":"Equinix","delta":"Equinix earns higher revenue-per-MW via interconnect density; DLR competes on raw hyperscale footprint and power-shell scale."}},"self_quality_score":{"notes":"Risk ties grid-interconnect hire to backlog conversion, making it falsifiable within 6 months.","originality":7,"evidence_density":9,"anti_generic_pass":true,"reverse_hype_present":true},"strategic_position":{"top_risk":"Grid interconnection/utility delays (Feb 2026 interconnection-manager hire) could stall the $800M+ backlog converting to commenced revenue; falsifiable if H2-2026 commenced leases stall.","their_bet":"PlatformDIGITAL power-shell builds plus 2026 hiring in grid interconnect, medium-voltage switchgear and liquid cooling bet that power access and CDU-ready halls, not space, win AI tenants.","what_they_do_best":"Converting multi-megawatt hyperscale/AI demand into a contracted pipeline, evidenced by the $800M+ signed-not-commenced backlog in signal b7af412b."},"top_business_signals_90d":[{"summary":"Q3 2025 (Oct 30) showed record new bookings and raised FY2025 Core FFO guidance on AI hyperscale demand.","signal_id":"797fc204-a4d2-463c-a469-4a7f9514c765","evidence_quote":"record-level new bookings and continued strong demand for hyperscale data center capacity tied to AI workloads"},{"summary":"Record signed-but-not-yet-commenced leasing backlog above $800M annualized GAAP rent gives multi-year build runway.","signal_id":"b7af412b-8585-4530-b20c-32e4d0a58e4d","evidence_quote":"record leasing backlog of signed-but-not-yet-commenced contracts in the range of $800M+ annualized GAAP rental revenue"},{"summary":"Q2 2025 delivered ~$1.5B revenue and $1.87 Core FFO/share with record AI/hyperscale leasing.","signal_id":"3bc9cb33-6662-40a6-b455-ec07e6a91ba2","evidence_quote":"Q2 2025 total revenue of approximately $1.5 billion ... 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