Stack L4
Digital Realty
Largest colo REIT riding record $800M+ AI-driven signed-not-commenced leasing backlog
HQ US
Fit Score
avg of 4 segmentsRecent Business Signals
Strategic Position
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.
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.
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.
Compared to peers
Direct competitor
Equinix
Equinix earns higher revenue-per-MW via interconnect density; DLR competes on raw hyperscale footprint and power-shell scale.
Substitute
Compass Datacenters
Compass offers single-tenant build-to-suit 50-200 MW campuses, substituting for DLR's multi-tenant fabric when a hyperscaler wants dedicated capacity.
Why someone would join
- 1.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.
- 2.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.
Recent Hiring (60 days)
- medium voltage distribution1
- switchgear1
- power systems design1
- liquid cooling design1
- thermal management1